Bangalore, India, January 20, 2021 / PRNewswire / – The Solar Inverter Market is segmented by Product Type: Central Solar Inverter, String Solar Inverter, Micro Solar Inverter, Application-Residential, Commercial, Utilities, Major Players and Regions. Global opportunity analysis and industry forecast, 2021-2026. This report was published on evaluation reports in the Renewable and Alternative Energy category.
The global solar inverter market size is expected to be reached USD 26,650 million until 2026 from USD 14,600 million in 2019 at a CAGR of 8.9% over the period 2021-2026.
The main factors driving the growth in the solar inverter market size have been a high inflow of investment in the renewable energy sector, the increase in cheap government initiatives, and the increase in the number of rooftop solar installations in residential areas.
This report focuses on the volume and value of solar inverters on a global, regional and corporate level. From a global perspective, this report represents the overall Solar Inverter market size by analyzing historical data and future outlook. Regionally, this report focuses on several key regions: North America, Europe, Japan, China, South East Asia, India, etc.
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TRENDS THAT AFFECT THE SIZE OF THE SOLAR INVERTER MARKET
Growing demand for renewable energy due to an increase in electricity consumption as well as a decrease in the cost of generating renewable energy should drive the growth in the solar inverter market size over the forecast period. The costs of generating renewable energies have fallen sharply and can now meet the increasing demand for electricity competitively.
Favorable government initiatives such as energy saving certificates are likely to encourage growth in the solar inverter market. In addition, governments around the world are focusing on growing infrastructure in their countries to improve the quality of life of their people. For example, the government of the United Arab Emirates is mainly focusing on the Smart Dubai initiative, which aims to make the city one of the world's leading smart cities. This expansion of construction activity is expected to enlarge the market for solar inverters.
The use of solar inverters is further promoted by the increasing effects of greenhouse gases and increasing environmental problems. Increasing awareness of global warming is expected to fuel the growth of the solar inverter market.
Many companies in the solar inverter market are adopting the Internet of Things platforms, engaging in artificial intelligence and machine learning, and venturing into other smart energy industries. This, in turn, is expected to provide additional growth opportunities for the solar inverter market size.
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SOLAR INVERTER MARKET SHARE ANALYSIS
The central PV inverter segment held the largest solar inverter market share in 2019 as these systems were widely used in large industrial applications. On the other hand, the String Inverter segment had the second largest market share for residential and commercial applications in 2019.
Due to the increased demand from consumers for solar energy for electrification purposes, household appliances and other applications, a significant growth in the market for solar inverters is expected for the segment of end consumers in the residential sector in the forecast period.
A significant CAGR is expected for the commercial and industrial end-user segment in the forecast period. This is mainly due to the increasing acquisition of large external projects that allow companies to offset a larger portion of their energy consumption, which has become increasingly necessary for tech companies like Facebook, Microsoft, Apple, and Amazon Web Services.
In 2019, the utility segment had the largest market share for solar inverters and should continue its dominance in the forecast period. This dominance of the utility segment is due to increased demand for renewable solar energy, falling prices for solar energy and equipment, and increasing government subsidies. With their pre-integrated power plants, some key players are providing customers with industry-leading utility-scale solutions to achieve higher performance and lower equipment footprint costs.
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- SMA solar technology
- Canadian Solar
- SolarEdge Technologies
- Solar power
- Delta Electronics
- Solectria Renewables
- Sineng Electric
- Hitachi Hi-Rel power electronics
- Power electronics
“We can also add the other companies as you like”
Segment by region
- North America
- South Korea
Segment by type
- Solar inverter
- String solar inverter
- Micro solar inverter
Segment by application
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– Microinverter market size is expected to be reached $ 2.7 billion by 2022 with a CAGR of 27.3% from 2016 to 2022. In 2014, North America dominated the market and contributed around 45% to total market sales, followed by Europe. Key factors driving the growth in microinverter market size include technological advances in microinverter, the rapidly growing residential real estate market, government subsidies, and economic incentives.
– – Europe Region is the largest consumption of the solar pump inverter market with a consumption market share of almost 73% in 2017. Africa is the second largest consumer of solar pump inverters and recorded a consumption market share of almost 16% in 2017.
– The market size for PV inverters is expected to be reached $ 7,592.7 million until 2026 from USD 6,314.5 million in 2020 with a CAGR of 3.1% over the period 2021-2026.
– In 2019, the market size of the String Inverters Market was $ 2,850 millionand it will achieve $ 5,310 million in 2025 with a CAGR of 8.1% from 2019.
The Asia Pacific It is estimated that it will hold the largest market share for string inverters by 2023. The government goals, political support, incentives such as feed-in traffic and tenders, as well as competitive offers in the region will drive the market for string inverters in the forecast period.
– Single Phase Microinverter Market by Product Type – Grid, Off-Grid, Application – Energy, Aerospace, By Key Players, Region – North America, LAMEA, Middle East, Asia Pacific. etc.
– Single Phase String Inverters Market by Product Type – On-Grid, Off-Grid, Application – Residential, Commercial And Industrial, Utilities, By Key Players, Region – North America, LAMEA, Middle East, Asia Pacific. etc.
– Central inverter market by product type – On-Grid, Off-Grid, Application – Residential, commercial and industrial, utility companies, by major players, region – North America, LAMEA, Middle East, Asia Pacific. etc.
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