Pune, February 10, 2021 (GLOBE NEWSWIRE) – The market is witnessing significant demand
Solar inverters are enjoying tremendous popularity and acceptance around the world due to their ability to quickly convert direct current to alternating current while remaining connected to the grid. In addition, the growing number of solar power plants that are connected to the grid via an off-grid solar inverter is driving the growth of the market. Growing off-grid solar systems for commercial, industrial and private purposes are driving the growth of the solar inverter market and leading to a significant demand for reliable and safe power converters.
As a result, the solar inverter market is gaining enormous traction around the world. In its latest market analysis for solar inverters, Market Research Future (MRFR) assumes that the market is expected to grow by around 15.45% CAGR in the evaluation period (2019 to 2025). Despite the COVID-19 outbreak, the solar inverter industry remained untouched due to the reassuringly robust surge in the renewable energy market.
Due to the steadily increasing energy demand, especially from the industrial sector, the market for renewable energies grew steadily in the course of 2020. The market for solar inverters is also quickly returning to normal and is recording a steadily increasing demand for energy, especially from the industrial sector. The demand for solar inverters is expected to continue to grow in many countries after the lockdown is lifted.
Solar inverters offer an efficient solution for reliable and safe power source converters in off-grid solar modules for commercial and industrial purposes as well as for private use. As a result, the rise of off-grid solar systems in commercial, industrial and residential applications is having a positive impact on market growth.
In addition, the rapid introduction of solar inverters on the solar roof, in floor-mounted residential buildings, as well as in commercial and utility systems, is fueling the growth of the market. The market prospects for solar inverters seem promising, primarily due to the steadily growing demand for energy around the world. Additionally, the growing installations and government initiatives and guidelines are benefiting the growth of the solar inverter market.
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Solar inverters offer cost-effective solutions for energy conversion. Due to growing concerns about environmental impact and energy consumption around the world, the need for renewable / clean energy generation continues to grow. It is estimated that emerging economies around the world offer untapped opportunities for solar inverter use. With their favorable government policy for the manufacture of solar inverters, emerging countries offer international players significant opportunities.
Digital technologies are at the heart of the solar inverter market. Significant investments are being made in the development of artificial intelligence and digital technology. Solar inverter manufacturers mainly invest in improving the communication between the inverter and the environment, including the communication systems of the inverter, the integration of the protocol of blockchain in inverters, and digital functions in inverters for communication with the intelligent environment and the smart grid.
Despite significant growth prospects, the market is experiencing significant setbacks such as high initial investments in the manufacture, installation and maintenance of solar inverters. In addition, maintenance issues related to solar inverters are a major challenge for market growth.
The Solar Inverter market analysis is segmented into Type, System Type, Applications, and Others. The type segment is divided into the central inverter, the micro inverter and the string inverter. Of these, the central inverter segment would lead the market share in the forecast period. The system type segment is divided into on-grid and off-grid.
Of these, the on-grid segment would dominate the market share in the forecast period and would see broad acceptance of on-grid system types in various applications. The application segment is divided into residential, commercial and utility companies. Of these, the commercial segment would lead the market share in the forecast period. The segment's growth is being driven by the increase in solar systems in warehouses, hospitals, factories, offices and educational institutions.
Browse the detailed market research report (165 pages) on the Solar Inverter market
The regional segment is divided into the Asia-Pacific region (China, Japan, India, South Korea and rest-of-the-APAC), America (Canada, Mexico, USA, rest of North America) and South America. Europe (UK, Germany, France, Italy and the rest of Europe) and the rest of the world.
It is observed that APAC has consistently dominated the global solar inverter market and is expected to maintain its market position in the years to come. The region stands for the world's largest electricity producer and consumer and makes up over half of the world's total population. In addition, the availability of abundant renewable / natural resources increases the solar inverter market share in the region.
In addition, the rapid growth in the industrial, commercial and utility sectors, the massive demand for electricity and government initiatives to promote the use of renewable energies are increasing the market value of solar inverters in the region. Countries like China, India and Japan are growing rapidly and the solar inverter market size in these countries is expected to expand significantly and have a healthy CAGR over the period.
In terms of sales in the solar inverter market, Europe ranks second in the world. Solar is a primary renewable energy source in most European countries. Several solar power projects have been set up in the region in recent years, many of which are under construction. These factors are expected to contribute to market growth and drive primary energy generation in the region.
In addition, increasing investments in solar energy and the relocation to minimize the consumption of fossil fuels due to the regulation on the use of waste heat are justifying the growth of the regional market. The solar inverter market in the European region is expected to grow by 19.14% over the forecast period.
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Manufacturers are striving to increase production capacities with improved cost efficiency and a leaner organization, which is supported by new possibilities of digitization. Many solar inverter manufacturers are considering the possibility of developing charging and power supply systems for electric vehicles after mastering their own research and development with inverters.
Increasing strategic partnership agreements and approaches such as collaboration, mergers and acquisitions, expansion and product launches are expected over the next few years. The players in the industry invest strategically in promoting research and development activities and in promoting their expansion plans.
On February 4th, 2021, Solarvest Holdings BHD recently announced the conclusion of Memorandums of Understanding (MOUs) with Huawei Technologies SDN BHD and Sungrow Power Supply Co Ltd. known to get inverters.
Huawei is a leading solar inverter supplier worldwide, while Sungrow is a leading solar inverter supplier in China. As part of the MoUs, Solarvest would increase its competitiveness and the quality of its services with a cumulative order capacity of around 200 MW solar inverters. Solarvest believes the time has come for the group to expand its inventory levels in light of the surge in demand for solar energy.
The List of Key Companies featured in Solar Inverter Market research report is:
- SMA Solar Technology AG (Germany)
- Canadian Solar Inc. (Canada)
- ABB Ltd (Switzerland)
- SunPower Corporation (USA)
- Delta Electronics, Inc. (Taiwan)
- SolarEdge Technologies Inc. (Israel)
- Sineng Electric Co., Ltd. (China)
- Power electronics (Spain)
- Solectria Renewables, LLC (USA) and
- Hitachi Hi-Rel Power Electronics Pvt. Ltd (India) among others.
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