Market Research Future has invested time and resources to properly understand the global solar inverter market which is expected to grow at a highly optimistic CAGR of 15.65% during the review period from 2017 to 2023. The growth of the market at that rate is expected to reach a market value of USD 24,507.3 Mn by 2023.
The growing number of solar power plants connected with the grid through an on-grid solar inverter is a major driving force pushing up the market growth. Increasing installations of off-grid solar panels for commercial & industrial and residential use require a reliable and safe power source converter, which solar inverter provides.
Solar inverters are electrical converters which convert DC current into AC for use in commercial electrical grids or other electrical grid networks. Commonly used in solar rooftop or ground-mounted residential and commercial areas, solar converters are a fantastic alternative to traditional electricity generation methods.
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A rising number of solar power plants around the world will drive the solar inverter market. This is largely due to the fact that solar power is a renewable source of clean energy which is in high demand due to rising environmental concerns. The growth of off-grid solar panel installation in commercial, industrial, and residential use will help the market grow rapidly. The reason these factors are driving market growth and the high adoption of solar converters is due to the various benefits of using solar energy. Solar power is free, and clean and reduces carbon footprint while being affordable. Increasing government initiative and policies which support the adoption of solar power has been a driver of growth for the global solar inverter market.
Global Solar Inverters Market Segmentation
The global solar inverter market has veteran a potential growth over the past few years, and it has also been analyzed that the market will nurture at the same pace during the forecast period.
On this event, the market has been segmented on the basis of type, system, end-user & region.
By the mode of type, this market segment comprises of central, string & micro.
By the mode of system type, this market segment comprises of on-grid and off-grid.
By the mode of end-user, the market is segmented into residential, industrial & commercial and utilities.
The Asia Pacific region is the largest market for solar inverters. Accounting for over half of the total global population, the APAC region is the largest producer and consumer of power globally. Due to the availability of ample renewable natural resources, the region holds the largest share in the global renewable energy generation market. The solar inverter market in countries such as China, India, and Japan, are emerging and projected to register a healthy CAGR during the review period.Â
European region accounts for the second leading market for solar inverter, globally. Solar is a primary source of renewable energy in most of European countries. Over the past couple of years, several solar power projects have erected in the region, and many are under construction as well, which are expected to contribute to the market growth, contributing to the primary energy production in the region.
The North American solar inverter market is growing rapidly, experiencing a broad uptake of green energy generation systems. Increasing emphasize on curtailing the costs of power generation and substantial investments made in smart solar power plants to increase power generation and storage capacity would foster the market in the region. Furthermore, the rising production of renewable energy generation led by government initiatives supports the growth of the regional market.
The major players operating in the market of global solar inverter are ABB Ltd (Switzerland), SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada), SolarEdge Technologies Inc. (Israel), SunPower Corporation (U.S.), Delta Electronics, Inc. (Taiwan), Solectria Renewables, LLC (U.S.), Sineng Electric Co., Ltd. (China), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), and Power electronics (Spain).
July 09, 2019 â€”- FIMER (Italy), Inverter manufacturer giant announced the acquisition of ABBâ€™S solar inverter business in India. The purchase includes PowerOne, the solar inverter business. The acquisition aims at enhancing the solar inverter business in the future and will allow ABB to focus on its business portfolio in other industry segments. Additionally, the acquisition will enable FIMER to enhance sales growth and emerge as the pioneers in the solar inverter market. The transaction is likely to complete in the first quarter of 2020.
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