Solar inverters are electrical converters which convert DC current into AC for use in commercial electrical grids or other electrical grid networks. Global Solar Inverter Market Research Report: Information by Type (Central Inverter, Micro Inverter and String Inverter), System Type (On-Grid and Off-Grid), Application (Residential, Commercial and Utilities) and Region – Forecast till 2025
Global Solar Inverter Market Outlook
In its research report, Market Research Future (MRFR), emphasizes that the globalÂ Solar Inverter MarketÂ 2020 is slated to grow exponentially over the assessment period, acquiring a substantial market valuation and a healthy CAGR over the review period.
The global demand for solar inverters is projected to expand at a steady pace during the review period. Market growth can be attributed to increasing installations of solar power systems and to initiatives to encourage solar power systems. However, solar inverter ‘s high operating and maintenance costs expected to inhibit market growth over the forecast period.
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The global demand for electricity is projected to register a substantial rate of growth in the next few years due to rapid urbanization, population growth, increased development of infrastructure and increased access to electricity. Power generation sources such as thermal energy, coal, and diesel lead primarily to carbon emission. As stakeholders in the energy generation industry are seeking opportunities to lower carbon footprint, they have focused on increasing the share of renewable energy sources in the overall power generation mix. For the generation of electricity renewable energy sources, especially solar energy, are used.
Moreover, the growing concerns about global warming and reduced reliance on fossil fuel-based power generation have augmented the adoption of solar energy sources to meet the energy demand. Conferring to the International Energy Agency, the global electricity generation prospective from solar energy is projected to reach 3,300 TWh by 2030. Many authorities in different countries , such as Italy, India and Germany, are focusing on growing the usage of solar energy sources to meet the energy demand of the country. Solar inverters are installed to convert the direct current generated from solar panels to alternating current for sector applications, such as utilities and commercial applications. The growing demand for solar energy sources is therefore expected to increase the use of solar inverters on the world market. While the increasing installations of solar power systems are expected to drive the growth of the global solar inverter market during the forecast period.
However, the long term COVID-19 impact on the worldwide economy of solar impact has changed. It is a difficult world for the renewable industry, leading to a shortage of raw material supply and imminent job losses. Nonetheless, companies are facing major challenges in the energy & power industry and are working to post theÂ Impact of Covid-19 Outbreak on Solar Inverter Market.
The global solar inverter market is segmented on the segments of type, system type, and application.
In terms of type, the market has included micro-inverter, central inverter, and string inverter.
In terms of system type segment, the global market has included on-grid and off-grid.
In terms of the application segment, the globalÂ Solar Inverter IndustryÂ has included commercial, residential, and utilities.
The Global Solar Inverter Market is geographically segmented as Europe , North America , Asia-Pacific and the rest of the world.
Due to the rise in investments in the construction sector, Asia-Pacific is expected to retain a Most share of the market during the forecast period. Demand for Asia-Pacific solar inverters is expected to grow significantly due to rising demand for solar energy sources and increasing investment in the region’s solar power projects. Solar energy is seen as the best substitute for traditional energy sources for reducing carbon emissions by meeting the region’s electricity needs. On the other side, the European region is likely to witness a relatively slow rate of growth for the market, owing to a fall in equipment prices in most areas, thus resulting from stable price pressure on equipment suppliers. Also, a rise in anti-dumping tariffs on Chinese manufactured components, depreciation of the Euro, and a downward trend on minimum import prices ahs been counted.
SolarEdge Technologies Inc, ABB, Canadian Solar Inc, SMA Solar Technology AG, SunPower Corporation, and Delta Energy Systems are some of the major Players operating in the Global Solar Inverter Market.
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