Solar Inverter Market Research Report 2017 Segmentation By Type (Central, String and Micro), By System Type (On-Grid, Off-Grid), By End-Users (Residential, Commercial and Utility) and Region â€“ Global Forecast 2023
Solar Inverter Market Synopsis:
Global solar inverter market is expected to grow with the CAGR of approximately 15.65% from 2017 to 2023, and with this it is predictable to cross USD 24,507.3 million by 2023. Solar Inverter are widely accepted owing to its property of instantaneous conversion of DC power input to AC current while connected to on-grid system. They are used in solar rooftop and ground-mounted residential, commercial and utility-scale systems, with system ratings of 3â€“10 kW, 10 kWâ€“2 MW and > 2 MW, respectively.
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The growing number of solar power plants around the world, which are to be connected with the grid through an on-grid solar inverter, driving the market for solar inverter in the forecast period. Also, growing off-grid solar panel installation for commercial & industrial and residential use requires a reliable and safe power source converter, which is provided by solar inverter. All these factors will drive for the growth in solar inverter market. The major benefits for solar power installation are, generation of free & clean electricity with the utilization of sunâ€™s abundant power, reduction in carbon footprint and eventual reduction in electricity bills.
The prominent players in the solar inverter market 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).
Solar inverter are segment into central, string and micro. Central type inverter accounted for the largest share with 45.12% in the global solar Inverter market. String inverter type based solar inverter accounted for 36.29% share in the same year. On the basis of system type, On-Grid accounted for the largest market share, it allows to use of utility grid as a power storage medium instead of a battery bank. On the basis of end user, Utilities dominated the global solar Inverter market with a share and expected to grow at a CAGR of 16.85% during the forecast period.
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Geographically, Asia-Pacific is the largest power producer globally, and is the largest market for renewable energy generation across the globe. The solar inverter market is emerging in countries such as China, India, and Japan, and is estimated to grow at a high rate in the forecast period.Â The continuous growth in industrial & commercial and utility sector, requirement of high amount of electricity, Government initiative for utilization of renewable energy are some of the factors pushing the market towards growth. Asia-Pacific accounted for the largest market share of 47.6% in 2016, followed by Europe which is expected to grow at a CAGR of 19.14% during the forecast period.
In 2015, China, being the world biggest carbon emitter, invested USD 102.9 billion in renewable energy, which accounted for 36% of world total. According to Institute for Energy Economics and Financial Analysis (IEEFA), China has increased its foreign investment in renewables and solar by 60 percent to reach a record USD 32 billion in 2017.
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