Solar Inverters Market Insights
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. 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.
Noted market players that compete in the global solar inverter market include Delta Electronics, Inc. (Taiwan), Sineng Electric Co., Ltd. (China), Solectria Renewables, LLC (U.S.), ABB Ltd (Switzerland), Power Electronics (Spain), SolarEdge Technologies Inc. (Israel), SunPower Corporation (U.S.), SMA Solar Technology AG (Germany), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), and Canadian Solar Inc. (Canada). These players have been analyzed in MRFR’s report along with their strategies and other key company details.
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Global Solar Inverters Market Drivers & Trends
While the prices of solar inverters have also declined in recent years, solar inverters have become more affordable to the universal population. Such a scenario has resulted in a steady growth in the installation of solar electric systems across both developed and developing regions globally.
Solar power systems are currently manufactured in various forms such as off-grid solar power system, grid inter-tied solar power system with battery backup, and grid inter-tied solar power system without battery backup. According to such requirements, the consumers can easily choose from these varieties and install the system in their houses or office buildings. Having such diverse types and uses, this factor is also triggering the market of the solar inverter to upsurge significantly with magnifying new opportunities to confront in the future timeframe.
Besides, the factors such as increasing electricity prices, rising investment in smart cities, and increasing awareness have further led to the expansion of the solar inverter market in the countries over the world. Hence, to meet the growing energy demand, the developing regions are witnessing rapid growth in solar installations. Even residential consumers are significantly adapting to solar power systems owing to rising electricity prices. Also, surging solar rooftop and off-grid systems are further propelling the demand for solar inverters in the country.
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The global solar inverter market in MRFR's report has been segmented into type, system type, end-user, and region. Type has been segmented into string, micro, and central. The central type solar inverter segment logged a share of more than 45% in 2016 with string type following closely.
System type has been segmented into off-grid, and on-grid. the On-grid segment had the largest share of the global market due to its ability to use the utility grid as power storage instead of as a battery bank.
End-users of solar inverter have been divided into residential, utilities, industrial & commercial. The utility segment captured the dominant share of the global solar inverter market and is poised to expand at a CAGR of 16.85% during the review period.
The Asia Pacific has been observed to the largest producer of power across the globe. The region is also the largest regional market for renewable energy and as such leads the global solar inverter market. Countries such as China, India, and Japan are estimated to lead the market during the forecast period. The regions have some of the worlds most significant population, and as such, there is a high demand for power. Moreover, the region has established itself as an industrial and manufacturing hub which furthers the demand for power in the region. The government support of renewable power generation is expected to support market growth. The APAC accounted for a 47.6% share of the global market and is followed by Europe. China is the leading country-level market in the region due to the high among carbon emissions in the country and active investments in renewable energy. These investments account for 36% of the worlds total investments in renewable energy.
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