Solar Inverter Market - Global Opportunities & Forecast, 2020-2027


Posted September 10, 2020 by shaqibakram

The factors responsible for driving the growth of the global solar inverter market include the continuous infrastructural development and the rising demand for 24*7 electricity supply.

 
Solar inverter or photovoltaic inverter is a type of an electrical inverter that is used to convert the direct current (DC) output into a utility frequency alternation current (AC). The converted current is then transferred into the commercial electrical grid, which is used for residential and industrial purposes in case of a power cut off. There are various types of solar inverters available in the market, includes central-inverters, micro-inverters, string inverters, and power optimizers.

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The factors responsible for driving the growth of the global solar inverter market include the continuous infrastructural development and the rising demand for 24*7 electricity supply. Governments across the globe are focusing on infrastructural development in their countries to improve their citizen’s quality of life. For instance, the UAE government is mainly focusing on Smart Dubai project, aiming to transform the city into a leading global smart city. This expansion in the construction activities will drastically boost the demand of the market. In addition to this, the increasing greenhouse gas effect and rising environmental issues are further encouraging the usage of solar inverters. The solar inverter eliminates the high cost of electricity bills and provides higher efficiency in the long run. Various stakeholders in the energy generation industry are looking for opportunities to reduce carbon footprints by emphasizing on using renewable energy sources for power generation. For instance, in 2019, the Italian government aimed to reach 50 GW of solar power generation by the end of 2030 to increase the share of renewable energy sources in the total power generation of the country. The growing focus on renewable energy sources will have a positive impact on the growing demand of the market. However, factors such as high initial installation cost, the regular need of sunlight, and the requirement of a large area for installation are the major factors which will have a negative impact on the strong demand of the market in the coming years.

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Various notable players operating in the global solar inverter market include Emerson Electric Co., Schneider Electric, Power-One, Inc., SMA Solar Technology AG, KACO New Energy Inc., SunPower Corporation, Canadian Solar, SolarEdge Technologies Inc., Solectria Solar, Hitachi Hi-Rel Electronics Private Limited, among others.

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The global Solar Inverter market has been segmented on the basis of technology, end use and region. Based on the technology, the market is segmented into central inverters, micro-inverters, string inverters and power optimizers. Based on end use, the market is segmented into industrial, commercial, residential and utility inverters.

Key questions answered in this research report:

At what pace is global Solar Inverter market growing? What will be the growth trend in the future?
What are the key drivers and restraints in Solar Inverter market? What will be the impact of drivers and restraints in the future?
What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Solar Inverter market?
Which technology generated maximum revenues in 2019 and identify the most promising technology during the forecast period?
What are the various end use areas of global Solar Inverter market and how they are poised to grow?
What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

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Last Updated September 10, 2020