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Solar inverter plays an important role in a solar energy system. It converts DC power output into AC current which can be fed into the grid and directly influences the efficiency and reliability of a solar energy system. They are used in solar rooftop and ground-mounted residential, commercial and utility-scale systems, with system ratings of 3–10 kW, 10 kW–2 MW and > 2 MW, respectively.
The global solar inverter market has been segmented based on type, system type, end-user, and region. 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. Geographically, Asia-Pacific is showing a high rate of growth in solar inverter market Asia-Pacific accounted for the largest market share of 49.64% in 2016, with a market value of USD 4,427.3 Million and is projected to grow at a CAGR of 16.44% during the forecast period.
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The global solar inverter market has experienced a potential growth over the past few year and it has been analyzed that the market will grow at the same pace during the forecast period. Solar inverter market looks promising during the forecast period due to the major driving factors such as growing solar systems installations, government initiatives and policies as well as reduction in carbon emission. However, the market also faces certain challenges such as high cost of solar inverter and high maintenance cost and others as well. Despite the challenges, there has been certain market trends that have pushed the market growth for solar inverter market such as power source in remote areas and also acting as a solar energy storage.
Utility-scale power generation currently represents a comparatively small percentage of global power generation but, a rapid growth is expected for this sector due to growing awareness of utilization of renewable energy and reducing the carbon footprint. Also, the reduction in costs is determined by technological advancement, economies of scale in manufacturing and innovations in financing have fetched solar power within reach of grid uniformity in a growing number of markets.
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We recognize the key players in the global solar inverter market as 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).
This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the global solar inverter market, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
Regional Analysis:
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. 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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