Growing Solar Energy Plants Erecting Worldwide Drive the global Solar Inverter Market
New York, US, Nov. 28, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Solar Inverter Market Research Report: Information By Type, By System Type, By Application – Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 18.97 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 5.78% during the assessment timeframe.
Solar Inverter Market Overview:
The global solar inverter market is projected to reach notable revenue growth in the next few years. Rapid growth in solar power plants worldwide would support the market growth. The growing number of solar power plants connected to the grid through an on-grid solar inverter favors market development. Also, increasing installations of off-grid solar panels in commercial, industrial, and residential sectors influence the solar inverter market value, creating vast demand for reliable and safe power source converters. Solar energy systems can’t function properly without an inverter.
Solar inverters are crucial in any solar energy system, performing the most important and challenging process of converting the energy captured by the solar panels into electricity. These devices provide a reliable and safe power source converting solution for off-grid solar panels for commercial, industrial, and residential use.
Active players in the solar inverter market are-
- SMA Solar Technology AG (Germany)
- Canadian Solar Inc. (Canada)
- ABB Ltd (Switzerland)
- SunPower Corporation (US)
- Delta Electronics, Inc. (Taiwan)
- SolarEdge Technologies Inc. (Israel)
- Sineng Electric Co., Ltd. (China)
- Power Electronics (Spain)
- Solectria Renewables, LLC (US)
- Hitachi Hi-Rel Power Electronics Pvt. Ltd (India)
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In addition, to aid in converting the solar energy captured & harvested by solar panels, solar inverters also supply energy to home applications and send it to the grid. Solar energy systems heavily depend on inverters that can automatically shut down during brownouts and emergencies to prevent electrocution, fires, or damage. With technological advances, solar inverters have evolved significantly during the past couple of years.
Today’s advanced inverters can be linked to the internet and allow online data monitoring. Also, solar inverters communicate with plant operators and update them on the functioning of solar systems, allowing them to quickly access system statistics and solar systems using a mobile application. Users can compare the performance of harvested data online. Some inverters can also identify broken or non-performing solar panels, eliminating the need for personal visits to rooftops.
|Revenue forecast in 2030||USD 18.97 Billion|
|Growth Rate||CAGR of 5.78% from 2022 to 2030|
|Key Market Opportunities||Electrification of unelectrified areas in developing countries|
|Key Market Drivers||Growing solar power system installations|
Browse In-depth Market Research Report (185 Pages) on Solar Inverter Market:
Rapid growth in installing off-grid solar panels for commercial, industrial, and residential purposes positively impacts the market rise. Besides, the rapid uptake of solar inverters in solar rooftop & ground-mounted residential set-ups, as well as in commercial and utility-scale systems, fosters the market’s growth.
On the other hand, the high costs associated with solar inverters and their maintenance are major factors impeding the market growth. However, the increasing demand for energy sources in remote power areas would support the market growth, increasing the installation of solar panels and inverters as energy storage solutions.
Solar Inverter Market Segments
The solar inverter market is segmented into inverter types, system types, end-users, and regions. The type segment comprises central, string, micro solar inverters, and others. The system type segment comprises on-grid and off-grid. The end-user segment comprises residential, commercial, utility, and others. The region segment comprises the Asia-Pacific, Americas, Middle East & Africa, and rest-of-the-world.
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APAC accounts for the leading Solar Inverter Market due to increasing implementations of solar panels across the region. Factors such as the increasing renewable energy generation and the ample availability of renewable natural resources substantiate the Solar Inverter Market size. Besides, the rapid growth in industrial, commercial, and utility sectors boosts the region’s market shares.
Also, the massive demand for electricity and government initiatives to promote renewable energy bolster the growth of the regional Solar Inverter Market. China, India, and Japan are emerging markets for solar inverters in the region and are projected to grow at a healthy CAGR throughout the assessment period.
Europe is another rapidly growing Solar Inverter Market globally. Over the past few years, solar has become the primary renewable energy source in most European countries. Resultantly, many solar power projects have been erected across the region, which alongside many under-construction solar projects, escalate the market value, increasing the primary energy production in the region.
Additionally, increasing investments in solar energy, alongside the rapid shift in focus toward minimizing fossil fuel usage and regulations for waste heat management, contribute to the market growth in the region. The European solar inverter market is likely to grow at a 19.14% CAGR throughout the review period.
Solar Inverter Market- Competitive Analysis
The solar inverter market appears competitive, with many well-established players forming a competitive landscape. Players initiate several strategic approaches to gain a larger market share, such as mergers & acquisitions, collaboration, expansion, and product launches. Also, they make substantial strategic investments to drive research & development activities and expansion plans.
Industry players back up their technology with a global network of technical support. Many well-developed photovoltaic markets across the globe create a vast demand for a large number of new energy storage solutions. Therefore, market players employ significant efforts to lead these photovoltaic markets.
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For instance, on Nov.18, 2022, Redington Limited (India), a leading provider of IT & telecom, mobility, and solar technology solutions, announced a partnership with Enertech UPS Pvt. Ltd. (India), a leading manufacturer of solar hybrid inverters to meet the rising demand for solar hybrid inventors in India.
Redington and Enertech will work together to spread awareness of the benefits of solar hybrid inverters usage among solar EPCs (Engineering, Procurement, and Construction) and the public. Additionally, the partnership will enable Redington to maximize sales and after-sales services of solar hybrid inverters, leveraging the combined capabilities of its dense distribution network across the country and Enertech’s expertise in solar solutions manufacturing.
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