Global Solar Inverter Market Scenario
According to Market Research Future (MRFR), the global Solar Inverter Market is anticipated to reach USD 24.5 billion, expanding at a considerable CAGR of 15.65% from 2017 to 2025 (forecast period). The report elucidates the strengths, opportunities, threats, and potential business risks and gives a deeper understanding of the global market environment with the influence of COVID-19.
Solar inverters play an essential role in a solar energy system. They convert DC power output to AC that can be fed into the grid. They improve the efficiency and reliability of the solar energy system. They are used in solar rooftop and ground-mounted commercial, residential, and utility systems.
ABB, SMA Solar Technology AG, SunPower Corporation, Canadian Solar Inc, SolarEdge Technologies Inc, and Delta Energy Systems are prominent players operating in the Global Solar Inverter Market.
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The global solar inverter market is likely to expand at a steady pace during the review period. The growth of the market can be driven by solar power systems installations and initiatives to encourage solar power systems. However, the high operating and maintenance costs of the solar inverter are expected to limit the market’s growth during the forecast period.
Global electricity demand is estimated to rise significantly in the coming years due to rapid urbanization, an increase in population, an increase in infrastructure growth, and increased access to electricity. Power generation sources like thermal energy, gas, and diesel contribute mainly to carbon emissions. As stakeholders in the energy generation industry pursue ways to reduce the carbon footprint, they have concentrated on increasing the share of renewable energy sources in the overall power generation mix. Renewable energy sources, in particular solar energy, are used for the generation of electricity.
In addition, rising concerns about global warming and reduced reliance on fossil fuel-based energy generation have increased the usage of solar energy sources to meet energy demand. As per the International Energy Agency, global electricity generation capacity is projected to hit 3.300 TWh by 2030. Many authorities in different countries, like Italy, India, and Germany, are concentrating on increasing the use of solar energy to fulfil the country’s energy demand. For example, in 2019, the Italian Government set a goal of achieving 50 GW of solar power generation capacity by 2030 to increase the share of renewable energy in the country’s total energy generation.
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Likewise, in the same year, the German Government set a goal to achieve 98 GW of solar generation capacity by 2030. In addition, in 2019, the Indian Government set a goal of achieving 100 GW of solar power installation capacity by 2022. Such developments are projected to increase the share of solar energy capacity in the total power generation mix globally. Solar inverters are installed to convert the direct current generated from solar panels to alternating current for applications in sectors like utilities and commercial applications. As a result, the rising demand for solar energy sources is expected to increase the usage of solar inverters in the global market. As a result, the increasing solar power system installations are anticipated to propel the global market’s growth for solar inverter during the forecast period.
Solar Inverter Industry Segmentation
The global market for solar inverter has been segmented based on type, system type, and application.
By type, the global Solar Inverter Industry has been segmented into the central inverter, micro-inverter, and string inverter.
By system type, the global solar inverter market has been segmented into on-grid and off-grid.
By the application, the global solar inverter market has been segmented into residential, commercial, and utilities.
Region-wise, the global solar inverter market has been segmented into Europe, North America, Asia Pacific, and the rest of the world.
The Asia Pacific is set to hold the majority of market share during the assessment period due to a raise in investment in the construction sector. The demand for solar inverters in the Asia Pacific is expected to rise exponentially due to the growing demand for solar energy sources and increasing investment in solar energy projects in the region. Solar energy is considered to be the best alternative for traditional energy sources to minimize carbon emissions by meeting the electricity needs of the region. In India, in August 2019, Shapoorji Pallonji And Company Private Limited (India) and ReNewPower (India) invested approximately USD 110 million to build a 150 MW floating solar power project in Uttar Pradesh, India.
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