(MENAFN – GetNews) The global solar inverter market is seeing significant growth over the forecast period due to accelerating demand for 24-hour power supply, expansion of construction activity and growing environmental concerns encouraging individuals to choose solar inverters.
The rapid development of infrastructure and the strong demand for 24-hour power supply are the main factors contributing to the growth of the world Solar Inverter Market Size . Various governments around the world attach importance to developing infrastructure to improve the quality of life of their citizens. For example, the UAE government is aiming for the Smart Dubai project, which focuses on transforming the city into a top global smart city. The increasing construction activity is a major driver that will increase the demand for the market. In addition, the rising greenhouse gas effect and environmental concerns are the most important factors driving the growth of the Solar inverter market share in terms of sales . The solar inverter reduces the high costs of electricity bills and increases efficiency in the long term. Many actors in the power generation sector are proactively looking for ways to reduce the carbon footprint by focusing on the use of renewable energy sources to generate electricity. For example, in 2019 the Italian government insisted on generating 50 GW of solar power by 2030 to increase the share of renewable energy sources in the country's total electricity generation. The increasing target of renewable energy sources will further stimulate the growth of the solar inverter market. On the other hand, the constant need for sunlight, the high cost of initial installation, and the need for a large installation area will hamper the growth of the market over the forecast period.
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Due to the technology, the market is divided into micro-inverters, central inverters, power optimizers and string inverters. The central inverters are expected to increase in the coming years with a faster CAGR. This is mainly due to the high energy demand caused by increasing urbanization and increasing electricity consumption on a global scale. The central inverters are mainly used in industries, buildings and in several field installations. These inverters offer a lower cost of capital per watt, better productivity, and are easy to install compared to other types of solar inverters. All of these factors are expected to fuel demand for central inverters.
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On the basis of end use, the market is divided into commercial, industrial and utility inverters. Due to the increasing number of government initiatives to promote the use of renewable energy sources for power generation, the industrial end user is expected to dominate the market during the forecast. In addition, the steady increase in investment in the renewable energy industry will further accelerate the growth of the market.
Due to the region, the Asia-Pacific region is expected to dominate the market in the coming years due to increasing power outages, especially in emerging countries like China and India. In addition, the increasing number of initiatives including India's National Solar Mission will positively affect market demand. For example, NABARD allows a subsidy of 40% for those who buy solar inverters. All of these drivers will pay the way for the market to grow.
Various notable players operating in the global solar inverter market include Schneider Electric, Emerson Electric Co., Power-One, Inc., KACO New Energy Inc., SMA Solar Technology AG, SunPower Corporation, SolarEdge Technologies Inc., Canadian Solar and Hitachi Hi-Rel Electronics Private Limited, and Solectria Solar among others.
The global solar inverter market has been segmented by technology, end use and region. Based on the technology, the market is divided into micro-inverters, central inverters, string inverters and power optimizers. Based on end use, the market is divided into commercial, industrial, residential and utility inverters.
Market segmentation for solar inverters:
Global Solar Inverter Market By Technology:
- Central inverter
- Micro inverter
- String inverter
- Performance optimizer
Global Solar Inverter Market By Use:
- Industrial
- Residential
- Commercially
- Inverter
Global Solar Inverter Market By Region:
- Solar Inverter Market in North America (Option 1: As part of 25% free customization)
- North America market by technology
- North America market by end use
- United States Solar Inverter Market
- Canada Solar Inverter Market
- Europe Solar Inverter Market (Option 2: As part of the free adjustment of 25%)
- European market by technology
- European market by final consumption
- UK Solar Inverter Market
- Germany solar inverter market
- France solar inverter market
- Spain solar inverter market
- Rest of Europe solar inverter market
- Asia Pacific Solar Inverter Market (Option 3: As Part of Free 25% Adjustment)
- Asia-Pacific market by technology
- Asia-Pacific Market by End Use
- China solar inverter market
- India Solar Inverter Market
- Japanese solar inverter market
- Rest of the APAC solar inverter market
- RoW America 3D Printing Market (Option 4: As part of free 25% customization)
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- RoW market by technology
- RoW market by final consumption
- Brazil solar inverter market
- South Africa Solar Inverter Market
- Solar Inverter Market in Saudi Arabia
- Solar Inverter Market in the UAE
- Rest of the world (remaining countries in the LAMEA region) Solar inverter market
Key Players in the Solar Inverter Market (Option 5: As part of free 25% customization – profiles of 5 other companies of your choice)
- Schneider Electric,
- Emerson Electric Co.
- Power-One, Inc.
- KACO New Energy Inc.
- SMA Solar Technology AG
- SunPower Corporation
- SolarEdge Technologies Inc.
- Canadian Solar
- Hitachi Hi-Rel Electronics Private Limited
- Solectria Solar
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