Pune, Feb. 10, 2021 (GLOBE NEWSWIRE) -- The Market is to Witness Substantial Demand
Solar Inverters enjoy tremendous popularity and uptake worldwide due to their ability to rapidly convert DC power input into AC while staying connected to the on-grid system. Besides, the growing numbers of solar power plants connected with the grid through an on-grid solar inverter push the growth of the market. Growing off-grid solar panel installations for commercial, industrial, and residential uses drive the solar inverter market growth, creating substantial demand for reliable and safe power source converters.
As a result, the solar inverter market garners huge traction globally. Market Research Future (MRFR), in its recent solar inverter market analysis, asserts that the market is expected to grow at approximately 15.45% CAGR during the assessment period (2019 to 2025). Despite the COVID-19 outbreak, the solar inverter industries remained unaffected due to the reassuringly robust rise in the renewable energy market.
Due to the continually rising energy demand, primarily from the industrial sectors, the renewable energy market kept growing steadily throughout the year 2020. Also, the solar inverter market is rapidly returning to normal, witnessing the steadily increasing energy demand, especially from the industrial sectors. The solar inverter demand is projected to pick up further following the uplift of the lockdown in many countries.
Overview
Solar inverters provide an efficient solution for reliable and safe power source converter in off-grid solar panels for commercial & industrial, and residential use. Resultantly, the rise in off-grid solar panel installations in commercial, industrial, and residential applications impacts the market growth positively.
Besides, rapid uptake of solar inverters in the solar rooftop, ground-mounted residential set-ups, and commercial as well as in utility-scale systems fosters the growth of the market. The solar inverter market outlook appears promising mainly due to the continually growing energy demand worldwide. Additionally, the growing installations and government initiatives & policies benefit the solar inverter market growth.
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Industry Trends
Solar inverters present cost-effective solutions for energy conversion. Due to growing concerns over the environmental implication and energy consumption worldwide, the need for renewable/clean energy generation is rising continually. Emerging markets worldwide are estimated to present untapped opportunities for solar inverter uses. With their favorable government policies for solar inverter manufacturing, emerging countries offer significant opportunities to international players.
Digital technologies are at taking center stage in the solar inverter market. Substantial investments are poured into the development of Artificial Intelligence and digital technology. Solar inverter manufacturers are majorly investing in improving communication between the inverter and the environment, including the inverter's communication systems, integrating protocol from Blockchain into inverters, and digital features in inverters to communicate with the smart environment and smart grid.
Despite significant growth prospects, the market witnesses major setbacks such as high initial investments required for the production, installation, and maintenance of solar inverters. Moreover, maintenance issues related to solar inverters act as a major challenge for market growth.
Segmentation
The solar inverter market analysis is segmented into type, system type, applications, and others. The type segment is sub-segmented into the central inverter, micro-inverter, and string inverter. Of these, the central inverter segment would lead the market share over the forecast period. The system type segment is sub-segmented into on-grid and off-grid.
Of these, the on-grid segment would dominate the market share over the forecast period, witnessing vast adoption of on-grid system types in different applications. The application segment is sub-segmented into residential, commercial, and utilities. Of these, the commercial segment would spearhead the market share over the forecast period. The segment's growth is driven by the rising solar installations across warehouses, hospitals, factories, offices, and educational institutes.
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Regional Segmentation
The regional segment is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), the Americas (Canada, Mexico, US, Rest-of-North America), and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), and Rest-of-the-World.
It is observed that the APAC has been consistently dominating the global solar inverter market and is estimated to maintain its market position in the coming years as well. The region stands for the largest producer and consumer of power globally, accounting for over half of the total global population. Besides, the availability of ample renewable/ natural resources increases the region's solar inverter markets share.
Additionally, the spurring rise in the industrial, commercial, and utility sectors, a massive demand for electricity, and government initiatives to promote renewable energy use increases the region's solar inverter market value. Countries such as China, India, and Japan, are growing rapidly, and the solar inverter market size in these countries is projected to grow significantly, registering a healthy CAGR during the review period.
Europe holds the second-best position globally in terms of the solar inverter market revenue. Solar is a primary renewable energy source in most European countries. Over the past few years, several solar power projects have been erected in the region, and many are under construction. These factors are anticipated to contribute to the market growth, driving the primary energy production in the region.
Furthermore, increasing investments in solar energy and the shift towards minimizing the usages of fossil fuels led by the regulation to utilize the waste heat substantiate the the growth of the regional market. The solar inverter market in the European region is expected to grow at a CAGR of 19.14% throughout the forecast period.
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Competitive Analysis
Manufacturers strive to increase production capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization. Many solar inverter manufacturers are exploring the possibility of developing electric vehicle charging and power systems after mastering their own inverter research and development.
Increasing strategic partnership deals and approaches, such as collaboration, mergers & acquisitions, expansion, and product launches, are expected to be seen during the next few years. Industry players are making strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on Feb. 04, 2021, Solarvest Holdings BHD announced entering into memorandums of understanding (MOUs) with Huawei Technologies SDN BHD and Sungrow Power Supply Co Ltd. to obtain inverters.
Huawei is a foremost supplier supplying solar inverters globally, while Sungrow is a prominent solar inverters supplier in China. Under the MoUs, Solarvest would boost its competitiveness and quality of its services with a cumulative order capacity of about 200MW of solar inverters. Solarvest believes it is timely for the group to expand its inventories in view of the surge in solar energy demand.
List of Key Companies Profiled in the Solar Inverter Market Research Report 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), and
- Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), among others.
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