New York, July 12, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Solar Inverters Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Central, String, and Micro), System Type (On-Grid and Off-Grid), and End User (Residential, Commercial, and Utility)” The global solar inverters market growth is driven by rising number of solar installations attributed to government-led incentives and schemes and growing residential solar rooftop installations.
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| Market Size Value in | US$ 9.80 billion in 2022 |
| Market Size Value by | US$ 16.32 billion by 2028 |
| Growth rate | CAGR of 8.9% From 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 161 |
| No. Tables | 88 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Type, System Type, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Increaing technological developments has created new trend of smart inverters in the global market. Due to the high penetration level of distributed energy resources (DER), the grid poses many complex challenges to the functioning of inverters. As a solution for these common problems, smart inverters come into play by solving most of the problems of the traditional system. Since smart inverters work autonomously, they have a positive impact on the implemented residential sector as well as the national power grid. The traditional grid requires constant maintenance due to the stress, but smart inverters could help address these localized challenges and grow the system's flexibility. Smart inverters allow two-way communication with utility control centers. In addition, advanced capabilities such as voltage and frequency sensors allow smart inverters to detect grid abnormalities and send feedback to utility operators.
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Solar Inverters Market: Competitive Landscape and Key Developments
ABB Ltd; Delta Electronics, Inc.; Enertechups; GOODWE; Power Electronics S.L.; Powerone Micro Systems Pvt.Ltd; Sineng Electric; SMA Solar Technology AG; Solaredge Technologies Inc.; and Hitachi Hi-Rel Power Electronics Pvt Ltd. are among the key players profiled during the study of the global Solar Inverters market. In addition, several other essential market players were studied and analyzed to get a holistic view of the Solar Inverters market and its ecosystem.
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Growing Investment in Renewable Sector Created Substantial Opportunity for the Market
Prospects for investment have improved markedly along with economic growth, although there are significant country-by-country variations. Global energy demand is set to increase by 4.6% in 2021, more than offsetting the 4% contraction in 2020, according to the latest International Energy Agency (IEA) estimates. The anticipated upswing in investments in 2021 is a mixture of a cyclical response to recovery and a structural shift in capital flows towards cleaner technologies. After staying flat in 2020, global power sector investment is set to increase by around 5% in 2021 to more than US$ 820 billion, according to the latest IEA estimates. Renewables energy sector dominates investment in new power generation and is expected to account for 70% of 2021's total of US$ 530 billion spent on all new generation capacity, according to the latest IEA estimates. Investment in grids and storage makes up the remainder. Renewable energy sector investment has thrived in markets with well-established supply chains where lower costs are accompanied by regulatory frameworks that provide cash flow visibility and where lenders and financiers that understand these sectors are seeking sustainable projects to support.
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Impact of COVID-19 Pandemic on Global Solar Inverters Market
Governments worldwide imposed strict restrictions on vehicles and human movement due to the tremendous spread of the COVID-19 pandemic. Travel restrictions, business shutdowns, and mass lockdowns, caused by the pandemic, affected multiple economies and the manufacturing & production industry in several countries. The lockdown imposition had reduced the production of commodities, goods, and services. Therefore, pre-pandemic situation have a positive impact on the solar inverters market.
In 2020, the COVID-19 pandemic had adversely affected the global economies, leading to many challenges. Multiple manufacturing industries were temporarily closed because of lockdowns, reducing global demand for solar inverters. Also, according to the World Manufacturing Production Statistics released by the United Nations Industrial Development Organization (UNIDO) for the second quarter (April–June) in 2020, global manufacturing output decreased by 11.2% compared to the same quarter in 2019. Moreover, China is expected to record a greater drop (1.6%) compared to industrialized economies in North America and Europe, wherein value-added in 2020 is likely to plummet by 15% and 14.3%, respectively. Therefore, as solar inverters are directly proportional to manufacturing activities, the solar inverters market was negatively affected by the COVID-19 pandemic.
In 2021 and 2022, relaxations in government restrictions in lockdown led to the resumption of manufacturing businesses, with upgraded and improved supply chains. This further propelled the manufacturing of solar inverters. The projected rise in the demand for solar inverters in 2022 will be due to their increasing construction of residential and commercial buildings. Therefore, post-pandemic situation have a positive impact on the solar inverters market.
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Solar Inverters Market: Type Segment Overview
On the basis of type, the solar inverters market can be segmented into central, string, and micro. In 2021, the central segment accounted for the largest market share. Central inverters are anticipated to have a greater demand because central inverters are highly reliable with timely maintenance and are housed in a protected location for their installation. The inverters are integrated with large arrays installed on field installations, buildings, and industrial facilities, taking direct current (DC) power from all the solar panels and converting it into alternating current (AC) power becoming a single point for power distribution
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