Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Solar Inverter Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The latest market analysis report highlights the significant expansion and transformative trends within the global solar inverter market. As an essential component in harnessing solar energy, solar inverters are at the forefront of technological advancements and are experiencing unprecedented demand, particularly in the Asia-Pacific region.
This comprehensive market report sheds light on the dynamic landscape of solar inverters, categorized into microinverters, string inverters, and central inverters. With a focus on the increasing push for renewable energy sources, the importance of solar inverters in residential, commercial, and utility-scale solar projects is more prominent than ever.
The solar inverter market has witnessed substantial growth, with a surge from $15.08 billion in 2023 to a predicted $16.91 billion in 2024. This robust expansion is anticipated to continue, with forecasts showing a potential market climb to $26.06 billion by 2028. At the center of this growth are technological innovations such as smart inverters, hybrid models, artificial intelligence in predictive maintenance, and the use of bifacial solar panels.
Driven by the necessity of clean energy solutions, solar inverters play a pivotal role in converting solar energy into efficient and usable power for a myriad of applications. With analysts observing an uptake in renewable energy capacity—expanding by over 60% and expected to surpass the combined capacities of fossil fuels and nuclear power—solar inverters stand as a key industry component.
High-performance product launches and strategic acquisitions are setting the stage for intensified competition among major solar inverter companies. New product introductions and collaborations are expected to catalyze the market, showcasing features that meet consumer energy needs and system integration demands.
The report covers the entire gamut of the solar inverter market across various regions, with the Asia-Pacific leading the charge, poised as both the largest market in 2023 and the fastest-growing region through the forecast period. The analysis vividly illustrates the market's progression, offering critical insights on current shares, competitive landscapes, and potential market segments.
The findings underscore the pertinence of solar inverters in the escalated efforts towards sustainability and the shift towards renewable energy sources globally. This market analysis serves as a crucial resource for stakeholders within the solar energy industry, strategists, and decision-makers, equally for those looking to gain a comprehensive understanding of market trends and for forward-thinking businesses poised to capitalize on the renewable energy wave.
Important Note: The values mentioned are 'factory gate' values, reflecting the revenue earned by manufacturers or creators of the goods. The market's definition encompasses the entirety of the revenues accrued through the sale of solar inverters and related services, providing a thorough understanding of the market's scope and size.
A selection of companies mentioned in this report includes
- Asea Brown Boveri
- Sma Solar Technology AG
- Canadian Solar
- Solaredge Technologies Inc
- Delta Electronics Inc.
- Solectria Renewables LLC
- Omron Corporation
- Hitachi Hi-rel Power Electronics Private Limited
- Power Electronics S.L
- Schneider Electric
- SunPower Corporation
- imer S.p.A
- Tabuchi Electric Co. Ltd
- General Electric Company
- Enphase Energy Inc.
- Advanced Energy Industries Inc.
- Chint Power Systems Co. Ltd.
- Eaton Corporation plc
- Ginlong Technologies Co. Ltd.
- GoodWe Power Supply Technology Co. Ltd.
- Huawei Technologies Co. Ltd.
- Ingeteam S.A.
- KACO new energy GmbH
- Mitsubishi Electric Corporation
- Sungrow Power Supply Co. Ltd.
- Tebian Electric Apparatus Co. Ltd.
- Toshiba Corporation
- Trina Solar Limited
- Wuxi Suntech Power Co. Ltd.
- Yaskawa Electric Corporation
- Yingli Green Energy Holding Company Limited
- Zeversolar
- Zhejiang Chint Electrics Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/smbl5s
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