Press release
Solar Inverter Market is Expected to Reach USD 24,507.3 Million at a CAGR 19.14% by 2023 | Top Key Players: Cubic Corporation, Amco S.A., Siemens AG, Xerox Corp., CivicSmart, Inc.
The global solar inverter market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of the solar panels market is majorly influenced by the growing demand for energy consumption around the world. Furthermore, electricity produced by renewable sources is clean, cost effective and renewable in nature. In 2015, China, being the world biggest carbon emitter, invested USD 102.9 billion in renewable energy, which accounted for 36% of world total. According to Institute for Energy Economics and Financial Analysis (IEEFA), China has increased its foreign investment in renewables and solar by 60 percent to reach a record USD 32 billion in 2017. However, the high capital cost for installation is acts as a major barrier for the growth of the solar inverter market. The global solar inverter market is poised to grow over USD 24,507.3 million by 2023 at an estimated CAGR of 15.65% through the forecast period.
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Genset Global Market - Competitive Analysis
The major players operating in the market of global solar inverter:-
• SunPower Corporation
• Delta Electronics, Inc.
• ABB Ltd
• SMA Solar Technology AG
• Canadian Solar Inc.
• SolarEdge Technologies Inc.
• Solectria Renewables, LLC
• Sineng Electric Co., Ltd.
Industry News:
Key strategies followed by most companies within the global Solar Inverter market were merger & expansion.
On Sep 2017, Delta launched Hybrid Inverter E-Series and All-in-One Energy Storage Solution for the Residential Solar Market
On 7 September, 2017- Solectria Solar introduced its new Solectria SLX line of American made inverters for commercial and utility-scale applications.
Solar Inverter Market – Segmentation
The Global Solar Inverter Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Type : Comprises string inverter, central inverter, and micro inverter
Segmentation by System Type : Comprises on-grid and off-grid
Segmentation by End-User : Comprises residential, commercial, and utilities
Segmentation by Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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Regional Analysis:
Geographically, Asia-Pacific is the largest power producer globally, and is the largest market for renewable energy generation across the globe. The solar inverter market is emerging in countries such as China, India, and Japan, and is estimated to grow at a high rate in the forecast period. The continuous growth in industrial & commercial and utility sector, requirement of high amount of electricity, Government initiative for utilization of renewable energy are some of the factors pushing the market towards growth. Asia-Pacific accounted for the largest market share of 47.6% in 2016, followed by Europe which is expected to grow at a CAGR of 19.14% during the forecast period.
In 2015, China, being the world biggest carbon emitter, invested USD 102.9 billion in renewable energy, which accounted for 36% of world total. According to Institute for Energy Economics and Financial Analysis (IEEFA), China has increased its foreign investment in renewables and solar by 60 percent to reach a record USD 32 billion in 2017.
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