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Photovoltaic (PV) Inverter Market Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
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OLC Energy Services-SMA Solar Technology deal gains ground in Namibia PV inverter market
Heavy investments are being made in the development of solar power plants across myriad geographies lately, generating lucrative opportunities for the players in photovoltaic inverter market. In this regard, for amassing a substantial remuneration and extending their regional reach, industry contenders have been intensively adopting new business strategies such as product enhancement and JVs. In fact, most of the local energy companies are dealing with global energy contributors to deploy renewable energy grids extensively.
Validating the aforementioned fact, in Namibia, a joint venture renewable company, OLC Energy Services has recently collaborated with a leading contributor of solar inverters, SMA Solar Technology which has been developing a wide range of advanced products for commercial as residential PV systems. With this partnership, OLC Energy Services will tap the expertise of this leading inverter manufacturer for the distribution and technical services of PV systems. Additionally, through this JV, both companies plan to increase the dependency of Namibia on renewable energy facilities. Reportedly, the Namibia government has already developed renewable energy projects of 55 MW and is currently developing a further 121 MW capacity worth of renewables.
ABB’s contribution toward PV inverter industry
The rapid evolution in traditional inverters which are prominently deployed in commercial as well as residential applications is considerably influencing PV inverter industry trends. With the help of emerging technologies such as IoT and AI, many of the giants in photovoltaic inverter market are trying to improve the product quality and ease of usage. For instance, the world’s leading manufacturer of PV inverters, ABB has recently developed a range of smart inverters with the assistance of the Internet of Things.
The newly invented software embedded in the inverters can be operated remotely with the help of smart devices, which offers cost-effectiveness in advanced monitoring and control. ABB’s involvement in enhancing product design and development depicts the efforts put in by industry leaders in the development of next-generation products, that is certain to fuel photovoltaic (PV) inverter industry share over the years ahead.
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In the last few years, ABB has received many contracts across myriad geographies to install PV inverters. In 2017, the Indian Railway awarded a contract to ABB for installing solar invertors at 750 rail stations located in the Northern region of India. Currently, it has installed solar inverters of approximately 5 GW capacity across India. The surging acceptance of solar inverters across the Indian transportation sector is certain to impel the growth of the regional photovoltaic inverter market.
In addition to India, ABB also has also been installing its central inverter solutions in Jordan. The firm has collaborated with the leading utility-scale solar developer, FRV to supply central inverter solutions to solar power plants-based in the Mafraq region of Jordan. ABB’s move further validates that the commitment of leading contributors in photovoltaic inverter market toward the generation of greener and cost-effective sustainable energy products is poised to augment PV inverter market trends.
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The increasing reliability of renewables such as solar, wind, and hydropower plants across the globe for fulfilling energy needs is likely to enhance the industry growth considerably. The supportive regulatory stance of regional governments for energy transformation across public as well as the private sectors has also been generating lucrative opportunities for OV inverter market contenders. Aided by innovative product development strategies and a supportive regulatory scenario, photovoltaic (PV) inverter market size is expected to generate a revenue of USD 11 billion by the end of 2024.
Research Methodology
All the above factors are identified and analyzed in detail, with their present and expected market impact, which is quantified and used to derive market growth expectation. Market forecast is built using statistical analysis with models built around time-variance, regression and correlation analytics.
Significant emphasis is put on primary research, which serves the dual role or not only validating our findings but also obtaining penetrating market insights, which help us gain more clarity regarding business environment and competitive leverage. Notable participants in our primary research process include:
Leadership figures such as CEOs, CSOs, VPs etc. in key companies
Supply-chain participants, distributors and domain experts
Key customers and B2B clients
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