Press release
Global Solar Inverter Market Revenue Predicted To Go Up by 8.6% post 2023
Market Scenario
Solar Inverter are widely accepted owing to its property of instantaneous conversion of DC power input to AC current while connected to on-grid system. The growing number of solar power plants around the world, which are to be connected with the grid through an on-grid solar inverter are driving the market for solar inverter in the forecast period. Also, growing off-grid solar panel installation for commercial & industrial and residential use requires a reliable and safe power source converter, which is provided by solar inverter. All these factors will drive for the growth in solar inverter market.
Solar Inverter are segment into micro, string and central solar inverter. Micro solar inverter are expected to grow at the highest growth rate in forecast period, owing to rapid development in the utility sector which have installed solar power plants in them. Also micro solar inverter can monitor performance each solar panel, has improved installation & fire safety and has an operational efficiency of 90-95%. However, the high cost of solar inverter and high maintenance cost can restrain global solar inverter market.
Asia-Pacific region holds the largest share of 48% in global solar panels market in 2016 and is expected to grow at a high rate resulting into growth in sale of solar inverter subsequently. The continuous growth in industrial & commercial and utility sector in Asia –Pacific, requires a high amount of electricity for their operations. Also, the government initiative for utilization of renewable energy is making the end user opt for solar energy. All these factors will majorly constitute for the growth of solar inverter in this Asia-Pacific for forecast period.
The global solar inverter market is expected to grow at a CAGR of 8.6% during the forecast period.
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Market Segmentation
• By Product Type; Micro, String and Central)
• By System Type; On-Grid and Off-Grid
• By End User; Industrial & Commercial, Utilities and Residential
• By Regions
Global Solar Inverter Market
Currently, the Solar Inverter market is in the growth stage. This is due to the increase in demand for power, and in cross-border power transmission, global initiatives to use more renewable and non-conventional energy sources, smart grids, & the global need to restrict carbon emission will boost the global solar inverter market. The Asia-Pacific region is the leading market for energy storage market and is followed by Europe and North-America.
Key Players
The key players of global solar inverter market are
• SMA Solar Technology AG (Germany)
• KACO New Energy Inc. (Germany)
• Mitsubishi Electric Corporation (Japan)
• Schneider Electric SE (France)
• Siemens AG (Germany)
• ABB Ltd. (Switzerland)
• Sungrow Power Supply Co., Ltd (China)
• Huawei Technologies Co. Ltd. (China)
• Hitachi Hi-Rel Power Electronics Pvt. Ltd. (India)
• General Electric Company (U.S)
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Intended Audience
• Distributer & Supplier companies
• End Users
• Consultants and Investment bankers
• Government as well as Independent Regulatory Authorities
Table of Contents
1. Executive Summary
2. Research Methodology
3. Market Dynamics
4. Global Solar Inverter Market, By Product Type
5. Global Solar Inverter Market, By System Type
6. Global Solar Inverter Market, By End User
7. Regional Market Analysis
8. Competitive Analysis
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