Solar Inverter Market 2019 Business Statistics, Share, Growth Insights, Future Trends, Segmentation, Opportunity Assessment and Potential of the Industry by 2023

Market Research Future in its recently published analysis asserts that the global solar inverter market would worth USD 24,507.3 MN by 2023, registering around 8.89 % CAGR during 2017 to 2023. Factors, such as the growing installations and government initiatives & policies, are benefitting the growth of the market.

Pune, India - July 16, 2019 /MarketersMedia/ —

Solar Inverter Market Highlights

Solar Inverters enjoy tremendous popularity and uptake worldwide due to their ability to rapidly convert DC power input into AC while staying connected to the on-grid system. As a result, the solar inverter market garners huge traction, globally. 

The growing number of solar power plants connected with the grid through an on-grid solar inverter is a major driving force pushing up the market growth. Increasing installations of off-grid solar panels for commercial & industrial and residential use require a reliable and safe power source converter, which solar inverter provides.

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Solar inverters provide a solution for reliable and safe power source converter in off-grid solar panel for commercial & industrial and residential use. Hence, growth in the installations of an off-grid solar panel for commercial, industrial, and residential impacts the growth of the market, positively.  Besides, rapid uptake of solar inverters in solar rooftop & ground-mounted residential set-ups as well as in commercial and utility-scale systems fosters the growth of the market.

On the flipside, high costs associated with solar inverter and maintenance is impeding the growth of the market. Nevertheless, the increasing demand for power sources in remote areas is expected to act as a tailwind supporting the market growth, increasing the installations of solar panels and inverters as energy storage solutions.

Global Solar Inverter Market Segmentation

The report segments the Solar Inverter Market into four key dynamics to widen the scope of understanding,

By Type: Central, String, and Micro

By System Type: On-Grid and Off-Grid.

By End-user: Residential, Commercial, and Utility

By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.

Global Solar Inverter Market - Geographical Analysis

The Asia Pacific region is the largest market for solar inverters. Accounting for over half of the total global population, the APAC region is the largest producer and consumer of power globally. Due to the availability of ample renewable natural resources, the region holds the largest share in the global renewable energy generation market. The solar inverter market in countries such as China, India, and Japan, are emerging and projected to register a healthy CAGR during the review period. 

Other factors impacting the growth of the regional market include rapid growth in industrial, commercial, and utility sector, a massive demand for electricity, and government initiatives to promote utilization of renewable energy.

European region accounts for the second leading market for solar inverter, globally. Solar is a primary source of renewable energy in most of European countries. Over the past couple of years, several solar power projects have erected in the region, and many are under construction as well, which are expected to contribute to the market growth, contributing to the primary energy production in the region.

Additional factors substantiating the growth of the regional market include increasing investments in solar energy and the shift towards minimizing usages of fossil fuels led by the regulation to utilize the waste heat. The solar inverter market in the European region is expected to grow at a CAGR of 19.14% throughout the forecast period.

The North American solar inverter market is growing rapidly, experiencing a broad uptake of green energy generation systems. Increasing emphasize on curtailing the costs of power generation and substantial investments made in smart solar power plants to increase power generation and storage capacity would foster the market in the region. Furthermore, the rising production of renewable energy generation led by government initiatives supports the growth of the regional market.

Solar Inverters Market Competitive Analysis

Intensely competitive, the solar inverter market appears to be well-established with the presence of many large and small-scale players. Strategic initiatives such as acquisition, expansion, collaboration, and product launch remain the trends of these players to gain a competitive advantage.  The competitive landscape of the market is decided based on the market participants, their production capacities, supply chain, and the revenue generated by each manufacturer.

Major Players:

Players leading the solar inverter market include SMA Solar Technology AG (Germany), ABB Ltd (Switzerland), Canadian Solar Inc. (Canada), SunPower Corporation (US), SolarEdge Technologies Inc. (Israel), Delta Electronics, Inc. (Taiwan), Sineng Electric Co., Ltd. (China), Solectria Renewables, LLC (US), Power Electronics (Spain), and Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), among others.

Industry/Innovation/Related News:

July 09, 2019 ---- FIMER (Italy), Inverter manufacturer giant announced the acquisition of ABB’S solar inverter business in India. The purchase includes PowerOne, the solar inverter business. The acquisition aims at enhancing the solar inverter business in the future and will allow ABB to focus on its business portfolio in other industry segments. Additionally, the acquisition will enable FIMER to enhance sales growth and emerge as the pioneers in the solar inverter market. The transaction is likely to complete in the first quarter of 2020.

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About Market Research Future:

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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Organization: Market Research Future
Address: Market Research Future, Office No. 528, Amanora Chambers Pune - 411028 Maharashtra, India
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Website: https://www.marketresearchfuture.com/reports/solar-inverter-market-4071

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