Market Synopsis, Solar inverters play an important role in a solar energy system. They convert DC power output into AC that can be fed into the grid. They improve the efficiency and reliability of a solar energy system. They are used in solar rooftop and ground-mounted residential, commercial and utility-scale systems., The Global Solar Inverter Market is likely to grow at a steady rate during the review period. The growth of the market can be attributed to the growing solar power system installations and measures to promote solar power systems. However, the high operation and maintenance costs of solar inverter expected to restrain the growth of the market during the forecast period., The global electricity demand is expected to register a significant growth rate in the next few years owing to rapid urbanization, increasing population, rise in infrastructure development, and enhanced access to electricity. Power generation sources such as thermal energy, gas, and diesel contribute primarily to carbon emission. As stakeholders in the energy generation industry seek opportunities to reduce carbon footprint, they have been focusing on increasing the share of renewable energy sources in the total power generation mix. Renewable energy sources, especially solar energy, are used for electricity generation. Moreover, the increasing concerns regarding global warming and reduced dependence on fossil fuel-based power generation have increased the adoption of solar energy sources to meet the energy demand. According to the International Energy Agency, the global electricity generation capacity from solar energy is expected to reach 3,300 TWh by 2030. Many authorities in various countries such as Italy, India, and Germany are focusing on increasing the use of solar energy sources to meet the country’s energy demand. For instance, in 2019, the Italian government set up a target to achieve 50 GW of solar power generation capacity by the end of 2030 to increase the share of renewable energy in the country’s total power generation., Similarly, in the same year, the German government set up a target to achieve 98 GW of solar electricity generation capacity by 2030. Addition

Market Synopsis

Solar inverters play an important role in a solar energy system. They convert DC power output into AC that can be fed into the grid. They improve the efficiency and reliability of a solar energy system. They are used in solar rooftop and ground-mounted residential, commercial and utility-scale systems.

The Global Solar Inverter Market is likely to grow at a steady rate during the review period. The growth of the market can be attributed to the growing solar power system installations and measures to promote solar power systems. However, the high operation and maintenance costs of solar inverter expected to restrain the growth of the market during the forecast period.

The global electricity demand is expected to register a significant growth rate in the next few years owing to rapid urbanization, increasing population, rise in infrastructure development, and enhanced access to electricity. Power generation sources such as thermal energy, gas, and diesel contribute primarily to carbon emission. As stakeholders in the energy generation industry seek opportunities to reduce carbon footprint, they have been focusing on increasing the share of renewable energy sources in the total power generation mix. Renewable energy sources, especially solar energy, are used for electricity generation. Moreover, the increasing concerns regarding global warming and reduced dependence on fossil fuel-based power generation have increased the adoption of solar energy sources to meet the energy demand. According to the International Energy Agency, the global electricity generation capacity from solar energy is expected to reach 3,300 TWh by 2030. Many authorities in various countries such as Italy, India, and Germany are focusing on increasing the use of solar energy sources to meet the country’s energy demand. For instance, in 2019, the Italian government set up a target to achieve 50 GW of solar power generation capacity by the end of 2030 to increase the share of renewable energy in the country’s total power generation.

Similarly, in the same year, the German government set up a target to achieve 98 GW of solar electricity generation capacity by 2030. Additionally, in 2019, the Indian government set up a goal to reach 100 GW solar power installation capacity by 2022. Such developments are expected to increase the share of the solar energy capacity in the total power generation mix globally. Solar inverters are installed for converting the direct current generated from solar panels to alternating current for applications in sectors, such as utilities and commercial. Therefore, the increasing demand for solar energy sources is expected to increase the use of solar inverters in the global market. Thus, the growing solar power system installations are expected to drive the growth of the global solar inverter market during the forecast period.

Segmentation: Global Solar Inverter Market

The Global Solar Inverter Market is segmented based on Type, System Type, Application, and Region. By type, the global market is segmented into the central inverter, micro-inverter, and string inverter. By system type, the global market is segmented into on-grid and off-grid. Based on the application, the global solar inverter market has been segmented into residential, commercial, and utilities.

Geographically, the Global Solar Inverter Market is segmented as Europe, North America, Asia-Pacific, and the rest of the world. Asia-Pacific is poised to hold a majority of the share of the market during the forecast period, owing to the rise in investments in the construction section. The demand for solar inverters in Asia-Pacific is expected to grow significantly owing to the growing demand for solar power energy sources and increasing investments in solar power projects in the region. Solar energy is considered as the best replacement for conventional energy sources to decrease carbon emission by meeting the electricity needs in the region. In India, in August 2019, Shapoorji Pallonji And Company Private Limited (India) and ReNewPower (India) invested around USD 110 million for the development of a 150 MW floating solar power project in Uttar Pradesh, India.

Prominent Players

ABB, SMA Solar Technology AG, Canadian Solar Inc, SolarEdge Technologies Inc, SunPower Corporation, and Delta Energy Systems are some of the Prominent Players operating in the Global Solar Inverter Market.

The report for the global solar inverter market of Market Research Future research covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.

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