PUNE, India, Jan. 13, 2020 (GLOBE NEWSWIRE) --
Market Highlights
The increase in affinity for solar energy sources is motivating the development of the market for solar inverters 2020. The insights into the industry of energy and power are advanced by Market Research Future, which concentrates on reports on industry verticals that review the market options for growth. Earnings touching USD 24.5 billion are expected at a CAGR of 15.65 % by 2023.
The rising popularity of solar photovoltaic (PV) installations is expected to motivate and steer the global market to favorable development in the coming years. Moreover, the developments in the PV inverter market is expected to benefit the solar inverter market. The variation in functions of solar inverter types is further expected to add to the growth momentum of the solar inverter market. Furthermore, solar micro inverters are expected to strengthen the market’s growth in the coming years further.
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Segmentation:
The segmental evaluation of the solar inverter market has been segmented on the basis of end-user, system type, type, and region. On the basis of type, the market for solar inverter has been segmented into micro, string, and central. Based on the system type, the solar inverter market has been divided into on-grid and off-grid. On the basis of end-users, the solar inverter market has been segmented into utilities, residential, industrial, and commercial. Based on the region, the solar inverter market has been segmented into North America, the Middle East, Africa, Europe, Asia Pacific, and Latin America.
Detailed Regional Analysis
The introspection into the regional markets of the solar inverter market comprises of countries such as North America, the Middle East, Africa, Europe, Asia Pacific, and Latin America. Geographically, the Asia Pacific region is found to be the major power manufacturer globally and is also the principal market for renewable energy generation in the world. The market for solar inverters is developing in nations such as India, China, and Japan, and is projected to develop at an increased rate in the forecast period. The constant progress in the utility and industrial & commercial sector, the demand for a high amount of electricity and government initiatives for the use of renewable energy are a few of the factors motivating the market towards development.
Competitive Analysis
The diversification in inclinations of the consumers in the market is expected to boost the progress of the market in the forecast period. The innovation levels in the market are likely to rise in the coming years due to increased investment and availability of talent in the market. The market is projected to acquire an increased momentum owing to the demand levels that are prevalent in the market. The stakeholders in the market are undertaking strategies that will accelerate and revitalize the growth of the market on a global scale. The revamping of the product range in the market is expected to open up new opportunities for advancement in the coming period. The development of assets of the supply chain is expected to set a favorable tone for the growth of the market in the forecast period. The regulations being put into operation by the government and trade specialists on the global level are indicative of the favorable they have on the international market development.
The foremost companies functioning in the solar inverter market are SunPower Corporation (U.S.), SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), SolarEdge Technologies Inc. (Israel), Solectria Renewables, LLC (U.S.), Delta Electronics, Inc. (Taiwan), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), Sineng Electric Co., Ltd. (China), and Power electronics (Spain).
Industry Updates:
Jan 2020 Imeon Energy in the past week has announced the compatibility of its hybrid solar inverters with Dyness Energy Storage Systems. This similarity gives Imeon Energy a prospect to reinforce its place in important potential markets such as Australia, where Dyness ESS is a predominantly well-recognized brand.
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Global Solar Inverter Market, By Type (Central, String and Micro), By System Type (On-Grid, Off-Grid), By End-Users (Residential, Commercial and Utility) and Region - Forecast 2017-2023
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