LONDON, April 07, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the solar inverter market, rapid development in the renewable energy sector is significantly driving the growth of the solar inverter market. Solar power's rapid growth in recent years has given new life to global efforts to reduce greenhouse gas emissions and mitigate the worst effects of climate change. Solar inverters are the engines of renewable energy growth. For instance, according to the International Energy Agency (an intergovernmental organization), global renewable electricity capacity is expected to increase by more than 60% from 2020 levels to over 4,800 gigawatts (GW) by 2026, equaling the total global power capacity of fossil fuels and nuclear power combined. Additionally, solar PV continues to be the engine of renewable energy growth, with capacity additions expected to rise by 17% in 2021 to a new high of nearly 160 GW. Therefore, the rapid development of the renewable energy sector is projected to boost the growth of the solar inverter market.
The global solar inverter market size is expected to grow from $12.04 billion in 2021 to $13.38 billion in 2022 at a compound annual growth rate (CAGR) of 11.14%. The global solar inverter market share is expected to grow to $22.44 billion in 2026 at a CAGR of 13.80%.
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Technological advancement is gaining popularity among solar inverter market industry trends. The key players in the solar inverter market are focusing on developing new technological solutions to strengthen their position in the market. For instance, in March 2021, Fronius, an Austrian solar inverter manufacturer, launched the Primo GEN24 Plus hybrid inverter for residential use. The single-phase, 230 V device comes in six power classes ranging from 3 to 6 kilowatts (kW) and a DC input voltage range of 65 to 600 V. This inverter has a feature called PV Point, which acts as a backup power socket, providing backup power without the use of a battery. This can be used to power essential household items such as laptops, smartphones, and small freezers.
Major players in the solar inverter market are ABB, Sma Solar Technology AG, Canadian Solar, Solaredge Technologies Inc, Delta Electronics Inc., Solectria Renewables LLC, Omron Corporation, Hitachi Hi-rel Power Electronics Private Limited, Power Electronics S.L, Schneider Electric, Sunpower, Fimer S.p.A, Fronius International GmbH, Tabuchi Electric Co. Ltd, General Electric Company, and Enphase Energy Inc.
The global solar inverter market is segmented by type into central inverter, micro inverter, string inverter; by system-type into on-grid, off-grid; by end-use into residential, commercial, utilities.
Asia-Pacific was the largest region in the solar inverter market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global solar inverter market during the forecast period. The regions covered in the global solar inverters market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Solar Inverter Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide solar inverter market overviews, solar inverter market analyze and forecast market size and growth for the whole market, solar inverter market segments and geographies, solar inverter market trends, solar inverter market drivers, solar inverter market restraints, solar inverter market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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