NEWARK, Del, July 14, 2023 (GLOBE NEWSWIRE) -- In 2023, the Decentralized Inverter Market is expected to be worth US$ 25.2 Billion. The market is expected to reach US$ 82.3 Billion by 2033, expanding at a 12.5% CAGR throughout the forecast period. Several factors, including the quick development of emerging nations and the increasing need for air renewable energy management, drive the Decentralized Inverter industry.
Decentralized Inverters are becoming necessary due to the growing demand for power and the rise of urbanization. The expansion of enterprises and solar farms, wind farms, and power plants is also driving the need for Decentralized Inverters. The increased demand for these inverters is also being fueled by growing awareness of the environment & natural resources.
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The Decentralized Inverter industry faces several obstacles, including high initial costs, high maintenance costs, and a lack of suitable alternatives. For new companies in the industry, the high initial cost of Decentralized Inverters represents a considerable barrier. Additionally, these inverters can have high operational and maintenance costs, which end users find concerning.
The market is flooded with opportunities that provide comparable advantages at a cheap price, which is a serious threat to the Decentralized Inverter sector. The necessity for securing fossil fuels in growing economies and the rising demand for clean energy might help the Decentralized Inverter sector expand.
The Decentralized Inverter business has much to gain from expanding renewable energy sources like solar and wind power since these fuels are increasingly combined with fossil fuels to cut greenhouse gas emissions. In addition, strong laws on air pollution have resulted from the increasing need for green energy sources, which presents a substantial potential for industry participants.
The most recent trends in the Decentralized Inverter industry are the creation of cutting-edge technologies like hybrid Decentralized Inverters and the expanding use of digital technology.
Decentralized Inverters that combine two or more technologies work better and are more efficient. Digital technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) are also being deployed to operate and maintain Decentralized Inverters as efficiently as possible. These technologies contribute to low maintenance costs, increased device efficiency, and less downtime.
Key Takeaways from the Decentralized Inverter Market Research Study:
- The Decentralized Inverter industry in the United States is predicted to reach US$ 18 billion by 2033, increasing at an 8.0% CAGR.
- The Decentralized Inverter industry in the United Kingdom is estimated to reach a market share of US$ 16 billion, expanding at a CAGR of 7.2% by 2033.
- During the forecast period, the Decentralized Inverter industry in China is expected to reach a market share of US$ 24.5 billion, securing a 10.3% CAGR.
- The Decentralized Inverter industry in Japan is predicted to reach US$ 2.7 billion by 2033, increasing at a 9.8% CAGR.
- South Korea's Decentralized Inverter industry is predicted to achieve a market share of US$ 22.9 billion, rising at a 9.8% CAGR during the forecast period.
- With a CAGR of 11.1% from 2022 to 2033, the Micro type segment is expected to dominate the Decentralized Inverter industry.
- With a CAGR of 7.8% from 2022 to 2033, the power generation industry is expected to dominate the Decentralized Inverter industry.
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Competitive Landscape and Top Companies Market Share:
The Decentralized Inverter industry has a highly competitive landscape, with many players vying for market share. The following are significant participants in this industry:
- Huawei Technologies Co., Ltd
- Sungrow Power Supply Co., Ltd
- SMA Solar Technology AG
- Power Electronics S.L
- Ginlong Technologies
- Growatt New Technologies
- SolarEdge Technologies, Inc
The main players notably invest in research and development endeavors to create novel and inventive goods that improve effectiveness, dependability, and affordability. They are additionally concentrating on broadening their range of products and reinforcing their distribution channels to meet the changing demands of clients.
Tactical alliances and associations with other corporations are progressively prevalent in the sector, enabling participants to utilize one another's capabilities and broaden their influence in the marketplace.
Leading players are utilizing consolidation and mergers to fortify their market standing and acquire entry to fresh markets. The sector is experiencing notable expansion in developing economies, especially in nations such as India and China.
Key players are expanding their presence in these markets by establishing local manufacturing facilities and strengthening their distribution networks. They are also focusing on offering cost-effective solutions to customers in these markets to gain a competitive edge.
Decentralized Inverter Market Segmentation:
By Product:
- String
- Micro
By Phase:
- Single Phase
- Three Phase
By Connection:
- Standalone
- On-Grid
By Nominal Output:
- <= 0.5KW
- 0.5-3 KW
- 3-33KW
- 33-110KW
- >110KW
By Application:
- Residential
- Commercial & Industrial
- Utilities
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Central Asia
- Russia & Belarus
- Balkan & Baltics
- East Asia
- South Asia & Pacific
- The Middle East & Africa
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