Solar Inverter Market Analysis, Key Growth Drivers, Challenges, Leading Key Players Review, Demand and Upcoming Trend by Forecast to 2023
The global solar inverter market is likely to garner USD 24,507.3 million during the forecast period (2017-2023). The market is presumed to register 15.65 % owing to the increasing number of solar plants across the world, asserts Market Research Future (MRFR). Solar inverters are accepted widely due to its instantaneous conversion property of DC power input to AC while connected to an on-grid system. Solar inverters are extensively used in ground-mounted commercial, residential, and utility-scale systems and solar rooftop.
Drivers and Constraints Impacting the Market:
With the increasing number of solar power plants across the globe which are to be connected with the grid with the help of an on-grid solar invert, the global solar inverter market is considered to stimulate during the assessment period. Off-grid solar panel installation required for residential and commercial & industrial use also require a reliable power source converter which is provided by the solar inverter. Thee are certain factors considered to augment the market growth during the review period. Moreover, with the increasing solar system installation, reduction in carbon emission, and government policies and initiatives are presumed to foster the market growth in the coming years.
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On the flip side, high maintenance cost coupled with high cots of solar inverters are some of the major factors challenging the growth of the market during the review period.
Global Solar Inverter Market: Segmental Analysis:
The solar inverter market has been segmented on the basis of type, system type, end-users, and region.
By mode of type, the global solar inverter market has been segmented into string, micro, and central. Among these, the central type solar inverter accounts for the largest market share and is presumed to maintain its dominance over the review period.
By mode of system type, the global solar inverter market has been segmented into off-grid and on-grid. Among these, the on-grid solar invert accounts for the largest share as it enables the use of utility grid as a power storage medium.
By mode of end-users, the global solar inverter market has been segmented into industrial and commercial, residential, and utilities. Among these, the utilities segment is considered to hold the maximum market share during the review period.
Geographically, the solar inverter market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, Asia Pacific is considered to be the largest power producer and is estimated to account for the largest market share for renewable energy generation. The market is emerging in countries such as Japan, China, and India and is likely to expand at a high rate in the coming years. The growth in this region is attributed to the requirement of high amount of electricity, growth in the industrial & commercial and in the utility sector, initiatives by the government for utilization of renewable energy are some of the major factors considered to push the market growth in this region during the review period.
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October 25, 2018: The promoter of Livpure brand, SAR Group, is re-entering into the inverter and inverter batteries segment after seven long years and targets to corner around 15 percent of the market share in next few years. The group had once sold its Luminous brand to Schneider Electric. They will introduce inverter batteries, inverters, and household solar segments under Livguard and Livfast.
The major players operating the global market are Delta Electronics Inc. (Taiwan), SunPower Corporation (U.S.), Solectria Renewables, LLC (U.S.), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), Power Electronics (Spain), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), Sineng Electric Co. Ltd. (China), SolarEdge Technologies Inc. (Israel), and SMA Solar Technology AG (Germany).
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