Solar Inverter Market Analysis - Greater Growth Rate during forecast 2020 - 2023

Posted by Anvi on January 22nd, 2020

Solar Inverter Market Analysis – Overview

The increase in affinity for solar energy sources is motivating the development of the market for solar inverters 2020. In this assessment offered by Market Research Future (MRFR), it has been unraveled that the Solar Inverter Market Analysis report is poised to register 15.65% CAGR over the forecast period 2017 to 2023. The market is estimated to exceed a valuation of USD 24,000 Mn by 2023.

The rising popularity of solar photovoltaic (PV) installations is expected to motivate the 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.

Segmental Analysis

The segmental evaluation of the solar inverter market analysis 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.

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.

Prominent Players

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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