PV inverter, also known as solar inverter, is a type of electrical converter that changes variable DC (direct current) output of a PV (photovoltaic) solar panel into AC (alternating current) output. Such AC currents are either used by the local people or are fed into a commercial electrical grid.
The global PV inverters market is poised to expand substantially in the next few years owing to the significant rise in the use of solar energy. Increasing number of companies are committing to move from conventional sources of energy to renewable ones. There has also been a change in consumer preference for sustainable environment.
Key Drivers and Restraints of PV Inverters
The renewable energy industry has been expanding exponentially. The renewable form of energy has become a feasible option with various government initiatives and commitments of private companies. The world is on the verge of accepting clean and green energy at a never-seen-before scale. Now, it is costlier to run a coal or natural gas plant than running a wind or solar plant. According to the International Energy Agency (IEA), solar energy was the most contributing source of energy to the pie of renewable energy sources in 2020. Thus, the global PV inverters market is expected to expand at faster pace, as these inverters are part of the infrastructure of electricity generation process from solar energy.
Solar panels blended with photovoltaic inverters are the newest innovations in the global PV inverters market. For instance, Enphase Energy is manufacturing inverters with the help of an attachment point at the very back of the panel. Some of the U.S. inverter specialists have eventually entered into partnerships with various leading panel manufacturers to create modules without any additional installations.
According to the International Energy Agency, total energy consumption in the commercial sector stood at 4, 12,627 Ktoe in 2018 and is anticipated to rise during the forecast period. Rising awareness about electricity generation with the help of renewable energy sources is anticipated to boost the global PV inverters market during the forecast period.
Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. According to the International Energy Agency (IEA), every month of lockdown reduces demand for electricity by 20% on an average on monthly basis or over 1.5% on an annual basis. Thus, decrease in demand for electricity is hampering the global PV inverters market.
PV Inverters Market Segmentation
The global PV inverters market can be segmented based on product, end-use, output power rating, and output voltage
In terms of product, the global PV inverters market can be divided into central PV inverters, string inverters, and micro PV inverters
In terms of end-use, the global PV inverters market can be classified into residential, commercial, industrial, and utility
In terms of output power rating, the global PV inverters market can be segregated into below 10 KW, 10 KW – 50 KW, 50 KW – 100 KW, and above 100 KW
In terms of output voltage, the global PV inverters market can be split into 100 V – 300 V, 300 V – 500 V and above 500 V
PV Inverters Market: Regional Segmentation
In terms of region, the global PV inverters market can be categorized into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
Presence of several leading market players and latest technical developments in the power electronics segment have helped meet the significant demand for PV inverters in North America. With U.S. being an important contributor, North America maintains its position as a mature market. The U.S is a key market for different types of solar equipment.
Asia Pacific is anticipated to dominate the global PV inverters market during the forecast period. Commissioning of many grid-scale solar farms across the region, particularly in India and China, has contributed toward the unprecedented growth of the PV inverters market. Various purchase initiatives and subsidies by governments of countries in the region have played a crucial role in the growth of the PV inverters market.
Key Players Operating in Global Market:
Enphase Energy
Hitachi H-Rel Power Electronics Pvt. Ltd.
Siemens AG
Sun Power Corporation
Tigo Energy
Fimer
Power Electronics
Yaskawa – Solectria
General Electric
Huawei
SolarMax
KACO New Energy
Emerson Electric
Omron
Panasonic
Schneider Electric
Global PV Inverters Market: Research Scope
Global PV Inverters Market, by Product
Central PV Inverters
String Inverters
Micro PV Inverters
Global PV Inverters Market, by End-use
Residential
Commercial
Industrial
Utility
Global PV Inverters Market, by Output Power Rating
Below 10 KW
10 KW – 50 KW
50 KW – 100 KW
Above 100 KW
Global PV Inverters Market, by Output Voltage
100 V – 300 V
300 V – 500 V
Above 500 V
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aartimule Joined: April 16th, 2020 Articles Posted: 1,188
