Solar Inverter Market is Predicted to grow at Approximately 8.6% by 2023

Posted by andersonadam on September 1st, 2017

Market research future published a half cooked research report on global solar inverter market. The Solar Inverter market is expected to grow over the CAGR of around 8.6% during the period 2017 to 2023

Global Solar Inverter Market Information Report by Product Type (Micro, String and Central), By System Type, (On-Grid and Off-Grid) By End User (Industrial & Commercial, Utilities and Residential) and By Regions - Global Forecast to 2023.

Solar Inverter are widely accepted owing to its property of instantaneous conversion of DC power input to AC current while connected to on-grid system. The growing number of solar power plants around the world, which are to be connected with the grid through an on-grid solar inverter are driving the market for solar inverter in the forecast period. Also, growing off-grid solar panel installation for commercial & industrial and residential use requires a reliable and safe power source converter, which is provided by solar inverter. All these factors will drive for the growth in solar inverter market.

Marketresearchfuture.com predicts that the global solar inverter market is expected to grow at a CAGR of 8.6% during the forecast period.

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In this research report, global solar inverter market has been segmented on the basis of the product type which comprises micro, string and central. On the basis of system type, it categorized under on-grid and off-grid. On the basis of end-user, it is segmented into industrial & commercial, utilities and residential.

Solar Inverter are segment into micro, string and central solar inverter. Micro solar inverter are expected to grow at the highest growth rate in forecast period, owing to rapid development in the utility sector which have installed solar power plants in them. Also micro solar inverter can monitor performance each solar panel, has improved installation & fire safety and has an operational efficiency of 90-95%. However, the high cost of solar inverter and high maintenance cost can restrain global solar inverter market.

Geographically, Asia-Pacific region holds the largest share of 48% in global solar panels market in 2016 and is expected to grow at a high rate resulting into growth in sale of solar inverter subsequently. The continuous growth in industrial & commercial and utility sector in Asia –Pacific, requires a high amount of electricity for their operations. Also, the government initiative for utilization of renewable energy is making the end user opt for solar energy. All these factors will majorly constitute for the growth of solar inverter in this Asia-Pacific for forecast period.

Key Players
The key players of global solar inverter market are

·         Mitsubishi Electric Corporation (Japan)

·         ABB Ltd. (Switzerland)

·         Hitachi Hi-Rel Power Electronics Pvt. Ltd. (India)

· .

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