Market Research Report
Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
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|Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: February 11, 2019||Content info: 128 Pages||
The global solar PV inverter market was worth US$ 6.7 Billion in 2018. A solar inverter is one of the most essential elements of a solar electric power plant. Often considered as the brain of the system, its basic function is to convert direct current (DC) from solar panels to alternating current (AC). Apart from this, solar inverters help in maximizing electricity production by constantly varying the resistance (load) as well as ensuring compliance with regulations about feeding electricity into the grid. Some of the other capabilities of these inverters include optimizing power, managing temperature, and controlling and monitoring all parameters, yields, and operational data of the power plant. At present, solar PV inverters majorly find applications in the utilities and industrial sectors.
The global demand of solar inverters has been rising robustly over the last few years. A key factor catalyzing this demand is the increasing environmental concerns regarding greenhouse emissions and the importance of solar and other renewable energy sources to reduce these emissions. Morever, the increasing cost of fossil fuels is also making solar power a more economical energy source. Additionally, the prices of solar inverters have also declined in recent years making them more affordable to the general population. This has resulted in a strong growth in the installation of solar electric systems across both developed and developing regions across the globe. Other factors driving this market include the need for rural electrification, technological advancements, increasing government support, rising investments in renewable energy, etc. Looking forward, the global solar PV inverter market value is projected to exceed US$ 9.1 Billion by 2024, exhibiting a CAGR of around 5% during 2019-2024.
Based on the technology, the market has been segmented into central inverter, string inverter, microinverter and others. Central inverters currently represent the biggest segment.
On the basis of application, the market has been segregated into utility scale, residential scale, small commercial scale, large commercial scale and industrial scale.
Based on the voltage, the market has been segmented into < 1,000 V, 1,000 - 1,499 V and > 1,500 V.
Region-wise, Asia Pacific exhibits a clear dominance in the global solar PV inverter market. Other major regions include Europe, North America, Middle East and Africa and Latin America.
The competitive landscape of the market has also been examined with some of the key players being ABB Ltd, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, Omron Corporation, General Electric Company, SMA Solar Technology AG, Delta Energy Systems Inc., Enphase Energy Inc., SolarEdge Technologies Inc., Huawei Technologies Co. Ltd, Kstar New Energy Co. Ltd, Sineng Electric Co. Ltd, Sungrow Power Supply Co Ltd, Tabuchi Electric Co. Ltd, TBEA Sunoasis Co. Ltd and Toshiba Corporation.