The “Solar Inverters PV Inverters Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Solar Inverters PV Inverters Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
Global solar inverters / PV inverters market is expected to grow from USD 5.32 billion in 2017 to USD 25.86 billion by 2026, at a CAGR of 16.1% during the forecast period.
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The energy demand globally is snowballing progressively over the last few decades with new methods of energy sources are continually discovered to meet the energy demand of the future.
Natural and conventional energy sources such as coal is continually depleting thus renewable sources are explores constantly. Solar energy is one form of renewable energy source where sunlight is converted into electricity. Solar inverters are basically used along with solar or photovoltaic cells to convert direct current (DC) into alternative current (AC). The inverter industry has been going under a concentrated phase of procedural innovation. For project developers, investors as well as regulators, inverters form an integral part. Solar power to support utility grids has gained traction owing to rising demand for power. However, not much solar power plants are placed into grids owing to higher cost associated in setting up of solar power systems as compared to coal, wind and nuclear power generation systems. For installing solar power generation systems into a utility grid, solid state inverters are considered to be the benchmark.
Inverter technologies is constantly going under technological upgradations thus promising better grid support and sophisticated system optimization, the market is expected to reach its zenith during the forecast period. Solar inverters are generally selected on the basis of array size and AC grid inter-tie. Countless modifications regarding design such as grid-tie inverters, stand alone inverters and backup inverters are designed upon their application. The residential and commercial construction activities are recovering globally, this end-user segment is expected to hold vital considerations for the growth of the solar inverters market share.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Solar Inverters Market, 2018-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
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Competitive Landscape and Key Vendors
The global solar inverters market is a concentrated market with the presence of limited multinationals and national players. Asia Pacific market generated the highest demand in 2017. This was primarily due to the increasing demand renewable energy sources in China as well as growing number of photovoltaic solar plants in the country. Additionally, depleting natural energy sources as well as deteriorating air quality has forced the government to take actions and curb emission of harmful gasses. Apart from China, Japan and South Korea, Indian which is rapidly becoming a major consumer of solar inverters in the region is also expected to generate substantial demand. European nations such as Germany, France, UK and Italy are anticipated to be some of the leading nations to generate substantial demand by 2026 in the region.
North America is yet another potential industry in terms of production as well as consumption of solar inverters.
Some of leading industry participants include Huawei, Sungrow Power Supply, SMA Solar Technology AG, ABB Ltd., Sineng, TBEA, TMEIC, Schneider Electric, SolarEdge Technologies, Power Electronics, KACO New Energy Inc., Fronius, Wuxi Sineng, SunPower Corporation, Delta Electronics, Inc., Hitachi Hi-Rel Power Electronics Pvt. Ltd. and Siemens AG among others.
Market Segment Outlook
Type
Micro Inverter
String Inverter
Central Inverter
Deployment Type
Off-Grid
On-Grid
End-User Type
Industrial
Commercial
Utility
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Region
North America
U.S.
Canada
Europe
Germany
UK
France
Asia-Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East and Africa
Industrial
Commercial
Utility
What are the key findings of the report?
?This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
?The report offers the current state of the market and future prospects for various geographical regions.
?This report provides both qualitative and quantitative information about the competitive landscape of the market.
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