Solar Inverter Market - Strategies and Forecast to 2027
Solar inverters also known solar power inverters or solar energy inverters uses direct energy captured photovoltaic panels into a utility AC unit which is then stored into a commercial grid. Domestic production of energy and the aversion of reliance on fossil fuels can drive the establishment of solar parks. The global solar inverter market growth by Market Research Future (MRFR) forecasts the size and growth for the period of 2018 to 2023 (forecast period) while taking into consideration the various growth dynamic variables. The COVID-19 outbreak and its impact on the industry are explored in the report as well.
The global solar inverter market size is expected to balloon to USD 4,807 million by 2023. It was valued at USD 1,123.5 million in 2017. It is estimated to expand at a CAGR of 28% during the forecast period. Rise in installation of solar power systems and incentives for their integration to existing systems can drive the market demand. Moreover, the move by various energy producers to invest in renewable energy for lowering the carbon footprint and reduced dependence on fossil fuels can bode well for the market. The targets set by various nations as part of sustainable energy generation can invoke the sale of solar inverters. Adherence to international standards for testing of instruments and their subsequent certification can lead to high quality checks in the market and drive the prices of inverters.
The COVID-19 pandemic has negatively impacted the market owing to bottlenecks in raw material supply and job losses. The pause in project schedules and disruption in supply chain can create problems in production of panels and inverters.
High operational and maintenance costs can hinder the market growth.
The global solar inverter market is segmented by type, system type, and application.
By type, the global market is segmented into micro-inverter, central inverter, and string inverter.
By system type, the global market is divided into on-grid and off-grid.
Based on application, the global solar inverter market has been segmented into residential, commercial, and utilities. The commercial segment is expected to thrive owing to installation of solar panels across malls, educational institutes, factories, hospitals, and warehouses. On the other hand, the residential segment is likely to generate revenues for the global solar inverter market share due to inclination towards sustainable energy development and surge in tariffs on the electricity sector.
Geographically, the global solar inverter market trends covers Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is poised to hold a majority of the share of the market during the forecast period owing to rising investments in the construction section. The demand for solar inverters in the region is expected to grow significantly owing to the growing demand for solar power energy sources and increasing investments in solar power projects in the region. Establishment of solar parks, subsidies given to homes and commercial establishments, and initiatives such as Smart City can drive the regional market growth. In India, Shapoorji Pallonji And Company Private Limited (India) and ReNewPower (India) had invested around USD 110 million for the development of a 150 MW floating solar power project.
Within the RoW region, Turkey is expanding its renewable energy capacity by increasing its expenditure in procuring solar inverters. According to the Anadolu Agency, nearly USD 250 million has spent for imports of solar inverters. The need for power to keep up with the latest modern technology is expected to induce market demand heavily in the country and the Middle East.
SolarEdge Technologies Inc, SunPower Corporation, Canadian Solar Inc, SMA Solar Technology AG, ABB, and Delta Energy Systems are key players of the global solar inverter market.
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