Solar power has gained popularity in a very short time. It generates electricity with no pollution, no fuel price volatility, and no fuel costs. In addition, the potential of sustainability of taking the world forward towards affordable, reliable, and cleaner sources of electricity is also a significant growth parameter. Such factors have resulted in increased photovoltaic installations and directly affected the demand for PV inverters.
Seattle, WA -- (SBWIRE) -- 10/31/2019 -- Industry Insights:
The global PV inverters market size was valued at USD XX Billion in 2017. It is anticipated to expand at a CAGR of XX% during the forecast period. The demand for solar Photovoltaics (PV) inverters is primarily driven by increased demand for solar energy and renewable power generation. Solar energy is expected to dominate new capacity additions in the renewable sector globally, by 2020; where projects larger than the capacity of 5 megawatts will hold over 60% of the global market. This takes into account the growth of all the PV equipment during installations including solar inverters, which is used for energy conversion to electricity.
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Renewables have witnessed growth at an unprecedented pace over the past decade and have continually surpassed expectations. More number of companies are committing to their respective energy transitions from conventional to renewable sources. The changing consumer preference for a sustainable environment, ambitious targets by the central governments coupled with adequate planning and implementation of several supporting policies have led to significant advancements in renewable energy sector.
Product Insights:
Central PV inverter was the dominant product segment for the global market. These equipment are mainly designed for large arrays of panels installed on industrial facilities, buildings, and field installations. The product is generally located in a protected environment and receives DC power from all solar panels into a combiner box. It converts the received DC power to AC power and becomes a single point for distribution. These inverters have been in the market for the most prolonged period and thus have more credibility over other products. Also, these are housed in a protective environment and are highly reliable subjected to their well-maintenance.
Regional Insights:
Asia Pacific led with over 50% of market share in terms of revenue in 2017. This can be directly attributed to the commissioning of several grid-scale solar farms throughout the region, especially in China and India. Government subsidies and purchase incentives have played the primary role in driving installations of solar power in the region. Presence of key market players in China and Japan coupled with the technical development of their power electronics sector has also supported the massive demand from Asia Pacific.
China is the largest country in the world in terms of solar installations and is considered as a driving power for the global solar industry. The country has changed the global energy map with an extraordinary surge in solar investments. Japan, because of its market players and technological advancements coupled with rising demand for smart solar, has contributed substantially to the Asian market.
North America is a mature market with U.S. as a significant contributor. The country is a significant market for different types of solar equipment. Some of the recent trends in U.S. include an increase in sizes of central inverters (1.5 MW plus) and three-phase string inverters (60 kW plus). Though this country has witnessed steady growth for string inverters, the central variant is anticipated to maintain the market hold over the next seven years.
Some of the other prominent companies include Siemens AG, ABB, KACO Omron Corporation, Hitachi H-Rel Power Electronics Pvt. Ltd, SunPower Corporation, Eaton, Power-One, Tigo Energy, and Enphase Energy.
Key questions answered by the report:
- What was the market size from 2014 to 2016?
- What will b market growth till 2026 and what will be the resultant rnarket forecast in the year?
- How will the market drivers, restraints and future opportunities affect the market dynamics and a subsequent analysis of the associated trends?
- What segment or region will drive or lead market growth and why?
- A comprehensive mapping of 01 competitive landscape and the market participants' behavior.
- What are the key sustainability strategies adopted by market players? An In-depth analysis of these strategies and their impact on competition and growth
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