July 19, 2022 07:48 ET | Source: Research and Markets Research and Markets

Dublin, July 19, 2022 (GLOBE NEWSWIRE) -- The "Saudi Arabia Solar Inverter Market Outlook: Market Forecast By System Types, By Types, By Power Ratings, By Applications, By Regions And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.

Saudi Arabia Solar Inverter Market size is projected to grow at a CAGR of 10.9% during 2022-2028. Saudi Arabia Solar Inverter market report comprehensively covers the Saudi Arabia Solar Inverter market by system types, types, power ratings, applications, and regions.

Saudi Arabia Solar Inverter market report provides an unbiased and detailed analysis of the solar inverter market on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics. Saudi Arabia Solar Inverter Market Synopsis Saudi Arabia Solar Inverter market witnessed decent growth before 2020 on account of various solar projects announced by the government. However, the market declined in 2020 due to the global pandemic which resulted in supply chain disruptions, thereby affecting the sales of solar inverter negatively.

The spread of the COVID-19 pandemic has resulted in slowdown of the overall economy leading to the temporary halt in many ongoing solar projects across the region and there was no solar project announced by the government in 2020, thereby impacting the solar inverter market in Saudi Arabia.

However, the introduction of renewable energy in Kingdom of Saudi Arabia enables it to be on track to diversify its economy by decreasing its dependence on oil and the market has regained momentum in 2021 and is expected to grow significantly in the coming years. Based on system types, the On-Grid system type has garnered the major market revenue share in Saudi Arabia's solar inverter market owing to the rise in demand of these inverters as they are connected to the power grid due to which there is no requirement for batteries and the consumers could export the excess solar units to the power grid and the owner gets compensated for supplying the excess power. Market by Application Analysis By applications, the power utility application segment is expected to demonstrate significant growth over the coming years owing to the government initiative and resolution to increase the share of solar energy in the power utility segment.

There are many upcoming solar projects which has been announced by the government such as Al Faisaliyah Solar PV, Sudair IC Solar PV which would drive the growth for solar inverters in the upcoming years in Power Utility segment. Market by System Type Analysis By system type, on-grid systems accounted for a major share in the overall solar inverter market revenues in Saudi Arabia during 2021 and are expected to lead the market over the coming years as well owing to the rise in demand for these inverters as they do not need batteries, easy maintenance and are connected to the utility power grid which helps the consumers to export the excess solar units to the power grid. Key Attractiveness of the Report

Market Scope and Segmentation By System Types

For more information about this report visit https://www.researchandmarkets.com/r/nmsu0b