February 10, 2021 09:37 ET | Source: Market Research Future Market Research Future
Pune, February 10, 2021 (Global News Agency)-The market will witness huge demand
Solar inverters can quickly convert DC power input into AC power while maintaining the connection to the grid-connected system, so they are popular and widely adopted worldwide. In addition, more and more solar power plants are connected to the grid through grid-connected solar inverters, driving market growth. The increasing number of off-grid solar panel installations for commercial, industrial and residential purposes has promoted the growth of the solar inverter market, resulting in a large demand for reliable and safe power converters.
Therefore, the solar inverter market has gained huge traction on a global scale. Market Research Future (MRFR) asserted in its recent solar inverter market analysis that during the evaluation period (2019-2025), the market is expected to grow at a compound annual growth rate of approximately 15.45%. Despite the COVID-19 outbreak, the solar inverter industry has not been affected due to the strong growth of the renewable energy market.
Due to the continuous growth of energy demand, mainly from the industrial sector, the renewable energy market will maintain steady growth throughout 2020. In addition, the solar inverter market is quickly returning to normal, witnessing steady growth in energy demand, especially from the industrial sector. With the lifting of the blockade in many countries, the demand for solar inverters is expected to rebound further.
Solar inverters provide effective solutions for reliable and safe power converters in off-grid solar panels for commercial, industrial and residential use. Therefore, the increase in off-grid solar panel installations in commercial, industrial and residential applications has had a positive impact on market growth.
In addition, the rapid spread of solar inverters in solar rooftops, ground-based residential facilities, and commercial and utility-scale systems has promoted market growth. The prospects for the solar inverter market are promising, mainly due to the growing global energy demand. In addition, growing installations and government initiatives and policies are conducive to the growth of the solar inverter market.
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Solar inverters provide a cost-effective solution for energy conversion. Due to increasing concerns about global environmental impact and energy consumption, the demand for renewable/clean energy power generation continues to increase. It is estimated that global emerging markets provide untapped opportunities for the use of solar inverters. With the government's favorable policies for solar inverter manufacturing, emerging countries provide important opportunities for international participants.
Digital technology is at the center of the solar inverter market. A large amount of investment has poured into the development of artificial intelligence and digital technology. Manufacturers of solar inverters mainly invest in improving the communication between the inverter and the environment, including the communication system of the inverter, integrating the blockchain protocol into the inverter, and the smart environment and smart environment in the inverter. Digital characteristics of grid communication.
Despite the significant growth prospects, the market is still facing major setbacks, such as the high initial investment required for the production, installation and maintenance of solar inverters. In addition, maintenance issues related to solar inverters are a major challenge for market growth.
The market analysis of solar inverters is divided into types, system types, applications, etc. The type segment is subdivided into centralized inverters, micro inverters and string inverters. Among them, the central inverter part will lead the market share during the forecast period. The system types are subdivided into on-grid and off-grid.
Among them, the grid-connected part will dominate the market share during the forecast period, witnessing the widespread adoption of grid-connected system types in different applications. The application market segment is segmented into residential, commercial, and public utilities. Among them, the commercial sector will lead the market share during the forecast period. The growth of this market segment is driven by the increasing number of solar installations in warehouses, hospitals, factories, offices and educational institutions.
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The regional part is divided into the Asia-Pacific region (China, Japan, India, South Korea and other regions in the Asia-Pacific region), the Americas (Canada, Mexico, the United States, other regions in North America) and South America, Europe (the United Kingdom, Germany, France, Italy and other regions in Europe) And the rest of the world.
It is observed that the Asia-Pacific region has always dominated the global solar inverter market and is expected to maintain its market position in the next few years. The region is the world's largest producer and consumer of electricity, accounting for more than half of the world's total population. In addition, the availability of sufficient renewable/natural resources has increased the market share of solar inverters in the region.
In addition, the booming industrial, commercial, and public utility sectors, huge demand for electricity, and government initiatives to promote the use of renewable energy have increased the market value of solar inverters in the region. Countries such as China, India, and Japan are growing rapidly. The solar inverter market in these countries is expected to grow significantly, recording a healthy compound annual growth rate during the review period.
In terms of revenue from the solar inverter market, Europe ranks second in the world. Solar energy is the main renewable energy source in most European countries. In the past few years, several solar power projects have been established in the area, many of which are under construction. These factors are expected to promote market growth and promote primary energy production in the region.
In addition, increasing investment in solar energy and minimizing the use of fossil fuels to utilize waste heat under the leadership of regulations confirm the growth of the regional market. Throughout the forecast period, the solar inverter market in Europe is expected to grow at a compound annual growth rate of 19.14%.
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Manufacturers strive to increase production capacity through increased cost efficiency and a leaner organization supported by the new possibilities provided by digitalization. Many solar inverter manufacturers are exploring the possibility of developing electric vehicle charging and power supply systems after mastering their own inverter research and development.
It is expected that there will be more and more strategic cooperation transactions and methods in the next few years, such as collaboration, mergers and acquisitions, expansion, and product launches. Industry participants are making strategic investments in promoting R&D activities and developing expansion plans.
For example, recently, on February 4, 2021, Solarvest Holdings BHD announced that it had signed a Memorandum of Understanding (MOU) with Huawei Technologies SDN BHD and Sungrow Power Co., Ltd. to obtain inverters.
Huawei is the world's leading supplier of solar inverters, and Sungrow is a well-known supplier of solar inverters in China. According to the memorandum of understanding, Solarvest will enhance its competitiveness and service quality, with a cumulative order capacity of approximately 200 MW solar inverters. Solarvest believes that in view of the surge in solar demand, the group should expand its inventory in a timely manner.
The list of major companies introduced in the solar inverter market research report are:
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