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Bangalore, India, January 20, 2021/PRNewswire/-The solar inverter market is divided by product type-central solar inverters, string solar inverters, micro solar inverters, applications-residential, commercial, public Career, divided by major players and regions. Global opportunity analysis and industry forecast for 2021-2026. This report is published on the assessment report of the renewable energy and alternative energy categories.
By 2026, the global solar inverter market is expected to reach US$26.65 billion from US$14.6 billion in 2019, with a compound annual growth rate of 8.9% from 2021 to 2026.
The main factors driving the growth of the solar inverter market are the large investment inflows in the field of renewable energy, the increase in favorable government initiatives, and the increase in the number of residential solar roof installations.
This report focuses on the number and value of solar inverters at the global, regional, and company levels. From a global perspective, this report represents the overall market size of solar inverters by analyzing historical data and future prospects. From a regional perspective, this report focuses on several key regions: North America, Europe, Japan, China, Southeast Asia, India, etc.
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Trends affecting the market size of solar inverters
Due to the increase in power consumption and the decline in the production cost of renewable energy, the demand for renewable energy continues to grow, which is expected to promote the growth of the solar inverter market during the forecast period. The cost of producing renewable energy has dropped sharply and is now competitive in meeting the growing demand for electricity.
Favorable government measures such as energy saving certificates are expected to promote the growth of the solar inverter market. In addition, governments around the world are focusing on the development of their own infrastructure to improve the quality of life of their people. For example, the UAE government is mainly concerned with the Smart Dubai project, seeking to turn this city into a leading smart city in the world. The expansion of this construction activity is expected to increase the scale of the solar inverter market.
The increasing impact of greenhouse gases and the increasingly serious environmental problems have further promoted the use of solar inverters. Increasing awareness of global warming is expected to promote the growth of the solar inverter market.
Many companies in the solar inverter market are introducing IoT platforms, in-depth research on artificial intelligence and machine learning, and getting involved in other smart energy verticals. In turn, this is expected to provide additional growth opportunities for the size of the solar inverter market.
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Market share analysis of solar inverters
Due to the widespread use of these systems in large-scale industrial applications, the central photovoltaic inverter segment accounted for the largest solar inverter market share in 2019. On the other hand, the string inverter market segment ranked second in the residential and commercial application market share in 2019.
Due to the increased consumer demand for solar energy for electrification purposes, household appliances and other applications, it is expected that the solar inverter market in the residential end-use sector will experience significant growth during the forecast period.
The commercial and industrial end-use sectors are expected to experience significant compound annual growth rates during the forecast period. This is mainly due to the increasing acquisition of large off-site projects that enable companies to offset more energy use, which is becoming more and more necessary for technology companies such as Facebook, Microsoft, Apple and Amazon Web Services.
In 2019, the utility sector has the largest solar inverter market share and is expected to continue to dominate during the forecast period. This dominance of the utility sector is due to increased demand for solar renewable energy, falling solar and equipment prices, and increased government subsidies. Some major players provide customers with industry-leading utility-scale solutions through their pre-integrated power stations to achieve higher performance and reduce equipment balancing costs.
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-The microinverter market is expected to reach US$2.7 billion by 2022, with a compound annual growth rate of 27.3% from 2016 to 2022. In 2014, North America occupied a dominant market position, contributing approximately 45% of the overall market revenue share, followed by Europe. The main factors driving the growth of the micro-inverter market are technological progress in the field of micro-inverters, the rapidly growing residential market, government subsidies and economic incentives.
-Europe is the largest consumer region in the solar water pump inverter market, with a consumer market share of nearly 73% in 2017. Africa is the second largest consumer market for solar water pump inverters, with a consumer market share of nearly 16% in 2017.
-The scale of the photovoltaic inverter market is expected to reach US$7.5927 million from US$6.3145 billion in 2020 by 2026, with a compound annual growth rate of 3.1% from 2021 to 2026.
-In 2019, the market size of the string inverter market was 2.85 billion U.S. dollars, and it will reach 5.31 billion U.S. dollars in 2025, which is a compound annual growth rate of 8.1% over 2019.
It is estimated that by 2023, the Asia-Pacific region will occupy the largest market share of string inverters. During the forecast period, the region’s government goals, policy support, incentive measures (such as Internet traffic and bidding) and bidding will promote the development of the string inverter market.
-Single-phase micro-inverter market by product type-grid, off-grid, application-energy, aerospace, major players, region-North America, LAMEA, Middle East, Asia Pacific. and many more.
-Single-phase string inverter market by product type-Grid-connected, off-grid, application-residential, commercial and industrial, utilities, divided by major players, regions-North America, LAMEA, Middle East, Asia Pacific. and many more.
-Central inverter market by product type-On-grid, off-grid, applications-Residential, commercial and industrial, utilities, by major players, regions-North America, LAMEA, Middle East, Asia Pacific. and many more.
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