The GMI Research forecasts that the solar inverter market is witnessing an upsurge in demand during the forecast period. This is mainly due to the rapid infrastructural development and the strong demand for a 24*7 electricity supply.
Introduction of the Solar Inverter Market:
A solar inverter or photovoltaic inverter refers to a type of electrical inverter which is mainly used for the conversion of the direct current (DC) output to a utility frequency alternation current (AC). The converted current is then transferred to the commercial electrical grid and is widely used for industrial and residential purposes in case of a power cut off. There are several types of solar inverters available in the market, such as micro-inverters, central-inverters, string inverters, and power optimizers.
Solar Inverter Market Dynamics
The primary factors surging the growth of the global solar inverter market size include the rapid infrastructural development and the strong demand for a 24*7 electricity supply. Governments are emphasizing on infrastructural development in their countries to enhance their citizen’s quality of life. For example, the UAE government mainly emphasizes on the Smart Dubai project, focusing on transforming the city into a leading global smart city. This development in the construction activities will significantly propel the demand of the market. Furthermore, the rising greenhouse gas effect and growing environmental issues are further promoting the usage of solar inverters.
The solar inverter reduces the high cost of electricity bills and offers higher efficiency in the long run. Numerous stakeholders in the energy generation industry are searching for opportunities to minimize carbon footprints by aiming to use renewable energy sources for power generation. For example, in 2019, the Italian government emphasized on reaching 50 GW of solar power generation by 2030 to raise the share of renewable energy sources in the country's total power generation. The rising focus on renewable energy sources will enhance the demand of the market. On the other hand, factors such as high initial installation cost, the regular need for sunlight, and the need for a large area for installation are the major factors that are restraining the growth of the solar inverter market share in terms of revenue in the upcoming years.
Key Players of the Global Solar Inverter Market:
• Emerson Electric Co.
• Schneider Electric
• Power-One, Inc.
• SMA Solar Technology AG
• KACO New Energy Inc.
• SunPower Corporation
• Canadian Solar
• SolarEdge Technologies Inc.
• Solectria Solar
• Hitachi Hi-Rel Electronics Private Limited
Solar Inverter Market Segmentation:
Global Solar Inverter Market Report Segment by Technology:
• Central Inverters
• Micro-Inverters
• String Inverters
• Power Optimizers
Global Solar Inverter Market Report Segment by End-Use:
• Industrial
• Residential
• Commercial
• Utility Inverters
Global Solar Inverter Market Report Segment by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, be it small and medium enterprises or large organization. Our research team helps the clients to understand the importance and impact of the market dynamics. We have a team of industry experts that provides unbiased insights on reports to best meet the specific needs of our clients. GMI Research’s analysts rely on secondary research to lay down the foundation of every report. We use both internal and external databases to cull out relevant information about the industry. Our main aim is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client, through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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