February 15, 2021
According to the research report titled ‘Global Solar Inverter Market Analysis, 2020’, available with Market Study Report LLC, global solar inverter market is expected to amass substantial returns over 2020-2025, registering a CAGR of 15.25% throughout.
As per the findings of the report, global solar inverter market growth is largely driven by growing focus towards sustainable energy solutions in view of rising concerns regarding carbon emission from power generation sources like thermal energy, gas, and diesel.
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Moreover, increasing number of solar power system installations to reduce dependence on fossil fuel is contributing to the industry expansion. In fact, worldwide electricity generation capacity from solar energy is anticipated to reach 3,300 TWh by 2030, indicating a strong demand for solar inverters in the coming years. Further, escalating electricity demand owing to rapid urbanization, burgeoning population, and infrastructure development is enhancing the industry outlook.
On the contrary, high operational and maintenance costs of solar inverters will negatively impact the business landscape in the forthcoming years.
Based on technology, global solar inverter market is categorized into central inverter, micro inverter, and strong inverter. Of these, central inverter segment accounted for majority share in 2019. Central inverters integrated with whole solar panel systems are connected in series through which the DC power is converted to AC with the assistance of solar converters. Rising demand from large-scale industries across verticals is the major contributor the segment growth.
Considering the geographical outlook, industry experts cite that several countries like Italy, Germany, and India will significantly contribute to the overall solar inverter market remuneration as they are focusing on harnessing solar energy sources to fulfill the country’s energy demand. For instance, the Italian government has unveiled plans to achieve 50GW of solar power generation capacity by the end of 2030 in which it aims to considerably increase the share of renewables sources in the energy mix.
Apart from these, the other segments covered in the report include voltage (<1000V, 1000-1499V, >1500V), application (residential scale, utility scale, small commercial scale, and large commercial scale), and system type (on-grid and off-grid).
Leading players in global solar inverter market sphere are Omron Corp., Kstar New Energy Co., Ltd., Mitsubishi Electric Corp., Delta Energy Systems, SMA Solar Technology AG, ABB Ltd., General Electric Co., Siemens AG, Schneider Electric SE, and Huawei Technologies Co., Ltd.