Global solar inverters/PV inverters market is anticipated to amass US $25.86 billion by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the solar inverters/PV inverters market based on type, deployment, end user and region.
With natural and conventional energy sources depleting rapidly, focus on renewable sources has increased immensely over past few years. New methods are continually being developed to utilize energy sources more efficiently.
Solar inverters are used with photovoltaic (PV) cells to convert DC into AC. Solar power is used to support utility grids and is gaining immense traction owing to rising energy demand. The inverter industry has also been experiencing procedural innovations lately.
For instance, with constant technological advancements in inverter technology, end-users have attained promising grid support and sophisticated system optimization, taking the global solar inverter/PV inverter market to its zenith over the forecast period.
Owing to higher cost associated in setting up of solar power systems compared to coal, wind, and nuclear power generation systems, a limited number of solar plants can be deployed into utility grids.
Solar/PV inverters are selected based on array size and AC grid inter-tie. To support specific applications, numerous modifications like grid-tie inverters, backup inverters, and stand-alone inverters are being developed. End-user segments like residential and commercial construction are expected to offer vital growth prospects to the solar inverter industry.
Asia Pacific solar inverters/PV inverters market registered massive proceeds in 2017, primarily due to increasing demand for renewable energy sources in China as well as growing number of solar PV plants in the country, cites the report. Depleting natural energy sources and deteriorating air quality has pressurized governments to take actions against harmful air emission.
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Apart from China, India has also become a major consumer of solar inverters in the APAC belt, and is expected to generate substantial demands over the projected timeframe.
European nations such as U.K., Germany, France, and Italy are anticipated to become some of the leading demand generators for solar inverters by 2026. Meanwhile, in terms of production and consumption, North America is estimated to become a potential solar inverter market.
Major industry participants in the global solar inverters/PV inverters market include ABB Ltd., Sineng, Huawei, SMA Solar Technology AG, Sungrow Power Supply, TBEA, TMEIC, SolarEdge Technologies, Schneider Electric, Power Electronics, Fronius, Wuxi Sineng, KACO New Energy Inc., SunPower Corp., Siemens AG, Hitachi Hi-Rel Power Electronics Pvt. Ltd., Delta Electronics, Inc., among others. The company profiles of leading players are summarized in the report alongside their business overview, product benchmarking, financials, and recent developments.
The report also offers an extensive quantitative and qualitative analysis of market trends and growth prospects of the global solar inverters/ PV inverters market.