Product Code: RP-ID-10336459 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Energy & Power |
Report ID: 10336459
Market Overview:
Global PV Inverters Market Size study, By Product (Central, String, Micro, and Others), By End Use (Residential, Commercial & Industrial, Utilities), and Regional Forecasts 2020-2027
Global PV Inverters Market is valued approximately at USD 7.94 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.12% over the forecast period 2020-2027. The demand for solar photovoltaic (PV) inverters is mainly driven by increased demand for solar energy and renewable energy generation. Globally, solar energy is projected to lead new infrastructure installations in the renewable industry by 2020; facilities with a potential greater than 5 megawatts would have more than 60 per cent of the global demand. This takes into account the development of all PV equipment during installs, including solar inverters, which are used for transforming energy to electricity. Renewables have seen growth at an unprecedented pace over the last decade and are rapidly gaining penetration as the preferred device for energy generation. More businesses are dedicated to make their respective energy transformations from traditional to renewable sources. For instance, In November 2019, Heineken NV opened its largest production facility in Mexico. The facility is installed with solar panels, which provide upwards of 12% energy required to run the facility. Growing market appetite for a cleaner climate, aggressive central policy goals coupled with effective coordination and execution of a range of support policies have contributed to substantial developments in the renewable energy field. Cost performance, long operational period and capacity to function under fluctuating power conditions are several of the crucial criteria that have an effect on product acceptance. In addition, the growing convergence of smart operational devices, along with the adoption of innovative cloud technology, would further drive market dynamics. Moreover, the that environmental issues about greenhouse pollution and the value of solar and other clean energy sources to minimize such pollution are a key factor in catalyzing this market. Other than this, the rising expense of fossil fuels often renders solar energy a more economical form of electricity. Moreover, growing installations of PV inverters among global populations as an alternative to conventional energy generation methods may further boost the market share. for instance, according to the International Renewable Energy Agency (IRENA), As of the end of 2018, the global capacity of installed and grid-connected solar PV power reached 480 GW (Figure 6), representing 20% year-on-year growth compared to 2017 (386 GW) and a compound annual growth rate (CAGR) of nearly 43% since 2000.
The regional analysis of global PV Inverters market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia Pacific region is expected to account for the majority of the market share owing to various government regulations towards adoption of clean energy sources. Moreover, the growth can also be attributed to the commissioning of several grid-scale solar farms across the world, especially in China and India. Policy subsidies and purchasing opportunities have played a primary role in pushing solar power projects in the country. The involvement of key market players in China and Japan, combined with the technological growth of their power electronics industry, also helped the huge demand from Asia Pacific.
Major market player included in this report are:
ABB
SMA Solar Technolgy AG
SunPower Corporation
Delta Electronics, Inc.
Siemens AG
Omron Corporation
Eaton Corporation Inc.
Emerson Electric Co
Power Electronics
Hitachi Hi-Rel Power Electronics Pvt. Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Central
String
Micro
Other
By End-Use:
Residential
Commercial & Industrial
Utilities
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global PV Inverters Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
ABB
SMA Solar Technolgy AG
SunPower Corporation
Delta Electronics, Inc.
Siemens AG
Omron Corporation
Eaton Corporation Inc.
Emerson Electric Co
Power Electronics
Hitachi Hi-Rel Power Electronics Pvt. Ltd.
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