Global Solar PV Inverter Market to Reach US$ 9.1 Billion by 2024, Decline in Prices Impelling Growth - IMARC GroupThe global solar PV inverter market has witnessed moderate growth in recent years on account of the rising prices of fossil fuels, reducing costs of solar inverters and the emerging demand from the residential sector.
According to the latest report by IMARC Group, titled “Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global solar PV inverter market size reached US$ 6.7 Billion in 2018. A solar inverter, also known as PV inverter, is a device which plays a significant role in a solar electric power system. It converts the variable direct current (DC) output of a solar panel into the utility frequency alternating current (AC) which can then be supplied to the power grids or houses for operating different appliances. Moreover, it assists in maximizing the overall electricity production by varying the load and ensuring complete compliance with stringent policies of feeding electricity into the grid.
Market Trends:
Since several years, the demand for solar inverters was primarily accounted by the commercial and industrial sectors. However, on account of the rising environmental concerns regarding greenhouse gas (GHG) emissions and the growing awareness among consumers about the importance of renewable energy sources, the demand for solar inverters is now also emerging from the residential sector. Moreover, inflating fossil fuel prices around the world are further driving the market. Apart from this, the declining cost of solar inverters in both the developed and developing economies is also impelling the growth of the market. Some of the other factors that are stimulating the market growth include technological advancements and the rising governmental support in several countries. Looking forward, the market value is projected to exceed US$ 9.1 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.
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Market Summary:
Market Breakup by Technology
1. Central Inverters
2. String Inverters
3. Microinverters
4. Others
Based on the technology, the market has been segmented into central, string, micro and other inverters. At present, central inverters dominate the market, holding the largest share.
Market Breakup by Voltage
1. < 1,000 V
2. 1,000 – 1,499 V
3. > 1,500 V
On the basis of the voltage, the market has been divided into < 1000 V, 1000 – 1499 V and > 1500 V. Currently, the < 1000 V solar PV inverter accounts for the majority of the total market share.
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Market Breakup by Application
1. Utility Scale
2. Residential Scale
3. Small Commercial Scale
4. Large Commercial Scale
5. Industrial Scale
The market has been analyzed on the basis of the application into utility, residential, small commercial, large commercial and industrial scale. Presently, the utility scale segment exhibits dominance in the market.
Market Breakup by Region
1. Asia Pacific
2. Europe
3. North America
4. Middle East and Africa
5. Latin America
Region-wise, the market has been classified into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. Amongst these, Asia Pacific is the leading market, holding the majority of the global share.
Competitive Landscape
The competitive landscape of the market has also been examined with some of the key players being ABB Ltd., Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, Omron Corporation, General Electric Company, SMA Solar Technology AG, Delta Energy Systems Inc., Enphase Energy Inc., SolarEdge Technologies Inc., Huawei Technologies Co. Ltd., Kstar New Energy Co. Ltd., Sineng Electric Co. Ltd., Sungrow Power Supply Co Ltd., Tabuchi Electric Co. Ltd., TBEA Sunoasis Co. Ltd. and Toshiba Corporation.
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