Solar Inverter Market value $ 14.97 Billion by 2028 with a CAGR of 5.78% – GlobeNewswire
New York, Aug 30, 2021 (GLOBE NEWSWIRE) – Solar Inverter Market Overview: According to a Comprehensive Research Report by Market Research Future (MRFR) “Solar Inverter Market Research report, type, system type, application and region – forecast to 2028 ” The market is projected to be valued at $ 14.97 billion by 2028 and a CAGR of 5.78% over the forecast period (2021-2028)., The market was valued at $ 9.7 billion in 2020 .
List of Key Companies Profiled in Solar Inverter Market Research Report Are:
- SMA Solar Technology AG (Germany)
- Canadian Solar Inc. (Canada)
- ABB AG (Switzerland)
- SunPower Corporation (USA)
- Delta Electronics Inc. (Taiwan)
- SolarEdge Technologies Inc. (Israel)
- Sineng Electric Co. GmbH. (China)
- Power electronics (Spain)
- Solectria Renewables LLC (USA)
- Hitachi Hi-Rel Power Electronics Pvt. Ltd (India). among other things.
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In the next few years, strategic partnerships and approaches such as collaboration, mergers and acquisitions, expansion and product launches will increase. Large solar inverter market players are making strategic investments to drive R&D activities and support their expansion plans.
Growing installations of solar power systems
The continuous expansion of the infrastructure in developing and industrialized countries as well as the increasing demand for uninterruptible power supply are essential factors for the growth of the global market share of solar inverters. For example, the UAE government is currently focusing on the Smart Dubai initiative, which aims to make Dubai a leading global smart city. This increase in construction activity will significantly increase the value of the solar inverter industry in the region.
Additionally, increased awareness of the greenhouse gas effect and growing concern about environmental issues will improve the outlook for the global solar inverter market over the forecast period. The use of a solar inverter lowers the high electricity costs and ensures greater efficiency in the long term. Various power generation ecosystem investors are also exploring possible prospects for reducing humanity’s carbon footprint by emphasizing the use of renewable energy sources for power generation. This increasing emphasis on renewable energy sources will benefit global sales in the solar inverter market.
Solar inverters have long been an efficient solution for reliable, safe and green electricity in off-grid solar modules for trade and industry. However, as the installation cost decreases due to technological development, the use of these inverters in residential areas is increasing. This opens up a wide range of potential in home applications and has a positive effect on the global solar inverter industry.
Search through the detailed market research report (185 pages) on Solar Inverters
In February 2021, Solarvest Holdings announced BHD, with Huawei Technologies SDN BHD and Sungrow Power Supply Co Ltd. To have signed letters of intent (MoUs) for the procurement of inverters.
In December 2020, USHA SHRIRAM, a leading manufacturer of solar power systems, launched a unique line of solar off-grid combination systems that are highly efficient and provide continuous power for critical loads, especially in areas where there is no grid. This will greatly increase India’s efforts to popularize the use of solar energy, while also making the country self-sufficient in the manufacture of solar systems.
In December 2020, Deye Inverter Technology Co., LTD, a global manufacturer of solar inverters, microinverters and hybrid inverters, will introduce its award-winning hybrid inverter to the European market. The hybrid inverter 8/10 / 12KW is a three-phase inverter. Its main advantages are its excellent compatibility with diesel generators, AC pairs, smart loads, and peak balancing.
Effects of COVID-19 on the world market
As global supply chains have been hampered and / or disrupted as a result of the COVID-19 outbreak and subsequent worldwide lockdowns, the growth of the solar inverter industry has also been hampered. Issues such as labor shortages, raw material shortages, global trade stagnation and the resulting delays in installation are likely to drive up the prices of solar inverters, which will pose major challenges for the industry. Price increases lead to project delays which lead to a further price increase.
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The global solar inverter industry has been divided into type, system type and application.
By type, the global solar inverter market has been divided into central inverters, microinverters and string inverters.
According to system type, the global solar inverter industry has been divided into on-grid and off-grid.
By application, the global solar inverter market has been divided into residential, commercial and utility companies.
APAC leads the world market
During the forecast period, the Asia-Pacific region is expected to lead the market in terms of solar inverter demand. Rising construction investments, a flourishing demand for solar energy sources, increased investments in solar energy projects and a steadily increasing demand for solar energy as a viable replacement for conventional energy sources will drive growth in this region.
Europe is witnessing slow growth
The European market for solar inverters is likely to grow slowly in the forecast period due to an increase in anti-dumping duties on components manufactured in China, a downward trend in minimum import prices and the devaluation of the euro.
Segmentation of the Market Covered In Research:
Solar Inverter market research report: Information by type (central inverter, microinverter and string inverter), by system type (on-grid and off-grid), by application (residential, commercial and utility companies) – forecast to 2028
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