Photovoltaic Off-Grid Inverter Market Analysis - Global Industry Size, Share, Trends and Forecast, 2018 - 2026

Category : Energy and Power | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC653

Introduction

The need for sustainable energy and rise in new government initiatives is paving the growth of photovoltaic inverter market. Numerous financial schemes and aids like net metering and tariff set up the base for new projects apart from the introduction of innovative renewable energy technologies. A mix of market forces such as net metering, financial incentives, competitive quotations and bids have driven the global photovoltaic market so far.

Market Dynamics

The worldwide view of photovoltaic off-grid inverter is growing by leaps and bounds. There are multiple opportunities in this market. To say a few; the requirement for electricity access, especially in remote areas is drawing major players in this market. Roughly, one billion of the population doesn’t have electrical access yet let alone safety and security reasons. Additionally, certain segment of the population prefers to live on mountains and hills, hence, prefer off-grid inverters. This, in turn, has created a huge demand for this market. Some important drawbacks include fluctuating market prices, lack of customer awareness about freebies and technologies owing to an excess demand for off-grid inverters. Nevertheless, stringent government rules and regulations will reduce the monopoly in this market. New technological advancements and government measures to decrease greenhouse gas emission will further complement the future outlook.

Market Classification and Overview

The photovoltaic off-grid inverter market is subjected to product type (standalone and off-grid), technology type (micro, string, and central), application type (residential, commercial, and utility), end-use industry, and geography. String technology is in large demand compared to others types because of its simple design and low maintenance cost. On the other hand, central photovoltaic inverter is indispensable for solar panel installations. Further, electrification program across residential sector in rural areas is expected to boost the growth of residential application. Likewise, the need for uninterrupted flow of power supply, electricity purchasing parity power, and reduction in carbon footprints is stimulating commercial and utility application. Based on end-use industries, the need for photovoltaic off-grid inverter is doing the rounds on outskirts of a developed city or country as multinationals set up base in mostly rural or off beat areas.

Regional Overview

The market for photovoltaic off-grid inverter market is differentiated into regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA). The United States gained enormously in photovoltaic off-grid inverter market in 2016 and will continue to helm the chart in this market in following years. Going along, Europe (Germany, Spain, Netherlands, France, and more) held second position in the market followed by Middle East and African countries such as Chile, Brazil, Arabia, and more. The APAC (specially, China, India, Brazil and others) value for photovoltaic off-grid inverter market is expected to inflate owing to the adoption of several energy conservation measures and the replacement of fuel/diesel with compressed natural gases or renewable energy resources and installation of solar panels. These new trends and changes in energy conservation are going to change the face of this market positively.

Report Coverage

Market

Photovoltaic Market

Analysis Period

2015 – 2026

Historic Data

2015 – 2016

Base Year

2017

Forecast Data

2018 – 2026

Market Stratification

Technology, Product, Application, End-Use Industry, Geography

Regional Scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

Report Coverage

Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Value Chain Analysis

Market Participants

Some of the key players operating in this market include Mitsubishi Electric, ABB, Enphase Energy, KACO New Energy Inc, Growatt New Energy Technology, Sungrow Power Supply, Tabuchi Electric Co., Fronius International GmbH, SMA Solar Technology, Advanced Energy Industries, Schneider Electric, Jiangsu Zeversolar New Energy and Omron among others. These players have shown business acumen skills and pragmatic approach in grabbing the market share swiftly.

Market Segmentation

Market By Technology

  • Micro
  • String
  • Central

Market By Application

  • Residential
  • Commercial
  • Utility
  • Others

Market By Product

  • Off-Grid
  • Standalone

Market By End-Use Industry

  • E-Commerce
  • Automotive
  • Travels & Tours
  • Multinationals
  • Marine and Aerospace

Market By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Spain
    • Germany
    • France
    • Netherlands
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa (MEA)
    • South Africa
    • Chile
    • Brazil

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