The global PV inverter market size is expected to worth around US$ 12.1 billion by 2026 and forecasted to grow at a CAGR of 8.1% over the forecast time frame 2019 to 2026.
The report provides analysis of global PV Inverter market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Growing legislative worry to mitigate GHG emissions along with increasing investment in renewable sources will favorably affect the PV industry. Increasing R&D operations to improve PV technology's operational efficiency and cost-effectiveness will further fuel consumer requirement.
Cost efficiency, lengthy operating life and capacity to operate under fluctuating energy circumstances are some of the essential parameters affecting item acceptance. In addition, increasing incorporation of intelligent working parts and the implementation of sophisticated cloud techniques will further fuel business dynamics. Rising sector initiatives to improve solar inverter technology's effectiveness and operational lives will favorably affect business dynamics. Growing penetration of large-scale photovoltaic initiatives to achieve green economy status will increase consumer implementation. Demand for solar photovoltaics (PV) inverters is motivated mainly by enhanced demand for solar energy and renewable generation. Solar energy is expected to dominate new capacity additions in the renewable sector globally by 2020; where projects exceeding 5 megawatts will hold over 60% of the global market. This takes into account the growth of all PV equipment during installations, including solar inverters, used for electricity conversion. Renewables have experienced unprecedented development over the previous century, continuously exceeding expectations. More businesses commit to their energy shifts from standard to renewable sources. The evolving customer desire for a sustainable setting, ambitious central government objectives combined with appropriate preparation and execution of several supporting measures have resulted to important advances in renewable energy.
Renewable power has become predominantly a viable option as culture lies at a critical juncture where the earth is on a cusp of adopting clean power on an unprecedented scale. Solar power has quickly gained popularity. It produces electricity without pollution, no fuel price volatility, and no gas expenses. Also, the sustainability potential of moving the globe toward inexpensive, reliable, and cleaner energy sources is also a important development parameter. Such variables led in enhanced photovoltaic facilities, directly affecting supply for PV inverters. Solar machinery experienced continuous development in all end-use industries combined with potential development opportunities in housing, industrial, and utility-scale industries. Utility is among the solar PV inverter market's most expanding end-use industries. Industry presently accounts for about one-third of worldwide energy use.
Industrial and commercial energy demand was the most impactful development opportunities, particularly in developing and emerging markets. The recent industry development is the photovoltaic inverter solar panel idea. Companies like Enphase, for example, make inverters at the rear of the board with the ease of connection. In the previous year, some U.S. inverter experts have indicated alliances with various main panel producers in an attempt to produce module without extra facilities.
Central PV inverter was the dominant worldwide consumer category. These devices are primarily intended for big boards mounted on manufacturing facilities, houses and field installations. The item is usually in a safe setting, receiving DC energy from all solar panels into a combiner cabinet. It transforms the obtained DC energy to AC power, becoming a single supply point. These inverters have been on the market for the longest time and have more legitimacy over other products. These are also located in a protective setting, subject to extremely secure maintenance. Growing technological enhancements to produce bulk energy to replace standard devices will proliferate the business situation. In addition, soaring investments in mega-scale solar photovoltaic projects will drive inverter installation over the projected timeframe.
Continuing urban migration in line with supporting legislative policies to meet requirement from small-scale housing institutions will increase the business volume of the single-phase photovoltaic inverter. Installing roof top solar generation devices in big housing properties will further complement consumer requirement. High effectiveness, low price and accessibility are among the primary factors affecting the setup of the string inverter over the forecast period. Moreover, due to rapid urbanization, growing penetration of large commercial structures will proliferate technology demand.
Rapid infrastructural development with public actions to create solar-based smart city initiatives will considerably boost demand for solar inverters and related parts. In addition, restructuring capital flow and trade strategies to enhance the transport and export of renewable energy parts across emerging nations complements the company landscape. String inverters are the second most commonly used item to find comprehensive apps. They have, however, acquired enormous importance in recent years due to rapid technological advances. These inverters are simpler to mount, offering reduced original cost per maximum watt. Different end-use sections experienced development due to various variables. For example, the utility section encountered a significant rise owing to grid-connected photovoltaic systems operating parallel to the standard utility-grid. Industrial and commercial scale installations are among the biggest in some areas of the globe as they show more precious retail electricity in tandem with their cost-effectiveness. With many large-scale solar initiatives globally, utilities have seen the highest development in the previous three years.
In 2018, Asia Pacific resulted with highest market share. This can be immediately ascribed to ordering several grid-scale solar plants across the region, particularly China and India. Government subsidies and buy incentives performed a key part in pushing the region's solar power plants. The presence of important market players in China and Japan, combined with their power electronics sector's technical growth, also backed Asia Pacific's huge requirement. China is the world's biggest solar-based nation and is regarded a driving force for global solar sector. The nation altered the worldwide energy map with an exceptional rise in solar investment. Japan has led significantly to the Asian economy due to its market players and technological advances combined with increasing demand for intelligent solar.
North America is a mature US economy as a major contributor. Country is a important market for various kinds of solar machinery.
Global PV Inverter Market, by Product
Global PV Inverter Market, by End Use
Global PV Inverter Market, by Geography
The market research study on “PV Inverter Market Size, Share & Trends Analysis Report By Manufacturing Process, Application, By Region - Global Industry Size, Share, Trends and Forecast 2019 - 2026” offers detailed insights on global PV Inverter market segments with market dynamics and their impact. The report also covers basic technology development policies.
The study provides a extensive industry assessment. This is done through in-depth qualitative observations, historical information and verifiable business size estimates. The predictions in the study were obtained from well-established study methodologies and expectations. This study document acts as an assessment and data resource for every aspect of the industry including, but not restricted to, regional economies, technology, kinds and apps.
Key Players & Strategies
Some vital players in the PV Inverter market include Siemens AG, Hitachi Eaton, H-Rel Power Electronics Pvt. Ltd, ABB, Tigo Energy, SunPower Corporation, KACO Omron Corporation, Power-One, and Enphase Energy. Solar inverters' value chain is significantly complex, as is the entire value chain of photovoltaics. Different solar value chain elements represent varying income generation. Most businesses are module manufacturers that incorporate vertically into electrical parts by not merely marketing, but generating them.
There are 3 types of PV Inverter such as String, Central and Micro.
According to Acumen Research and Consulting, the pv inverter market size is anticipated to reach around US$ 12.1 billion in 2026.
The pv inverter market is anticipated to grow over 8.1% CAGR during the forecast period 2019 to 2026.
Asia Pacific held maximum share in 2018 for pv inverter market.
The pv inverter market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Siemens AG, Hitachi Eaton, H-Rel Power Electronics Pvt. Ltd, ABB, Tigo Energy, and SunPower Corporation are the top players operating in the pv inverter market.
2018 is considered as the base year for pv inverter market.