The global solar inverter market size is deemed to touch USD 14.97 billion by 2028, asserts Market Research Future (MRFR) in its latest report. It is expected to showcase 5.78% CAGR over the forecast period. MRFR’s report on the solar inverter market focuses on efforts made by manufacturers in streamlining supply chain, agreements with production partners and distributions, and latest developments of energy storage during the forecast period (2021-2028). The COVID-19 pandemic and its implications are explored in depth in the market.
The global solar inverter market is driven by growing demand of renewable energy caused by environmental impact of fossil fuels. This is indicated by agreements between countries to curb pollution levels and efforts in integration of renewable sources to utilities. Establishment of solar plants and installation of solar inverters in commercial and industrial zones can create demand for solar inverters.
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Government schemes and subsidies, interest by residential and commercial zones, and involvement by the private sector can boost market demand. Installations of solar panels across educational institutions, healthcare institutes, and offices can create a demand for solar inverters.
But high costs of semiconductor components and transportation costs can bog down market revenues over the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic has negatively affected the solar inverter market owing to shifting interest from renewable energy to healthcare. This is aligned with efforts by governments to control increasing number of cases and enhancing medical infrastructure using funds. China, one of the largest suppliers of components of solar inverters, has also been affected causing disruptions in the supply chain that led to delays in production. The market may regain its demand after 2021.
Central Solar Inverters to Dominate Market
Central solar inverters can lead in market demand owing to use of low numbers of inverters for management and centralized for power storage. They are available with high power ratings, with high powered solar inverters comprising a step-up transformer for converting direct current to alternate current.
Industrial Application to Lead in Market Share
The industrial application can witness massive market growth due to rapid industrialization globally caused by rise in international trade. Shift to renewable sources of energy and pressure by governments to lower impact of pollution can bode well for the solar inverter market. This is evident with many industrial leaders taking efforts to contain emission levels through changes in production approaches.
Investments in Solar Energy to Drive APAC Solar Inverter Market
The Asia-Pacific (APAC) region is expected to be lucrative for the solar inverter market owing to investments in solar parks, presence of various inverter and photovoltaic panel component manufacturers, and rapid industrialization. Efforts by governments to conserve power through renewable energy sources can drive regional market growth. Thailand, India, and China can contribute the maximum to the market due to applications in industrial and commercial sectors.
SolarEdge Technologies Inc. (Israel), Solectria Renewables, LLC (US), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), SunPower Corporation (US), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), Sineng Electric Co., Ltd. (China), Power Electronics (Spain), Delta Electronics, Inc. (Taiwan), and SMA Solar Technology AG (Germany) are key players in the global solar inverter market.
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Delta Electronics has launched a 250kW solar string inverter for onshore photovoltaic plants capable of working in harshest environmental conditions.
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