Solar Inverter Market is projected to grow at a CAGR over 5.78% | Size, Value Share, Latest Trend, Key Player Review, Business Prospect 2022-2030

April 18 17:12 2022
Solar Inverter Market is projected to grow at a CAGR over 5.78% | Size, Value Share, Latest Trend, Key Player Review, Business Prospect 2022-2030
The global Solar inverter Market will touch USD 18.97 billion at a 5.78% CAGR by 2030, solar inverter market is bifurcated based on application, system type, and type

The global Solar inverter Market will touch USD 18.97 billion at a 5.78% CAGR by 2030, states the latest Market Research Future report.

Key Players 

Key industry players profiled in the global solar inverter market report include SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), SunPower Corporation (US), Delta Electronics, Inc. (Taiwan), SolarEdge Technologies Inc. (Israel), Sineng Electric Co., Ltd. (China), Power Electronics (Spain), Solectria Renewables, LLC (US), and Hitachi Hi-Rel Power Electronics Pvt. Ltd (India).

Industry players have incorporated several strategies to stay at the forefront such as mergers, new product launches, acquisitions, and others. 

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Drivers 

Increase in Solar Power Systems Installations to Boost Market Growth 

The increase in solar power systems installations will boost market growth over the forecast period. Major reasons driving growth in the global solar inverter market share include continued infrastructure development in developing & developed countries, as well as rising demand for reliable electricity supply.

Opportunities 

Government Initiatives to offer Robust Opportunities 

Favorable government initiatives and also investments in the electrification of remote and rural areas will offer robust opportunities for the solar inverter market in the forecast period.

Restraints 

Lack of General Awareness to act as Market Restraint

The lack of general awareness may act as a market restraint over the forecast period.

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Challenges 

High Infrastructure Development Costs to act as Market Challenge 

The high infrastructure development costs coupled with recent subsidy cuts on solar panels by governments may act as market challenges in the forecast period.

Market Segmentation 

The global solar inverter market is bifurcated based on application, system type, and type.

By type, central inverter will lead the market over the forecast period.

By system type, on-grid will dominate the market over the forecast period.

By application, utilities will spearhead the market over the forecast period.

COVID-19 Analysis

The global COVID-19 epidemic has resulted in a drop in demand for solar panels due to a halt in the building and construction of commercial and industrial solar infrastructure activities due to government-imposed lockdown measures. This possessed a negative influence on the global photovoltaic (PV) inverter business. Lockdowns established in response to the COVID-19 epidemic led in a temporary prohibition on import and export, as well as manufacturing and processing activities in a variety of industries, lowering demand for power equipment and affected the solar (PV) inverter market. As a result, market growth in the second, third, and fourth quarters of 2020 has slowed. However, by the end of 2021, the PV inverter market is likely to recover, since COVID-19 immunization has begun in a number of economies throughout the world, which is expected to improve the situation globally.

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Regional Analysis 

APAC to Lead Solar Inverter Market 

The APAC region will lead the solar inverter market over the forecast period. Growing investments in solar power projects, an ever-escalating demand for solar energy as a viable alternative to conventional energy sources, and increasing demand for solar energy as a viable alternative to conventional energy sources, will be recognized as driving growth in this region. The desire to reduce carbon emissions by meeting the region’s electricity needs, as well as various favorable government initiatives such as energy-saving certificates & incentives by the governments of Malaysia, Thailand, China, and India, are all contributing to the region’s global solar inverter market growth. Furthermore, the expansion of the renewable energy sector, fast industrialization, and increased investment in upgrading ageing power infrastructure, in the region are expected to fuel market growth in the coming years. The majority of demand comes from China, India, and other Asian countries. Solar inverters have becoming more popular in China, allowing for a Zero-voltage Ride Through (ZVRT) scheme.

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