BANGALORE, India, Jan. 20, 2021 /PRNewswire/ -- Solar Inverter Market is segmented by Product-Type - Central Solar Inverter, String Solar Inverter, Micro Solar Inverter, Application - Residential, Commercial, Utility, by key players & Region. Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Renewable & Alternative Energy Category.
The global Solar Inverter market size is projected to reach USD 26650 million by 2026, from USD 14600 million in 2019, at a CAGR of 8.9% during 2021-2026.
Major factors driving the growth of Solar inverter market size are large inflow of investments in the renewable energy sector, increase in favorable government initiatives and rise in the number of residential solar rooftop installations.
This report focuses on Solar Inverter volume and value at the global level, regional level, and company level. From a global perspective, this report represents the overall Solar Inverter market size by analyzing historical data and future prospects. Regionally, this report focuses on several key regions: North America, Europe, Japan, China, Southeast Asia, India, etc.
Growing demand for renewable energy due to an increase in power consumption along with a decline in the cost of producing renewable energy is expected to drive the growth of solar inverter market size during the forecast period. The cost of producing renewable energy has undergone a very steep decline and is now competitive in meeting the increasing power need.
Favorable government initiatives like energy-saving certificates are expected to augment the growth of solar inverter market size. Furthermore, governments across the globe are concentrating on infrastructure growth in their countries to boost the quality of life of their people. The UAE government, for example, focuses primarily on the Smart Dubai initiative, seeking to turn the city into a leading smart city worldwide. This expansion of construction activities is expected to increase the solar inverter market size.
The use of solar inverters is further promoted by the growing impact of greenhouse gases and rising environmental problems. Increasing awareness about global warming is expected to boost the solar inverter market growth.
Many companies in the solar inverter market are introducing the internet-of-things platforms, delved into artificial intelligence and machine learning, and ventured into other smart-energy verticals. This, in turn, is expected to provide additional growth opportunities for the solar inverter market size.
The central PV inverter segment held the largest solar inverter market share in 2019 due to the extensive use of these systems in large industrial applications. On the other hand, the String Inverter segment had the second-largest market share in 2019 for residential and commercial applications.
Due to the increased demand for solar energy among consumers for electrification purposes, home appliances, and other applications, the residential end-use segment is expected to see significant growth in the solar inverter market during the forecast period.
The commercial & industrial end-use segment is expected to witness a significant CAGR during the forecast period. This is mainly due to the growing acquisition of large off-site projects that allow businesses to offset a greater portion of their energy use, which has become increasingly necessary for tech companies such as Facebook, Microsoft, Apple, and Amazon Web Services.
In 2019, the utility segment held the largest solar inverter market share and was expected to continue its dominance during the forecast period. This dominance of the utility segment is due to increased demand for solar renewable energy, decreasing solar power & equipment prices, and rising government subsidies. With their pre-integrated power stations, some main players provide customers with industry-leading utility-scale solutions to achieve higher performance and decreased device balance costs.
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SIMILAR REPORTS :
- Micro inverter market size is projected to reach USD 2.7 billion by 2022, growing at a CAGR of 27.3% from 2016-2022. In 2014, North America dominated the market and contributed about 45% share of the overall market revenue, followed by Europe. Major factors driving the growth of micro-inverter market size are technological advancements in the field of micro-inverters, fast-growing residential market, government subsidies, and economic incentives.
- Europe region is the largest consumption of Solar Pump Inverter Market with a consumption market share of nearly 73% in 2017. Africa is the second-largest consumer of Solar Pump Inverter, enjoying a consumption market share of nearly 16% in 2017.
- The PV Inverter market size is projected to reach USD 7592.7 Million by 2026, from USD 6314.5 Million in 2020, at a CAGR of 3.1% during 2021-2026.
- In 2019, the market size of String Inverters Market was 2850 million US$, and it will reach 5310 million USD in 2025, growing at a CAGR of 8.1% from 2019.
The Asia Pacific is estimated to hold the largest market share for string inverters till 2023. The Government targets, policy support, incentives such as feed-in traffics and tenders, and competitive bidding in the region will drive the string inverters market during the forecast period.
- Single Phase Micro Inverter Market by Product Type - Grid, Off Grid, Application - Energy, Aerospace,by key players , Region - North America, LAMEA, Middle East, Asia pacific. etc.
- Single-Phase String Inverter Market by Product Type - On-Grid, Off-Grid, Application - Residential, Commercial & Industrial, Utilities, by key players , Region - North America, LAMEA, Middle East, Asia pacific. etc.
- Central Inverter Market by Product Type - On-Grid, Off-Grid, Application - Residential, Commercial & Industrial, Utilities, by key players , Region - North America, LAMEA, Middle East, Asia pacific. etc.
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