June 07, 2022 07:50 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, June 07, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Solar Inverter Market finds that increasing demand for electricity, and high usages of String solar (PV) inverters in various sectors & utilities because of their potential benefits such as, efficient & have low failure rate are accelerating the growth of Solar Inverter Market in recent years.
The Global Solar Inverter Market revenue is expected to reach a value USD 12.93 Billion in the year 2028.
The Global Market revenue stood at a value USD 7.92 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period; states Vantage Market Research, in a report, titled “Solar Inverter Market Size, Share & Trends Analysis Report by Product Type (Central Inverter, String Inverter, Micro Inverter), by Connection Type (On-Grid, Off-Grid), by Phase (Single-Phase, Three-Phase), by End User (Residential, Commercial & Industrial, Utilities), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Continuous Infrastructural Development Drives the Market
Solar inverter or photovoltaic inverter is a type of power converter used to convert direct current (DC) output into a utility frequency alternation current (AC). The converted current is then transferred to a commercial power grid, which is used for residential and industrial purposes in the event of a power outage. There are various types of solar inverters available on the market, including inverters, micro-inverters, cable inverters, and power converters. Across the globe, governments are focusing on infrastructural development in their countries to improve their citizen’s quality of life. For instance, the UAE government is mainly focusing on Smart Dubai project, aiming to transform the city into a leading global smart city. Hence, this expansion in the construction activities will drastically boost the demand of the market.
Key Insights & Findings from the Report:
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Segmentation of the Global Solar Inverter Market:
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Growing Focus on Renewable Energy Sources Boost the Market Demand
Increasing energy demand due to rapid urban growth and population growth necessitates the use of alternative energy sources to meet these demands. Traditional energy sources based on fossil fuels such as coal and oil are closely linked to carbon emissions. This has resulted in the use of renewable energy sources, particularly solar energy, to generate electricity. Solar energy consumption is also increasing as global warming concerns grow and programs to reduce mineral emissions are underway. According to the International Energy Agency (IEA) the amount of solar power generation will be 3,300 TWh by 2030. Energy departments in several countries such as Italy, India, and Germany are making efforts to build larger solar power units to use solar power. A large solar energy storage device for later use causes an increase in the demand for solar inverter. Hence, growing focus on renewable energy sources also fuels the Solar Inverter Market.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The Report on Solar Inverter Market Highlights:
Asia Pacific Holds Largest Market Share
Asia Pacific is expected to dominate the growth of Solar Inverter Market in 2021, owing to the increasing incidence of power outages, especially in developing countries such as India and China. In addition, several initiatives such as the National Solar Mission of India will further the market demand for solar inverter in this region. For example, NABARD provides a 40% subsidy for those who buy solar inverters. All of these factors reinforce market demand owing to the growing population. In addition, the expansion of the renewable energy sector, the increase in investment in aging energy development infrastructure, and rapid industrial development in the region are expected to further market growth in the coming years.
List of Prominent Players in the Solar Inverter Market:
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Solar Inverter Market Size, Share & Trends Analysis Report by Product Type (Central Inverter, String Inverter, Micro Inverter), by Connection Type (On-Grid, Off-Grid), by Phase (Single-Phase, Three-Phase), by End User (Residential, Commercial & Industrial, Utilities), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/solar-inverter-market-397444
February 2021: Sun grow Power Supply Ltd launched centralized inverter (model SG3125HV) and string inverter (domestic model SG225HX, international model SG250HX). Investors on the market are fully compatible with 210 ultra-high-power modules. January 2021: Tesla announced the launch of its own solar inverter. Tesla solar inverters are designed in 3.8 kW and 7.6 kW versions with 2 and 4 MPPT (Maximum Power Sensors).
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This market titled “Solar Inverter Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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