Market Highlights

Solar inverter plays an important role in a solar energy system. It converts DC power output into AC current which can be fed into the grid and directly influences the efficiency and reliability of a solar energy system. They are used in solar rooftop and ground-mounted residential, commercial and utility-scale systems, with system ratings of 3–10 kW, 10 kW–2 MW and > 2 MW, respectively.

The Global Solar Inverter Market has been segmented based on type, system type, end-user, and region. Solar inverter are segment into central, string and micro. Central type inverter accounted for the largest share with 45.12% in the global solar Inverter market. String inverter type based solar inverter accounted for 36.29% share in the same year. On the basis of system type, On-Grid accounted for the largest market share, it allows to use of utility grid as a power storage medium instead of a battery bank. On the basis of end user, Utilities dominated the global solar Inverter market with a share and expected to grow at a CAGR of 16.85% during the forecast period. Geographically, Asia-Pacific is showing a high rate of growth in solar inverter market Asia-Pacific accounted for the largest market share of 49.64% in 2016, with a market value of USD 4,427.3 Million and is projected to grow at a CAGR of 16.44% during the forecast period.

Key Players

• SMA Solar Technology AG (Germany),
• KACO New Energy Inc. (Germany),
• Mitsubishi Electric Corporation (Japan),
• Schneider Electric SE (France),
• Siemens AG (Germany),
• ABB Ltd. (Switzerland)
• Sungrow Power Supply Co., Ltd (China),
• Huawei Technologies Co. Ltd. (China),
• Hitachi Hi-Rel Power Electronics Pvt. Ltd. (India)
• General Electric Company (U.S).

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Market Research Future Analysis:

Market Research Future analysis states that the global market of solar inverter market is estimated to grow at USD 24,507.3 million by the end of year 2023.

One of the primary drivers for the growth of solar energy is the important part played by the government initiatives and policies. Certain policies such as solar energy production, distribution and consumption, are developed by governments to sustain growth. Solar energy policies include legislation, international treaties and incentives to investment such as the formation incentives in the U.S. urbanization and economic development are leading to a rapid rise in energy demand in urban areas. Government are setting targets and introducing polices for promoting renewable energy as well as to reduce carbon emissions. Increasing awareness regarding fossil fuel conservation and clean fuel demand will complement the industry growth

Asia-Pacific is the largest power producer globally, and is the largest market for renewable energy generation across the globe The Solar inverter market is emerging in countries such as China, India, and Japan, and is estimated to grow at a high rate in the forecast period. The Asia-Pacific market is leading the global solar inverter market whereas the market in North America & Europe is expected to grow rapidly due to increased domestic demand for solar inverter.

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Utility-scale power generation currently represents a comparatively small percentage of global power generation but, a rapid growth is expected for this sector due to growing awareness of utilization of renewable energy and reducing the carbon footprint. Also, the reduction in costs is determined by technological advancement, economies of scale in manufacturing and innovations in financing have fetched solar power within reach of grid uniformity in a growing number of markets.