August 30, 2021 03:58 ET | Source: Market Research Future Market Research Future
New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Solar Inverter Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Solar Inverter Market Research Report, Type, System Type, Application and Region - Forecast till 2028” the market is projected to be worth USD 14.97 Billion by 2028, registering a CAGR of 5.78% during the forecast period (2021 - 2028)., The market was valued at USD 9.7 Billion in 2020. Solar Energy Storage Systems
List of the Key Companies Profiled in the Solar Inverter Market Research Report are:
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Over the next few years, there will be an increase in strategic partnership deals and approaches such as collaboration, mergers and acquisitions, expansion, and product launches. Major solar inverter market players are making strategic investments to drive R&D activities and support their expansion plans.
Growing Solar Power System Installations
Continuous infrastructure development in developing and developed nations, as well as increased demand for uninterrupted electricity supply, are major factors driving growth in the global solar inverter market share. The UAE government, for example, is currently concentrating on the Smart Dubai initiative, which aspires to transform Dubai into a leading global smart city. This increase in construction activity will significantly increase the value of the solar inverter industry in the region.
Furthermore, increased awareness of the greenhouse gas effect and growing concern about environmental issues will boost the worldwide solar inverter market outlook during the projection period. The use of a solar inverter lowers the high cost of electricity bills while also providing more efficiency in the long run. Various energy generation ecosystem investors are also investigating possible prospects to lower mankind's carbon footprint by emphasizing the usage of renewable energy sources for power generation. This rising emphasis on renewable energy sources will benefit the worldwide solar inverter market revenue.
For a long time, solar inverters have been an efficient solution for reliable, safe, and green power in off-grid solar panels for the commercial and industrial sectors. However, as installation costs decrease due to technological developments, the residential use of these inverters is increasing. This opens up a variety of potential in home applications and has a favorable impact on the worldwide solar inverter industry.
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In February 2021, Solarvest Holdings BHD stated that it had signed memorandums of understanding (MOUs) with Huawei Technologies SDN BHD and Sungrow Power Supply Co Ltd. to procure inverters.
In December 2020, USHA SHRIRAM, a leading solar power equipment manufacturer, launched a unique range of Solar Off-Grid Combo Systems that are highly efficient and provide continuous power for critical loads, particularly in areas where there is no power grid. This will significantly boost India's efforts to popularize solar energy use while also making the country self-sufficient in solar equipment manufacturing.
In December 2020, Deye Inverter Technology Co., LTD, a global manufacturer of solar inverters, microinverters, and hybrid inverters, will introduce its award-winning hybrid inverter in the European market. The 8/10/12KW hybrid inverter is a three-phase inverter. Its main advantages are its excellent compatibility with diesel generators, AC couples, smart loads, and grid peak shaving.
COVID-19 Impact on the Global Market
With global supply chains hampered and/or interrupted as a result of the COVID-19 outbreak and subsequent global lockdowns, the solar inverter industry growth was also hampered. Issues such as labor shortages, raw material scarcity, global trade stagnation, and subsequent installation delays are expected to drive up the prices of solar inverters, posing a substantial challenge that the sector will have to overcome. Price increases will induce project delays, which will result in another price increase.
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The global solar inverter industry has been segmented into type, system type, and application.
By type, the global solar inverter market has been segmented into central inverter, microinverter and string inverter.
By system type, the global solar inverter industry has been segmented into on-grid and off-grid.
By application, the global solar inverter market has been segmented into residential, commercial and utilities.
APAC to Lead the Global Market
During the projected period, Asia Pacific is expected to lead the market in terms of solar inverter demand. Increasing construction investments, blooming demand for solar power energy sources, increased investments in solar power projects, and an ever-increasing demand for solar energy as a viable substitute for conventional energy sources will drive growth in this region.
Europe to Witness Slow Growth
The European solar inverter market is expected to grow slowly over the forecast period due to an increase in anti-dumping tariffs on Chinese-made components, a downward trend in minimum import prices, and the Euro's depreciation.
Segmentation of Market covered in the research:
Solar Inverter Market Research Report: Information by Type (Central Inverter, Micro Inverter and String Inverter), By System Type (On-Grid and Off-Grid), By Application (Residential, Commercial and Utilities) - Forecast till 2028
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