About solar PV inverters
A PV inverter is a device that converts direct current from solar panels into alternate current of the required frequency, which is then supplied to the electric grid. This device uses the maximum power point tracking (MPPT) technique to extract the maximum amount of power from an array of solar panels. Though it functions just as a simple converter, a PV inverter is the most essential part of a solar power plant.Solar PV inverters are essential component of the solar PV systems and account for 10-15% of the overall cost. Solar inverter technologies are being rapidly developed and more sophisticated features such as remote monitoring and optimization are being integrated into the inverters. Factors such as quality, reliability, and efficiency are important purchase parameters of the inverters.
Technavio's analysts forecast the global solar PV inverter market to grow at a CAGR of 14.86% in terms of revenue and 21.53% in terms of annual installed capacity over the period 2014-2019.
Covered in this report
The report includes the present scenario and the growth prospects of global solar PV inverter market for the period 2015-2019. The market can be segmented into three divisions: technology, application, and geography.
Technavio's report, Global Solar PV Inverter Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Solar PV Inverter Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Solar PV Inverter Market: ABB, OMRON, SMA, Sungrow and TMEIC
Other Prominent Vendors in the market are: Bonfiglioli Riduttori, Danfoss Solar Inverter, Eaton, Emerson, Enphase Energy, Fronius International, GE, Jiangsu Zeversolar New Energy, Mitsubishi, Proniso, REFUsol, Riello, Siemens, TDK, and Toshiba.
Commenting on the report, an analyst from Technavio’s team said: “The most significant way to reduce GHG emissions is the use of renewable energy. Green energy generation involves the use of renewable sources such as solar energy, wind energy, and air and hydraulic energy to generate power. Therefore, it reduces carbon and other hazardous emissions considerably.”
According to the report, the availability of PV inverters that are integrated with energy storage devices has increased considerably. This has helped address the increased need for efficient load management among industries in the renewable energy sector because energy storage devices ensure continued power supply in grids and minimize interruptions. As a result, load management has become more effective, increasing the reliability of power grids.
Further, the report states that one of the challenges faced by the market is solar power generation industry depends heavily on sunlight, seasonal fluctuations in the availability of sunlight could cause intermittent power supply issues.
ABB, OMRON, SMA, Sungrow, TMEIC, Bonfiglioli Riduttori, Danfoss Solar Inverter, Eaton, Emerson, Enphase Energy, Fronius International, GE, Jiangsu Zeversolar New Energy, Mitsubishi, Proniso, REFUsol, Riello, Siemens, TDK, Toshiba.
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