Global Solar PV Inverters Market – Overview, Size, Share, Growth, Trends and Forecasts (2017 - 2022)
The global solar inverters market, valued at USD XX billion in 2016, is projected to reach USD XX billion by 2022, registering a CAGR of XX% during 2017-2022 (the forecast period). The increasing demand for clean energy and growing number of solar installation, across the globe, are some of the major factors driving the solar inverters market.
Recently, Spanish inverter specialist, Power Electronics received an offer to supply its HEC V1500 inverters for two 30MW solar projects in Brazil. South Korea-based PV specialist DNE Solar has also signed an agreement with the German inverter manufacturer KACO New Energy, to deliver 300MW of string inverters. Thus, with the increasing market for solar energy, the market for solar inverters is expected to accelerate.
Solar photovoltaic (PV) cells convert sunlight into electrical current, which is procured in the form of direct current. The solar inverters are required to convert the direct current (DC) obtained into the alternate current (AC), to power appliances and electrical machines. Therefore, the demand for solar inverters, associated with the demand for solar PV, is fueling. The solar PV systems are installed for either self-consumption purpose or to sell the power on-grid. With the solar installation type, the type of inverter used also varies. For off-grid solar systems, stand-alone solar inverters are used whereas for grid connected solar systems grid-tie inverters are preferred. Micro, string and central inverters are the types of solar inverters available in the market.
With the increasing environmental concerns and need to curb carbon emissions, the countries, all around the globe, are adopting clean energy sources for energy generation. Among the renewables, solar energy has been gaining momentum, globally, as it is comparatively easy to install and can operate at, both, residential and commercial scale. Moreover, the reducing solar components cost, accompanied by the increased efficiency, has made its installation more viable. The increasing awareness among the masses to reduce carbon emissions; pressing the need for diversification of energy portfolio for enhanced energy security; mass adoption of solar PV in residential and commercial areas; the desire to use clean and locally generated electricity are some of the factors driving solar inverters market. Moreover, favorable government policies to promote clean energy through various schemes, such as tax benefits, subsidies, feed-in-tariffs and others, are expected to drive the solar inverters market, during the forecast period. However, the substitute clean energy technologies, like wind and hydro, are decelerating the market for solar inverters in some regions.
In North America, the United States witnessed more than 1 million residential solar installations and in the next five years, the residential solar installation figure is expected to get tripled. Moreover, Mexico is posing a strong push to renewables. Mexico in its second renewable energy auction in 2016, proposed renewable projects worth USD 4 billion for 2,871MW of new capacity, where solar energy secured 53% of the shares out of 8.9 million contracts in the auction. The European market experienced a deceleration in solar installation in 2016, due to the slashing of feed-in-tariff for smaller solar installations in the UK, and reduced demand for solar inverters. Europe has been supporting programs for large-scale solar power plants, where the solar inverter manufacturers can expect the demand for solar inverters to grow. In Asia- Pacific, China has been leading the solar inverters market, followed by Japan and India. Therefore, with the increase in the solar PV installation, around the globe, the demand for solar inverter market is expected to grow.
Major Key Players in the Solar Inverters Market are listed below:
ABB Ltd. Bonfiglioli Riduttori SPA Fronius International GmbH Elettronica Santerno SPA SMA Solar Technology AG Growatt New Energy Co.,Ltd. Danfoss Solar Inverters A/S CHINT Power Systems Co., Ltd. Aros Solar Technology KACO new energy, Inc. Key Deliverables:
Market overview - market analysis and identification of key drivers, restraints and opportunities Major trends and economic outlook Porter’s five force analysis Comprehensive summary on the industry sectors and regions poised for the fastest growth Solar PV inverters market analysis by application, type, end-user and region Future outlook of the market Extensively researched competitive landscape section with profiles of major companies, along with their estimated market shares