The inverter industry is witnessing an emerging trend transition in its history. The inverter market is undergoing a major and intense technological innovation. The inverter industry has been a central focus for investments and project developments. The market witnesses regulations for safety and reliability of invertors by various organizations across the world. Additionally, technical challenges, imposed standards and requirements are increasing; however, the market players are competing with these challenges and are coming up with new products. Thus, against such backdrop in technological change and competitive landscape, the global inverter market is likely to grow significantly in the near future.
Inverters for Renewable Energy Equipment Market: Trends
Vendors are investing a large amount of funds in research and development to develop large capacity inverters advanced cooling systems which will also be able to tackle frequency fluctuation efficiently. Factors such as interruptive funding for technological innovation are changing the renewable energy inverters industry rapidly. As a part of technological development, renewable energy inverters are being developed; wherein, the market for these inverters is solely dependent on the renewable energy market. Several vendors are investing in order to provide better service to the customers and to increase the competency in the inverter market.
There are certain design modifications of renewable inverters according to the area of application such as solar PV inverters, wind inverters, V2G-enabled PV inverters and stationary fuel cell inverters. Solar PV inverters can also be further segmented as string inverters, module-level power management optimizers and central inverters. North American and European renewable energy markets have grown at quite a good pace. Thus these regions are dominating the demand for renewable energy inverter. In addition, replacements repair and maintenance activities will help renewable energy inverter market grow in these regions. However, Asia Pacific and RoW are expected to become opportunities for this market considering the high development potential for renewable energy market.
Inverters for Renewable Energy Equipment Market: Drivers and Restraints
Increasing consumption of solar energy across the world is one of the major driving this market. The solar energy industry is emerging rapidly due to its advantages and governmental schemes such as feed in tariffs (FIT). Each of solar installations requires a mean of conversion from DC to AC such as solar inverter systems, which facilitate generated electricity to be fed into the power grid.
However, the market faces challenges to deal with the factors such as high maintenance cost. Renewable energy inverters require constant maintenance and monitoring to ensure best possible functional efficiency. Moreover, unplanned maintenances and repairs increase the overall operational cost to the owner of inverters. The wind energy market has been facing high growth and demand in various regions. One of the major reasons behind this is growing demand for energy and imposed rules for the utilization of the renewable energy across the world.
Inverters for Renewable Energy Equipment Market: Competitive Landscape
Chinese manufacturers dominate the production in inverters for renewable energy market due to the availability of electronic components in low cost. Toshiba Corp., TDK Corp., Siemens AG, Riello S.p.A, Proniso REFUsol GmbH, Mitsubishi Electric Corp., Jiangsu Zeversolar New Energy Co. Ltd, Fronius International GmbH, Enphase Energy Inc., Emerson Electric Co., Eaton Corp., Danfoss Solar Inverter, Bonfiglioli Riduttori S.p.A., SMA Solar Technology AG., Schneider Electric Co., Power-one Inc., KACO New Energy Inc. and GE Co. are some of the key palyers in the inverter for renewable energy market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.