Global PV Inverters Market: Overview
PV inverters also known as solar inverters are a type of electrical converters that changes variable DC (direct current) output of a PV (photovoltaic) solar panel into AC (alternating current) output. Such AC currents are either used by local people, or are fed into a commercial electrical grid.
Global PV inverters market is poised for substantial growth in the years to come as there has been a phenomenal rise in the use of solar energy. More and more companies are committing towards moving from conventional source of energy to renewable ones. In addition to that, there has been a change in the consumer preference for a sustainable environment. Various governments together with further advancements in the sector of renewable energy have set ambitious targets.
In an upcoming report on global PV inverters market by Transparency Market Research (TMR), every important facet of the global market for PV inverters has been elucidated. The report describes in details the key market trends, challenges, geographical analysis, opportunities, and competitive landscape.
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Global PV Inverters Market: Notable Developments
Developments in the global PV inverters market are quite a few and they have impacted the market quite positively.
- Solar panels blended with photovoltaic inverter are the newest innovations in the global PV Inverters market. For example, a company like Enphase is manufacturing inverters with the help of an attachment point at the very back of the panel.
- A few of the U.S. inverter specialists have eventually entered into partnerships with variousleading panel manufacturers in the last one year so as to create module without any additional installations.
Enphase Energy, Hitachi H-Rel Power Electronics Pvt. Ltd, Siemens AG, Sun Power Corporation, KACO Omron Corporation, and Tigo Energy are some of the leading players of the global PV Inverters market.
Global PV Inverters Market: Key Trends
The keymarket trends and opportunities of the global PV inverters market are as mentioned below:
Increased Demand for Solar Energy
The demand for solar Photovoltaics (PV) inverters is expected to be propelled by rising demand forrenewable power generation and solar energy. By the year 2020, global renewable energy sector is anticipated to be dominated by solar energy. As such, increase in the installations of PV converted becomes quite apparent.
An unprecedented pace of growth has been witnessed in the industry of renewable source of energy. With various government initiatives and commitments of private companies, renewable form of energy has become a feasible option for the human civilization. The world is on the verge of accepting clean and green energy at a never-seen-before scale. Situation now is such thatit is costlier to run a coal or natural gas plant than running a wind or solar plant.
Unprecedented growth of the solar equipment has been witnessed across all end-use segments and on a continuous basis. End-use sectors such as commercial, utility-scale, and residential all have contributed towards making the use of solar equipment as feasible option. For the solar PV market, utility sector offers maximum growth.
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Global PV Inverters Market: Geographical Analysis
In the year 2017, the global PV inverters market was led by the region of Asia Pacific. The region accounted for over 50% of the total market share in terms of revenue. Commissioning of many grid-scale solar farms across the region, particularly in India and China, has contributed towards such unprecedented growth of the PV inverters market. Various purchase initiatives and subsidies by the government also have played a crucial role in the region.
Presence of several leading PV inverters market players together with latest technical developments in the power electronics segment have helped meet a massive demand arising out of Asia Pacific in the PV inverters market
With U.S. as an important contributor, North America retains its position of a mature market. U.S is an important market for different types of solar equipment.
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.