The solar inverter market is likely to rise at a steady rate of growth over the forecast period of 2020 to 2030. The growth of solar inverter market is attributed to expanding initiatives for solar power installations in a bid to harness solar energy. This is because solar power generation using solar energy needs to be stored in solar inverter for later use.
Key parameters based on which solar inverter market is divided are type, system type, application, and region.
The report on solar inverter market sheds light on demand dynamics, growth opportunities, and competitive landscape of the solar inverter market for the 2020-2030 forecast period. Furthermore, based on historical values and current values, the report provides projections for key segments of the solar inverter market. Insights into the competitive landscape of the solar inverter market, and growth strategies employed by large players are some other highlights of this report.
The solar inverter market is largely consolidated with some large players in the fray. R&D for product innovation and product development is the focus of prominent players in the solar inverter market. Furthermore, keen players are striving for strategic alliances and business partnerships for competitive advantage.
In addition, alliances with public electricity companies to engage in solar energy production initiatives is also the focus of large players in the solar inverter market.
Some large players in the solar inverter market include ABB, Canadian Solar Inc., SunPower Corporation, SMA Solar Technology AG, SolarEdge Technologies Inc., and Delta Energy Systems among others.
Exponentially rising energy needs, as a result of rapid urbanization and growing population, is necessitating use of alternate energy sources to cater to this demand. Conventional energy sources based on fossil fuels, such as coal and petroleum are significantly related to carbon emissions. This has led to the use of renewable energy sources, especially solar energy for electricity generation.
Furthermore, increasing concerns regarding global warming and initiatives to reduce dependence on fossil fuels is resulting in increased adoption of solar energy. According to estimations of the International Energy Agency, the electricity generation capacity from solar energy is estimated to reach 3,300 TWh by 2030. Energy departments in several countries such as Italy, India, and Germany are making efforts to construct large solar power generation units to use solar energy. Large-scale device to store solar power and use for later use is resulting in uptick in demand for solar inverter. This is fuelling the solar inverter market.
At the regional front, key regions into which the solar inverter market is divided are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific, among them, is expected to hold large share in the solar inverter market over the forecast period. Rapid rise in electricity needs in developing countries due to economic development and infrastructural development has led to harnessing renewable energy sources. Abundance of solar energy and construction of solar power installations has led to large volume solar power production. This has led to the construction of mega capacity solar inverter to convert solar power into usable electricity, thereby fuelling the solar inverter market in the region. Initiatives of large companies and heavy investments for solar power generation are indirectly benefitting the solar inverter market in the region. For example, in India, in August 2019, Shapoorji Pallonji and Company Private Limited and ReNewPower invested approximately USD 110 million for the development of a 150 MW floating solar power plant in Uttar Pradesh.