Solar Inverter Market: Overview
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.
Solar Inverter Market: Competitive Landscape
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.
Solar Inverter Market: Key Trends
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.
Solar Inverter Market: Regional Assessment
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.
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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.