Global Solar Inverter Market: Introduction
A solar inverter is an important part of a solar panel installation and is used to convert direct current (DC) output of a PV solar panel array into usable alternative current (AC) that can be fed into the electrical grid for commercial and domestic applications. Along with the basic function of converting DC to AC, solar inverters also provide a number of other capabilities and services (such as data monitoring, utility controls and system design engineering, among others) to ensure an optimal performance level. Solar inverters are of two types — single phase inverters and three phase inverters.
On the basis of technology, three different types of solar inverters are available in the market — string inverters (also known as centralized inverters), micro-inverters and power optimizers. Micro-inverters and power optimizers are often referred to as MLPEs (“Module-Level Power Electronics”). A micro-inverter is a solar inverter built inside the solar panel itself. Micro-inverters are most suitable for small off-grid power generation. Micro-inverters have revolutionized the residential solar inverter market and optimizing solar production.
Solar power generation is a clean and environment-friendly technology as it does not emit any greenhouse gas and hence is an effective alternative to secure energy supply. The Solar inverter market is expected to witness immense growth opportunities during the forecast period, especially in developing countries, such as India and China.
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Global Solar Inverter Market: Market Dynamics
Rapid increase in global population, urbanization and industrialization will result in an increase in demand for electricity, which, in turn, will drive huge investments for the development of renewable energy sources. Furthermore, favorable government initiatives to promote sustainable energy and emphasis on green energy development will also contribute towards the growth of solar inverter market during the forecast period.
String solar inverters are most commonly deployed globally and hold a major share in the solar inverter market. However, over the past few years, the MLPE technology is being increasingly adopted as it leads to rapid cost reduction and high performance efficiency.
To sustain in the competitive environment, the key manufacturers are continuously trying to cut down the cost curve of products. The key players are modifying manufacturing strategies and implementing the concept of “ease of manufacturing” for manufacturing solar inverters quickly and at more affordable prices, without sacrificing the performance of the inverter. Manufactures are investing heavily in research and development to achieve technological advancements, such as develop advanced cooling systems, improve services and increase market competency. Such technological advancements are expected to increase the production and installation of solar inverters, leading to the growth of global solar inverter market during the forecast period.
Development of more affordable solar inverters and improving economic conditions across the globe will add to the growth of the solar inverter market over the coming years. In this highly competitive environment, solar inverter manufacturers are also providing post-installation services, such as preventive maintenance, among others.
Global Solar Inverter Market: Segmentation
On the basis of technology, the Global solar inverter market can be segmented into:
- String Invertor
- Power Optimizers
- Central Inverter
On the basis of end use, the Global solar inverter market is segmented into:
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Global Solar Inverter Market: Regional Outlook
Asia pacific is expected to dominate the solar inverter market and is expected to witness significant growth throughout the forecast period. Increasing power shortage due to rapid industrial growth and increasing population in countries, such as India and China, are expected to drive the growth of solar inverter market during the forecast period. Solar inverter manufacturers are shifting their attention in the Asia Pacific region to tap potential growth opportunities in the region. The North America solar inverter market is expected to grow at a steady rate during the forecast period. Europe is expected to witness relatively slower growth during the forecast period. Increasing power shortage in some of the European countries is expected to be a key driving factor for the growth of the solar inverter market in Europe.
Global Solar Inverter Market: Key players
Some of the market participants identified across the value chain of the global solar inverter market are:
- SMA Solar Technology AG
- Waaree Energies Ltd.
- Hitachi, Ltd.
- CHINT Group
- Siemens AG
- Schneider Electric SE
- KAKO new energy Inc.
- Sungrow Power Supply Co., Ltd
- SolarEdge Technologies Inc.