A solar inverter, also called PV inverter or solar PV inverter, converts the variable direct output of a photovoltaic solar cell into a direct alternating current, which can be directly fed to a household electric grid or utilized by an off-grid electric system. The PV solar inverters are used to reverse the power voltage from direct current to alternating current and vice versa. It is often used as a source of backup for the power outage.
Market Dynamics
Increasing adoption of solar energy is expected to propel growth of the global solar inverters market over the forecast period. For instance, in June 2019, a survey of CITE Research on behalf of Vivint Solar reported that 70% adults in the U.S. support a nationwide mandate requiring solar panels to be installed on all newly built homes.
Moreover, decreasing deposits of fossil fuel worldwide are expected to propel growth of the global solar inverters market over the forecast period. Fossil deposits are limited in nature. However, the use of oil, a major fossil fuel, is significantly increasing. For instance, according to the International Energy Agency, the U.S. alone will cover 80% of the world’s oil demand from 2018 to 2020.
Growing residential sector is expected offer lucrative growth opportunities for players in the global solar inverters market. For instance, according to the U.S. Census Bureau, in February 2020, there were 1,464,000, building permits, 1,599,000 housing starts, and 1,316,000, housing completions in the U.S.
However, high capital investment and inconsistent availability of solar energy is expected to limit growth of the global solar inverters market.
Among regions, Asia Pacific is expected to witness significant growth in the solar inverters market, owing to increasing demand for solar inverters in the region. For instance, in January 2021, Sungrow announced that its cumulative shipments to India exceeded 7 GW by the end of the year 2020. Out of the cumulative 7 GW, it sold at least 3 GW in 2020.
Key Takeaways
- Increasing adoption of solar energy is expected to propel growth of the global solar inverters market over the forecast period
- Major players operating in the global solar inverters market are focused on adopting partnership strategies to enhance their market share. For instance, in January 2021, FIMER partnered with Philippine Geogreen, Inc., a Philippines-based distributor of sustainable and environmentally responsible products, for the distribution of FIMER’s residential and commercial solutions, including the highly anticipated and latest PVS-10/33 three-phase range.
- Major players operating in the global solar inverters market include, ABB, Chint Power Systems America, Darfon Electronics, Sungrow, FIMER, Delta Energy Systems, Eaton, Elettronica Santerno, Enphase Energy, Fronius International, Fuji Electric Europ, General Electric, and Ginlong Technologies
With the slowdown in world economic growth, the Solar Inverters industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Solar Inverters market size to maintain the average annual growth rate of XXX from XXX million $ in 2014 to XXX million $ in 2018, Stratagem Market Insights analysts believe that in the next few years, Solar Inverters market size will be further expanded, we expect that by 2023, The market size of the Solar Inverters will reach XXX million $.
This Report covers the manufacturers' data, including: shipment, price, revenue, gross profit, interview record, business distribution etc., these data help the consumer know about the competitors better. This report also covers all the regions and countries of the world, which shows a regional development status, including market size, volume and value, as well as price data.
Besides, the report also covers segment data, including: type segment, industry segment, channel segment etc. cover different segment market size, both volume and value. Also cover different industries clients information, which is very important for the manufacturers.
Section 1: Definition
Section (2 3): Manufacturer Detail
ABB
Chint Power Systems America
Darfon Electronics
Delta Energy Systems
Eaton
Elettronica Santerno
Enphase Energy
Fronius International
Fuji Electric Europ
GE Power
Ginlong Technologies
Section 4: Region Segmentation
North America Country (United States, Canada)
South America
Asia Country (China, Japan, India, Korea)
Europe Country (Germany, UK, France, Italy)
Other Country (Middle East, Africa, GCC)
Section (5 6 7):
Product Type Segmentation
Independent Model
Integrated Model
Industry Segmentation
Residential
Business
Public Utilities
Channel (Direct Sales, Distributor) Segmentation
Section 8: Trend (2018-2023)
Section 9: Product Type Detail
Section 10: Downstream Consumer
Section 11: Cost Structure
Section 12: Conclusion
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