Growing Awareness Of Clean Energy Is Expected To Ensure Robust Growth In Solar Inverter Market

Growing Awareness Of Clean Energy Is Expected To Ensure Robust Growth In Solar Inverter Market

According to a new market research report published by Credence Research “Global Solar inverter Market (Technology (Central inverter,  String inverter, Micro inverter, Others); Voltage (< 1,000 V,  1,000 – 1,499 V, > 1,500 V.); Application (Utility scale, Residential scale, Small commercial scale, Large commercial scale, Industrial scale)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”, the overall solar inverter market globally was valued at US$ 6.9 Bn in 2018 and is set to grow with a CAGR of 5.5% during the forecast period.

Browse the full report at https://www.credenceresearch.com/report/solar-inverter-market

Market Insights

The global solar inverter market is highly driven by the rapidly growing due to rapid adoption of solar panels among the end user. There are several benefits of solar energy as it is a renewable energy source as it is available at almost every part of the globe, secondly, it is a clean energy which does not emit green house gases, which results as an echo friendly source of energy. Moreover, the prices of solar panel have declined in recent years, making it affordable for individuals.

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Several airports, manufacturing industries, and other organizations are shifting for the solar energy as it results in reduction for the price of electricity produced from traditional method. Moreover, the rising cost for fossil fuels and there is growing concern with respect to pollution, people are moving towards ecofriendly and cost effective alternative to ease their lives. This is provoking governments to develop advanced infrastructure that would equally contribute to this eco-friendly initiatives. Hence, increasing government investments in the field of solar energy is also driving the market. Similarly, large number of companies is entering the solar inverter market based on the growth potential in the industry.

Based on applications, large commercial and industrial scale holds the largest position due to cost efficiency of solar energy. Asia-Pacific holds the largest market share in the solar inverter market. This is due to developing economies such as India and China which constantly face the issues of intermittent power outages. This resulting in the demand for inverters and has grown during the recent years.  China is the largest country present globally, in terms of solar installations which is a driving power for the global solar industry.

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Some of the prominent players operating in the solar inverter market include Huawei Technologies Co. Ltd, TBEA Sunoasis Co. Ltd, ABB Ltd., Schneider Electric SE, Sungrow Power Supply Co Ltd, Omron Corporation, Siemens AG, General Electric Company, Enphase Energy Inc., SMA Solar Technology AG, SolarEdge Technologies Inc., Sineng Electric Co. Ltd, Kstar New Energy Co. Ltd, Mitsubishi Electric Corporation, Tabuchi Electric Co. Ltd, TMEIC Corporation, and Delta Energy Systems Inc.

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