Solar Inverter also known as photovoltaic inverter is a type of an electrical inverter through which utility frequency alternating current (AC) can be achieved by converting the variable direct current (DC) output of a photovoltaic solar panel which can be used to be fed into commercial electrical grid or used by off-grid electrical network. Some special functions are involved with the solar inverter adapted for use with photovoltaic arrays which includes maximum power point tracking and anti-islanding protection.
The factors responsible for driving the growth of global solar inverter market includes the help in retaining the ecological balance, decrease in the greenhouse effect and the unnatural weather changes. The solar inverter also helps in saving the money in the long run by reducing the high electricity bills by eliminating the need of small inverter battery. The increased reliability, cost-efficient solution along with the ease of installation and affordability when compared with the generators. The increasing technical advancements along with the rising demand for the energy is leading to the growing demand for the solar inverter in the market during the forecast period. The energy efficient solution coupled with the ease in maintenance of the solar inverter is further propelling the growth of global solar inverter market. The factors responsible for hindering the growth of global solar inverter market includes the need of high initial installation cost, sufficient need of sunlight along with a large space required for installation.
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On the basis of geography, Asia-pacific is expected to dominate the global solar inverter market owing to the rising government initiatives and subsidies to promote the solar energy. China is becoming the largest market for implementing the solar inverter. The surging urbanization in developing countries in this region is leading to rise in the demand for energy further driving the growth of solar inverter market.
Various notable players operating in the global solar inverter market including Sungrow, Danfoss Group, Mitsubishi Electric Corporation, Schneider Electric, OMRON Corporation, Enphase Energy Inc., ABB, Siemens AG, KACO new energy and SMA Solar Technology AG among others.
The global solar inverter market has been segmented on the basis of technology, voltage, application and key geographies. Based on technology, the market is segmented into central inverter, micro inverter, string inverter and others. Based on voltage, the market is segmented into <1,000 V, 1,000-1,499 V and >1,500 V. Based on application, the market is segmented into residential, commercial, industrial and utility.
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Key questions answered in this research report:
1- At what pace is global solar inverter market growing? What will be the growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global solar inverter market?
4- What are the various application areas and how they are poised to grow?
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