Global PV Inverters Market: Overview
PV inverters also known as solar inverters are a type of electrical converters that changes variable DC (direct current) output of a PV (photovoltaic) solar panel into AC (alternating current) output. Such AC currents are either used by local people, or are fed into a commercial electrical grid.
Global PV inverters market is poised for substantial growth in the years to come as there has been a phenomenal rise in the use of solar energy. More and more companies are committing towards moving from conventional source of energy to renewable ones. In addition to that, there has been a change in the consumer preference for a sustainable environment. Various governments together with further advancements in the sector of renewable energy have set ambitious targets.
In an upcoming report on global PV inverters market by Transparency Market Research (TMR), every important facet of the global market for PV inverters has been elucidated. The report describes in details the key market trends, challenges, geographical analysis, opportunities, and competitive landscape.
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Global PV Inverters Market: Notable Developments
Developments in the global PV inverters market are quite a few and they have impacted the market quite positively.
- Solar panels blended with photovoltaic inverter are the newest innovations in the global PV Inverters market. For example, a company like Enphase is manufacturing inverters with the help of an attachment point at the very back of the panel.
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- A few of the U.S. inverter specialists have eventually entered into partnerships with variousleading panel manufacturers in the last one year so as to create module without any additional installations.
Enphase Energy, Hitachi H-Rel Power Electronics Pvt. Ltd, Siemens AG, Sun Power Corporation, KACO Omron Corporation, and Tigo Energy are some of the leading players of the global PV Inverters market.
Global PV Inverters Market: Key Trends
The keymarket trends and opportunities of the global PV inverters market are as mentioned below:
Increased Demand for Solar Energy
The demand for solar Photovoltaics (PV) inverters is expected to be propelled by rising demand forrenewable power generation and solar energy. By the year 2020, global renewable energy sector is anticipated to be dominated by solar energy. As such, increase in the installations of PV converted becomes quite apparent.
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An unprecedented pace of growth has been witnessed in the industry of renewable source of energy. With various government initiatives and commitments of private companies, renewable form of energy has become a feasible option for the human civilization. The world is on the verge of accepting clean and green energy at a never-seen-before scale. Situation now is such thatit is costlier to run a coal or natural gas plant than running a wind or solar plant.
Unprecedented growth of the solar equipment has been witnessed across all end-use segments and on a continuous basis. End-use sectors such as commercial, utility-scale, and residential all have contributed towards making the use of solar equipment as feasible option. For the solar PV market, utility sector offers maximum growth.
Global PV Inverters Market: Geographical Analysis
In the year 2017, the global PV inverters market was led by the region of Asia Pacific. The region accounted for over 50% of the total market share in terms of revenue. Commissioning of many grid-scale solar farms across the region, particularly in India and China, has contributed towards such unprecedented growth of the PV inverters market. Various purchase initiatives and subsidies by the government also have played a crucial role in the region.
Presence of several leading PV inverters market players together with latest technical developments in the power electronics segment have helped meet a massive demand arising out of Asia Pacific in the PV inverters market
With U.S. as an important contributor, North America retains its position of a mature market. U.S is an important market for different types of solar equipment.
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.