The significant factors surging the growth of the solar inverter market include the increasing number of infrastructural development and the accelerating demand for 24*7 electricity supply. Various governments are emphasizing on infrastructural development in their countries to enhance their citizen’s quality of life. For example, the government of the UAE is focusing on the Smart Dubai project, with an objective to transform the city into a leading global smart city. This continuous rise in construction activities will further enhance the growth of the market. Additionally, the growing greenhouse gas effect and the increasing number of environmental issues are promoting the use of solar inverters. The solar inverter reduces the cost of electricity bills and offers higher efficiency in the long run. —
Numerous stakeholders in the energy generation industry are actively looking for opportunities to decrease carbon footprints by focusing on using renewable energy sources for power generation. For example, in 2019, the Italian government framed an objective to reach 50 GW of solar power generation by the end of 2030 to increase the share of renewable energy sources in the total power generation of the country. This growing emphasis on renewable energy sources will positively influence the growth of the solar inverter market size. On the other hand, the high initial installation cost, the continuous requirement of sunlight, and the need for a large area for installation are certain factors that will hamper the solar inverter market growth.
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On the basis of technology, the central inverter segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is due to the strong demand for energy as a result of rapid urbanization and the increasing usage of electricity around the world. The central inverters are often used in buildings, industries, and in several field installations. These inverters provide a lower capital price per watt, offers higher efficiency, and are easy to install as compared to other types of solar inverters. All these exceptional benefits offered by these inverters is another factor that is responsible for the growth of the segment.
Based on the end use, the industrial segment is predicted to witness considerable growth in the next six years. The increasing number of government initiatives to support the usage of renewable energy sources for power generation is the key driver boosting the demand of the segment. In addition to this, the growing investments in the renewable energy sector across various industries will further enhance the growth of the segment in the market.
On the basis of the region, the Asia-pacific region is expected to the fastest growing region over the forecast period. The growing incidences of power outages, especially in developing economies such as India and China, followed by the various initiatives such as India’s National Solar Mission, are the primary factors that are energizing the market growth in this region. For example, NABARD is providing a 40% subsidy for those who are purchasing solar inverters.
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The key players of the solar inverter market include Power-One, Inc., SolarEdge Technologies Inc., Solectria Solar, SMA Solar Technology AG, KACO New Energy Inc., Emerson Electric Co., Schneider Electric, SunPower Corporation, Canadian Solar, and Hitachi Hi-Rel Electronics Private Limited, among others.
The research report on the solar inverter market provides an in-depth analysis of the market revenue based on technology, end use, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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