Solar Inverter Market

Global Solar Inverter Market Research Report - Forecast
to 2023
Industry Survey, Growth, Competitive Landscape
and Forecasts to 2023
PREPARED BY
Market Research Future
(Part of Wantstats Research & Media Pvt. Ltd.)
Global Solar Inverter Market Forecast to 2023
Global Solar Inverter Market - Overview
Solar inverters are electrical converters which convert DC current into AC for use in commercial electrical grids or other electrical grid
networks. Commonly used in solar rooftop or ground-mounted residential and commercial areas, solar converters are a fantastic
alternative to traditional electricity generation methods. Market Research Future has invested time and resources to properly understand
the global solar inverter market which is expected to grow at a highly optimistic CAGR of 15.65% during the review period from 2017 to
2023. The growth of the market at that rate is expected to reach a market value of USD 24,507.3 Mn by 2023.
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A rising number of solar power plants around the world will drive the solar inverter market. This is largely due to the fact that solar
power is a renewable source of clean energy which is in high demand due to rising environmental concerns. The growth of off-grid solar
panel installation in commercial, industrial, and residential use will help the market grow rapidly. The reason these factors are driving
market growth and the high adoption of solar converters is due to the various benefits of using solar energy. Solar power is free, and
clean and reduces carbon footprint while being affordable. Increasing government initiative and policies which support the adoption of
solar power has been a driver of growth for the global solar inverter market.
Solar Inverters enjoy tremendous popularity and uptake worldwide due to their ability to rapidly convert DC power input into AC while
staying connected to the on-grid system. As a result, the solar inverter market garners huge traction, globally.
The growing number of solar power plants connected with the grid through an on-grid solar inverter is a major driving force pushing up
the market growth. Increasing installations of off-grid solar panels for commercial & industrial and residential use require a reliable and
safe power source converter, which solar inverter provides.
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Global Solar Inverter Market Forecast to 2023
Global Solar Inverter Market - Competitive Analysis
Intensely competitive, the solar inverter market appears to be well-established with the presence of
many large and small-scale players. Strategic initiatives such as acquisition, expansion, collaboration,
and product launch remain the trends of these players to gain a competitive advantage. The
competitive landscape of the market is decided based on the market participants, their production
capacities, supply chain, and the revenue generated by each manufacturer.
July 09, 2019 - FIMER (Italy), Inverter manufacturer giant announced the acquisition of ABB’S solar
inverter business in India. The purchase includes PowerOne, the solar inverter business. The
acquisition aims at enhancing the solar inverter business in the future and will allow ABB to focus on
its business portfolio in other industry segments. Additionally, the acquisition will enable FIMER to
enhance sales growth and emerge as the pioneers in the solar inverter market. The transaction is
likely to complete in the first quarter of 2020.
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Global Solar Inverter Market Forecast to 2023
MARKET SEGMENT
Global Solar Inverter Market - Segments
The global solar inverter market has veteran a potential growth over the past few years, and it has
also been analyzed that the market will nurture at the same pace during the forecast period.
On this event, the market has been segmented on the basis of type, system, end-user & region.
By the mode of type, this market segment comprises of central, string & micro.
By the mode of system type, this market segment comprises of on-grid and off-grid.
By the mode of end-user, the market is segmented into residential, industrial & commercial and
utilities.
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Global Solar Inverter Market Forecast to 2023
KEY PLAYER
Key Players:
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SMA Solar Technology AG (Germany),
ABB Ltd (Switzerland),
Canadian Solar Inc. (Canada),
SunPower Corporation (US),
SolarEdge Technologies Inc. (Israel),
Delta Electronics, Inc. (Taiwan),
Sineng Electric Co., Ltd. (China),
Solectria Renewables, LLC (US),
Power Electronics (Spain), and
Hitachi Hi-Rel Power Electronics Pvt. Ltd (India)
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The global demand for solar inverters has been rising robustly at a CAGR of 15.65% from 2017 to 2023. The market is also poised to achieve and exceed valuation of USD 24,507.3 million by 2023 as the demands for the solar inverter is grossing owing to increasing environmental concerns and making it an essential fact of the market. The importance of solar is profoundly portrayed mainly to reduce harmful emissions and to increase the cost of fossil fuels. Due to these reasons, solar power is a more economical energy source in the present day.

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