Solar Inverters Market Revenue to close at USD 11960.35 MN by 2027
Posted On May 26, 2021
The Global Solar Inverters Market is foreseen to grow at a remarkable CAGR of 5% during the year 2021-2027 as estimated by the report from Value Market Research wherein the market value is expected to grow to USD 11960.35 MN by 2027. The rapid growth in solar power generation due to growth in the commercial and industrial sector has increased the demand for installation of solar PV inverters and is the primary driver for the growth of the solar inverter market. A decrease in manufacturing cost and increase in efficiency due to advancement in technology is also one of the major drivers of the solar inverter market's growth. Cheaper solar electricity and stability of the power supply will further drive the growth of the solar inverter market. Moreover, an increase in concern over the environment regarding energy generation from renewable resources will also spur this market growth. Also, the increased government initiatives will boost the growth of the solar inverter market.
A device that can convert direct current obtained from the solar panel/photovoltaic system into the alternating current is known as a solar inverter. The obtained alternating current can be used for running various domestic appliances like a fan, television, etc. A solar inverter is an important component of the photovoltaic system. Maximum power point tracking and anti-islanding protection are some special features of solar inverters. Solar inverters can be broadly classified into three categories, and those are off-grid/ standalone inverters, on-grid/ grid-tied inverters, and hybrid inverters. Off-grid inverters are independent of the grid and work on battery. On-grid inverters depend upon the grid, and hybrid inverters support both battery and grid connection.
The geographical and segmentation study covered in the report "Global Solar Inverters Market Report By Product (Central, String, Micro, Others), By End-Use (Residential, Commercial & Industrial, Utilities) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" helps in understanding the upcoming trends of the market.
On the basis of product the market is segmented into Central, String, Micro, Others. By end-use the solar inverters market is categorised as Residential, Commercial & Industrial, Utilities. Geographically the research study provides data on North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions. This section provides the estimates of market by segment, thus providing valuable data to take strategic decisions.
The Report Segments Global Solar Inverters Market -
- Commercial & Industrial
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Players Profiled In the Report:
ABB, SunPower, Power Electronics S.L., SMA Solar Technology AG, Delta Electronics, Inc., Emerson Electric Co., Eaton, OMRON Corp., Hitachi Hi-Rel Power Electronics Pvt. Ltd., and Siemens Energy.
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