The prominent growth factors of the Solar Inverter market are the stakeholders in the energy generation sector seeking opportunities to reduce carbon footprint and increasing the share of renewable energy sources in the total power generation mix. The governments in several countries are taking initiatives for escalating the adoption of renewable energy and setting targets for future; for instance, in 2019, the Indian government set up a goal to reach 100 GW solar power installation capacity by 2022. Moreover, the Germany government set up a target to achieve 98 GW of solar electricity generation capacity by 2030. Such developments are expected to increase the share of the solar energy capacity in the total power generation mix globally. Therefore, with the momentous rise in usage of solar energy is expected to generate the need the solar inverters in the global market during the forecast period.
According to MarkNtel Advisors’ research report titled “Global Solar Inverter Market Analysis, 2020”, the Global Solar Inverter market is anticipated to grow at a CAGR of around 15.25% during 2020-25.
Asia-Pacific is a Lucrative Market for the Growth of Solar Inverters
The region is expected to showcase a bolstering demand of solar inverters during 2020-25 on an account of the upsurge in investments in the construction industry. Coupled with proliferating demand for solar power energy sources and escalating investments in solar power projects in the region. The region is poised to account for a major market share in 2019 and is projected to show significant growth throughout the 2020-25 period. Shapoorji Pallonji and Company Private Limited (India) and ReNewPower (India) invested around USD 110 million for the development of a 150 MW floating solar power project in Uttar Pradesh, India in 2019.
Off-Grid Type Segment Captured a Larger Portion of the Market
The rising number of solar power plants around the world is leading to a considerable demand for solar power plants. Solar power is a renewable source of clean energy that is in high demand due to rising environmental concerns. The off-grid segment acquired the major market share in 2019 due to its numerous application areas such as installation in commercial, industrial, and residential sectors.
Also, the high adoption of solar converters on account of larger benefits such as it is free, and clean reduces carbon footprint. Promulgating government initiatives and policies which support the adoption of solar power is aiding the growth of solar inverter market globally during the forecast period as stated in the MarkNtel Advisors’ research report “Global Solar Inverter Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Solar Inverter market include Huawei Technologies, Schneider Electric, Siemens AG, General Electric Company, ABB Ltd., SMA Solar Technology, Delta Energy, Mitsubishi Electric Corporation, Kstar New Energy Company, Omron Technologies, etc.
“Global Solar Inverter Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Solar Inverter providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Key questions answered in the study