Global Solar Inverter Market Analysis, 2020 research report depicts a deep-dive market analysis of statistics of Global Solar Inverter market which consists of regional and country-wise market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end users, applications, product type, technologies, competitive benchmarking, etc.
Countries across the world today are actively focusing on attaining sustainable energy solutions. Due to this reason, solar inverters are gaining traction day by day. The growth of solar inverters is associated with the rising number of solar power system installations and. Due to rapid urbanization, escalating population, advancement in infrastructure development, and enhanced access to electricity, it is expected that the global electricity demand will rise gradually in the forthcoming years. The global electricity generation capacity from solar energy is expected to reach 3,300 TWh by 2030, according to the International Energy Agency. Power generation sources such as thermal energy, gas, and diesel contribute largely to carbon emission. Moreover, amplifying concerns over increasing degree of global warming and focusing on less dependence on fossil-fuel-based power generation have led to a rise in the adoption of solar energy sources to fulfil the energy demand.
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. However, the high operation and maintenance costs of solar inverters is expected to curtail the growth of the market during 2020-25.
Various Initiatives by Countries to Propel the Solar Power Generation
Many experts in various countries such as Italy, India, and Germany are focusing on stimulating the use of solar energy sources to meet the country’s energy demand. For instance, the Italian government has plans to achieve 50 GW of solar power generation capacity by the end of 2030 with which it aims to increase the share of renewable energy in the country’s total power generation. According to the U.S Department of Energy, the solar industry has made rapid progress toward the 2020 targets, Solar Energy Technologies Office (SETO) dedicated to reaching new cost targets for the upcoming decade, which supports greater energy affordability by cutting the cost of solar electricity an additional 50% between 2020 and 2030. The SunShot 2030 targets are USD 0.05 per kilowatt-hour for residential PV, USD 0.04 per kilowatt-hour for commercial PV, USD 0.03 per kilowatt-hour for utility-scale PV.
Central Inverter Acquired the Major Market Share
The central inverter segment held the majority of the market share in 2019 as central inverters in the whole solar panel system are connected in series through which the DC power is converted into AC with the help of solar converters. The main application of central inverters is in the large-scale industries. The rising demand from various industries for solar energy is increasing the demand for solar inverters 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 AI in the 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.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Solar Inverter Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Solar Inverter Market during 2020-25?
A. The growth rate of Global Solar Inverter Market during 2020-25 is forecast to be around %.
Q. Who are the key competitors or players operating in Global Solar Inverter Market?
A. 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 are few of the leading players in the Global Solar Inverter Market.
Q. Which technology segment would emerge as an opportunity area for players in Global Solar Inverter Market?
A. Central inverter technology segment application segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in Global Solar Inverter Market?
A. The Asia-Pacific region grabbed a significant market share continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Solar Inverter Market.