Hybrid Inverters to Play a Key Role in the Integration of Solar PV...

Hybrid Inverters to Play a Key Role in the Integration of Solar PV with Energy Storage

Posted 2023-10-18 05:08:34

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Market Research Future Insights

The solar inverter market is expected to grow at a compound annual growth rate (CAGR) of 5.70% from 2023 to 2030, reaching $ 18.93 billion by 2030. This growth is being driven by several factors, including:

· Increasing demand for solar power: Solar power is becoming increasingly popular as a clean and renewable source of energy. In 2022, global solar capacity additions reached a record high of 254 gigawatts (GW).

· Government incentives and regulations: Many governments around the world are offering incentives to promote the adoption of solar power. Additionally, some governments have implemented regulations that require the use of renewable energy sources.

· Technological advancements: Solar inverters are becoming more efficient and affordable, making them more attractive to consumers and businesses

The solar inverter helps to deliver electricity in areas like industrial, commercial, and residential. The solar inverter can be coupled as an on-grid or off-grid. The varieties of solar inverters are the central inverter, string inverter, and micro-inverter.

The growing demand and requirement for green and clean energy are pushing the growth and development of the global solar inverter market over the projected period. The government of developed and developed regions is taking initiatives to control the impact of carbon emissions and greenhouse gas emissions. The demand for rural electrification, technological advancements, improved renewable energy investments, and uprising government support are all herding the solar inverter market.

The aggressive proliferation activities, contracts, and new product inventions to boost the product offerings of major market players will support the solar inverter market growth. The new product launches by key market players related to enhanced communication, rapid installation, and low shipping costs, and amplified reliability and efficiency. All of these aforesaid trends and factors are punching the growth of the global solar inverter market over the projected period.

Key Players

· SMA Solar Technology AG (Germany)

· Canadian Solar Inc. (Canada)

· ABB Ltd (Switzerland)

· SunPower Corporation (US)

· Delta Electronics (Taiwan)

· SolarEdge Technologies Inc. (Israel)

· Sineng Electric Co. Ltd. (China)

· Power Electronics (Spain)

· Solectria Renewables LLC (US)

· Hitachi Hi-Rel Power Electronics Pvt. Ltd (India)

Regional Analysis

The global Solar Inverter Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Asia- Pacific esteemed largest revenue share of around 43 in 2021. Factors like uprising government initiatives and the presence of major market players in the region are thrusting the expansion of the solar inverter market in Asia- Pacific.

Growing demand for solar power, enlarging investments in residential and commercial construction projects, and investment in the solar energy sector will punch the growth of the Solar Inverter Industry in the Asia- Pacific region. The governments of various Asia- Pacific nations are taking initiatives to encourage the application of alternative energy resources with minimum carbon emissions. The supportive initiatives by the government will aid in boosting the Solar Inverter Market Growth in this region.

North America is anticipated to develop at the fastest rate during the forecast period. The U.S. subordinated the solar inverter market in the North American region. The U.S. is vanquishing the solar inverter market in the North American region.

Market Segmentation

The global Solar PV Inverter Market Size is segmented into the following types;

By Product Type