Research Nester has released a report titled “PV Inverter Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the PV inverter market in terms of market segmentation by product, by application, by connectivity, by power class, nominal output voltage, by nominal output power and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global PV inverter market is segmented by power class into single phase and three phase, out of which, single phase PV inverter segment is anticipated to hold the largest market share on account of large share of single phase electricity distribution type across consumers as well as the low cost of single phase PV inverters as compared to three phase inverters.
The global PV inverter market is anticipated to record a significant CAGR during the forecast period, i.e. 2019-2027. Rising trends for generation of electricity from renewable energy sources, increasing deployment of solar cells, coupled with the rising solar cell market, and increasing R&D for advanced PV inverters for greater efficiency and optimum performance of solar panels, all of these factors is estimated to promote the demand for global PV inverter market throughout the forecast period. According to the International energy Association (IEA), solar power represented the largest absolute generation growth of around +136TWh of all renewable resources in the year 2018.
Regionally, the global PV inverter market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia-Pacific is expected to have largest market share on account of greater investments for the deployment of solar generation projects from nations, such as, China, India and Vietnam amongst others, and their increased contribution towards total solar generation capacity. The U.S. Energy Information Administration (EIA) stated that a total of 75.3 billion kilowatthours worth solar electricity was generated in China in the year 2016, which also made it the worlds highest solar electricity generation nation.
Increasing Demand For Solar Energy And Renewable Power Generation
Constant focus of the government of the nations across the globe so as to meet the targets envisioned by the IEA along with various other supporting initiatives so as to reach a total solar PV electricity generation of around 3268TWh by 2030, have helped nations around the world to increase their total solar PV generation by 31% approximately in the year 2018 from 2017. In the statistics by the IEA, solar PV generation in the world reached 570.8 TWh in the year 2018 from 250.2 TWh in the year 2015. The growing deployment of solar energy systems is also anticipated to impact the need for PV inverters. Such a factor is anticipated to contribute significantly towards the growth of the global PV inverter market over the forecast period.
However, concerns regarding gradual lowering of solar equipment prices owing to greater government subsidies is anticipated to hamper the revenues of the PV inverter manufacturing players, which might operate as key restraint to the growth of the global PV inverter market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global PV inverter market, which includes company profiling of SMA Solar Technology AG (ETR: S92), Schneider Electric (EPA: SU), Delta Electronics, Inc. (TPE: 2308), KACO new energy GmbH, Huawei Technologies Co., Ltd., FIMER SpA, General Electric (NYSE: GE), Sungrow (SHE: 300274), Tabuchi Electric Co. Ltd., and Panasonic (TYO: 6752). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global PV inverter market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.