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IN THE NEWSAugust 2020- Huawei launched SUN2000-105KTL-H1 string inverter, which supports bifacial PV modules used in 2 MW PV plants in Poland. The inverter produces 15-20 percent more energy than monofacial configuration.
September 2018- SMA launched the world’s most powerful inverter for central PV power plants called Sunny Central UP, which is claimed to increase the power output by 50 percent.
The global DC/AC inverter market is estimated to garner a sizeable revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rise in the dependability of people on electronic appliances and gadgets is predicted to bring an upsurge in the demand for inverters in the coming years, which in turn is expected to fuel the progress of the market. Furthermore, large inflow of investments in the renewable energy sector, coupled with escalating installations of residential solar rooftops, especially in developed nations, are projected to offer abundant growth opportunities to the market in the near future.
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Along with these, rapidly growing urbanization, and increasing adoption of renewable energy sources for electricity generation around the world. According to the International Energy Agency, 421,131 GWh of electricity was generated from primary solid biofuels, up from 390,848 GWh and 366,375 GWh in 2017 and 2016 respectively.
The market is segmented by output power rating into below 10 kW, 10–50 kW, 50–100 kW, and above 100 kW, out of which, the below 10 KW segment is anticipated to hold the largest share in the global DC/AC inverter market. This can be accounted to the suitability of inverters with power rating less than 10 KW for use in commercial and residential sectors, and rising installation of residential solar PV systems on rooftops. Additionally, on the basis of sales channel, the indirect sales channel segment is assessed to grab the largest share during the forecast period owing to the largescale adoption of these sales channel by inverter manufacturers for providing their solutions to several industry verticals. Apart from these, presence of well-established sales networks of major players in the market is also predicted to boost the segment’s growth in the imminent time.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global DC/AC inverter market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth and occupy the most significant share over the forecast period on the back of the rise in demand for electricity in developing countries of the region, robust growth of industrialization and growing trend of green energy for power generation. For instance, in 2020, China’s population consumed about 7,510 terawatt hours of electricity, up from approximately 7,200 terawatt hours of electricity in 2019. In addition, increasing emphasis on regulations focusing on operational and workforce safety, and surge in electrification of the transportation sector is also projected to drive the region’s market growth in the coming years.
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The global DC/AC inverter market is further classified on the basis of region as follows:
Our in-depth analysis of the global DC/AC inverter market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rapidly growing urbanization and increasing adoption of renewable energy sources for electricity generation worldwide.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
High maintenance cost of DC-AC inverter is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the rise in demand for electricity in developing countries of the region, and robust growth of industrialization.
The major players in the market are SMA Solar Technology AG, Omron Corporation, Huawei Technologies Co., Ltd., TMEIC, ABB Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by module type, installation, output power rating, sales channel, and by region.
The indirect segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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