The Solar PV Inverter Market is growing as renewable energy becomes more affordable, with China leading the way in global demand and efficiency improvements driving sales.
With the world witnessing greater interest building up around renewable energy, the cost of power generation using renewable energy resources has been falling consistently over the recent past. Global demand for solar photovoltaic (PV) inverters will remain strong as a critical solar value chain component, suggests a new upcoming study of Fairfield Market Research. The report says that solar PV inverter sales will pick up momentum as a result of growing affordability of renewable energy generation, and the consequent price drop in all the associated categories.
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Large-scale Deployments of PV Inverters Underway
With dropping installation costs, solar PV inverter sales are likely to observe a notable growth outlook over 2021 – 2025. In addition to an increasing number of installations, the constantly enhancing efficiency of solar PV inverters is likely to provide an impetus to sales further. Strong indications of price competitiveness also promise greater adoption prospects across commercial, as well as industrial sectors in the near future. Increasing shipments of solar PV inverters to utility-scale sectors is driving market progress. Evolving regulatory framework that centres around sustainability through reduced greenhouse gas (GHG) emissions, and slashed carbon footprint will also work to the advantage of solar PV inverter market. Substantial gains are expected in the near future from estimated large-scale deployments.
Growing Role of Industry Authorities
The International Renewable Energy Agency (IRENA) estimates the global solar power capacity to scale up by 9%, annually, over 2018 – 2050. While this makes up for a considerable share of the estimated global power, the fact is that a greater portion of this demand would come from replacement PV inverters. While this demand generation is attributed to the expanding installed base of older, ageing PV installations, it is imperative that these solar PV inverters stand aligned with industry standardisation. Inverters are thus subject to an array of testing, certifications, and regulatory guidelines to assure their safety.
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China to Remain Key Contributor Globally
The report will unfold growth prospects of solar PV inverter market across the various regions. Initial research uncovers the fact that Asia Pacific continues to be among the key markets for globally leading inverter manufacturers. China, the preeminent demand generator, is expected to gain significantly from its strong solar power generation market, and growing significance of the Chinese Grid Code for ZVRT. The hegemony of Chinese inverter making companies like Huawei Technologies Co., Ltd., Kstar New Energy, Sineng Electric Co., Ltd., Sungrow, and CHINT Group will remain intact in global landscape. The role of governments is going to be critical, says the report.
Key Players in Solar PV Inverters Landscape
Schneider Electric SE, Eaton Corporation, OMRON Corp., Siemens AG, Delta Electronics, Mitsubishi Electric Corporation, KACO, AP Systems, AEG Industrial Solar, Apollo, Enphase Energy, Fronius International GmbH, FIMER (acquired ABB’s PV inverter line), TMEIC, Growatt, Ginlong GoodWe, Huawei, KOSTAL Solar Electric GmbH, ITECH, Morningstar, PV Evolution Labs, Power Electronics, and Solar Edge
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The article discusses the growth of the Solar PV Inverter Market due to increasing affordability of renewable energy.
The market is growing due to falling costs of renewable energy and improved inverter efficiency.
China is a key contributor, with significant demand and strong solar power generation capabilities.
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