Jun 02, 2021 (SUPER MARKET RESEARCH via COMTEX) -- According to the latest report by IMARC Group, titled "Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the global solar PV inverter market exhibited moderate growth during 2015-2020. A solar inverter, also known as PV inverter, is a device which plays a significant role in a solar electric power system. It converts the variable direct current (DC) output of a solar panel into the utility frequency alternating current (AC) which can then be supplied to the power grids or houses for operating different appliances. Moreover, it assists in maximizing the overall electricity production by varying the load and ensuring complete compliance with stringent policies of feeding electricity into the grid.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Since several years, the demand for solar inverters was primarily accounted by the commercial and industrial sectors. However, on account of the rising environmental concerns regarding greenhouse gas (GHG) emissions and the growing awareness among consumers about the importance of renewable energy sources, the demand for solar inverters is now also emerging from the residential sector. Moreover, inflating fossil fuel prices around the world are further driving the market. Apart from this, the declining cost of solar inverters in both the developed and developing economies is also impelling the growth of the market. Some of the other factors that are stimulating the market growth include technological advancements and the rising governmental support in several countries. Looking forward, IMARC Group expects the global solar PV inverter market to grow at a CAGR of around 6% during 2021-2026.
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Key Market Segmentation:
The competitive landscape of the market has also been examined with some of the key players being ABB Ltd, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, Omron Corporation, General Electric Company, SMA Solar Technology AG, Delta Energy Systems Inc., Enphase Energy Inc., SolarEdge Technologies Inc., Huawei Technologies Co. Ltd, Kstar New Energy Co. Ltd, Sineng Electric Co. Ltd, Sungrow Power Supply Co Ltd, Tabuchi Electric Co. Ltd, TBEA Sunoasis Co. Ltd and Toshiba Corporation.
Market Breakup by Technology:
Based on the technology, the market has been segmented into central inverter, string inverter, microinverter and others. Central inverters currently represent the biggest segment.
Market Breakup by Application:
small commercial scale
large commercial scale