Key players Profiled are SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), SunPower Corporation (US), Delta Electronics, Inc. (Taiwan), SolarEdge Technologies Inc. (Israel), Sineng Electric Co., Ltd. (China), Power Electronics (Spain), Solectria Renewables, LLC (US), and Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), among others.
The Market is to Witness Substantial Demand
Solar Inverters enjoy tremendous popularity and uptake worldwide due to their ability to rapidly convert DC power input into AC while staying connected to the on-grid system. Besides, the growing numbers of solar power plants connected with the grid through an on-grid solar inverter push the growth of the market. Growing off-grid solar panel installations for commercial, industrial, and residential uses drive the solar inverter market growth, creating substantial demand for reliable and safe power source converters.
As a result, the solar inverter market garners huge traction globally. Market Research Future (MRFR), in its recent solar inverter market analysis, asserts that the market is expected to grow at approximately 15.45% CAGR during the assessment period (2019 to 2025). Despite the COVID-19 outbreak, the solar inverter industries remained unaffected due to the reassuringly robust rise in the renewable energy market.
Due to the continually rising energy demand, primarily from the industrial sectors, the renewable energy market kept growing steadily throughout the year 2020. Also, the solar inverter market is rapidly returning to normal, witnessing the steadily increasing energy demand, especially from the industrial sectors. The solar inverter demand is projected to pick up further following the uplift of the lockdown in many countries.
Solar inverters provide an efficient solution for reliable and safe power source converter in off-grid solar panels for commercial & industrial, and residential use. Resultantly, the rise in off-grid solar panel installations in commercial, industrial, and residential applications impacts the market growth positively.
Besides, rapid uptake of solar inverters in the solar rooftop, ground-mounted residential set-ups, and commercial as well as in utility-scale systems fosters the growth of the market. The solar inverter market outlook appears promising mainly due to the continually growing energy demand worldwide. Additionally, the growing installations and government initiatives & policies benefit the solar inverter market growth.