The Global Solar Inverter Market is a very dynamic market and is expected to witness high growth over the forecast period. The growth of the solar panels market is majorly influenced by the growing demand for energy consumption around the world. Furthermore, electricity produced by renewable sources is clean, cost effective and renewable in nature. In 2015, China, being the world biggest carbon emitter, invested USD 102.9 billion in renewable energy, which accounted for 36% of world total. According to Institute for Energy Economics and Financial Analysis (IEEFA), China has increased its foreign investment in renewables and solar by 60 percent to reach a record USD 32 billion in 2017. However, the high capital cost for installation is acts as a major barrier for the growth of the solar inverter market. The Global Solar Inverter Market is poised to grow over USD 24,507.3 million by 2023 at an estimated CAGR of 15.65% through the forecast period.
The major players operating in the market of global solar inverter are ABB Ltd (Switzerland), SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada), SolarEdge Technologies Inc. (Israel), SunPower Corporation (U.S.), Delta Electronics, Inc. (Taiwan), Solectria Renewables, LLC (U.S.), Sineng Electric Co., Ltd. (China), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), and Power electronics (Spain).
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Market Research Future Analysis:
Market Research Future analysis states that the global market of solar inverter market is estimated to grow at USD 24,507.3 million by the end of year 2023.
One of the primary drivers for the growth of solar energy is the important part played by the government initiatives and policies. Certain policies such as solar energy production, distribution and consumption, are developed by governments to sustain growth. Solar energy policies include legislation, international treaties and incentives to investment such as the formation incentives in the U.S. urbanization and economic development are leading to a rapid rise in energy demand in urban areas. Government are setting targets and introducing polices for promoting renewable energy as well as to reduce carbon emissions. Increasing awareness regarding fossil fuel conservation and clean fuel demand will complement the industry growth
Asia-Pacific is the largest power producer globally, and is the largest market for renewable energy generation across the globe The Solar inverter market is emerging in countries such as China, India, and Japan, and is estimated to grow at a high rate in the forecast period. The Asia-Pacific market is leading the global solar inverter market whereas the market in North America & Europe is expected to grow rapidly due to increased domestic demand for solar inverter.
Utility-scale power generation currently represents a comparatively small percentage of global power generation but, a rapid growth is expected for this sector due to growing awareness of utilization of renewable energy and reducing the carbon footprint. Also, the reduction in costs is determined by technological advancement, economies of scale in manufacturing and innovations in financing have fetched solar power within reach of grid uniformity in a growing number of markets.
Table of Content
1 Executive Summary
2.1 Definition 13
2.2 Scope Of The Study 13
2.3 Assumptions 13
2.1 Market Structure 14
3 Research Methodology
3.1 Research Process 15
3.2 Primary Research 16
3.3 Secondary Research 16
3.4 Market Size Estimation 16
3.5 Forecast Model 18
4 Market Dynamics
4.1 Drivers 20
4.1.1 Growing Solar Systems Installations 20
4.1.2 Government Initiatives And Policies 21
4.1.3 Reduction In Carbon Emission 21
4.2 Restraint 21
4.2.1 High Cost Of Solar Inverter And High Maintenance Cost 21
4.3 Opportunity 21
4.3.1 As Power Source In Remote Areas 21
4.3.2 Solar Energy Storage 22
5 Market Factor Analysis
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