Global Renewable Energy Inverter Market Overview:
Inverter plays an important role in the energy sector to convert direct current into alternate current. Demand for renewable energy inverters has been increasing continuously across the globe as more and more countries are taking initiative to generate energy from renewable sources. Further, the financial aid and incentives from the government for the installation of solar systems will accelerate the growth of residential solar systems across the globe. Evolving inverter technologies and high-growth renewable energy plants in the rural or remote areas to pent-up demand for reliable electricity will drive the market. Deployment and replacement of solar inverters with conventional microinverters in the residential segment will create strong growth.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Growth Drivers
- Growing Adoption of Renewable Energy Sources Across the Globe to Reduce the Dependence on Fossil Fuel for Energy Generation and Sustainable Growth
- Upsurge in the Integration of Installation of Solar Energy Systems in Residential and Commercial Buildings
Roadblocks
- High Cost of Renewable Energy Inverters and Disadvantages Associated with Hybrid Inverters like lack of Grid Isolation Device
Opportunities
- Significant Growth of Solar Energy Sector in the Asia Pacific Region Will Create Many Opportunities for the Solar Inverters Market
Challenges
- Technical challenges Associated with Integration of Grid-Forming Inverters into Larger Power Grid
Competitive Landscape:
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Voltsys (Ireland), Siemens (Germany), Schneider Electric (France), Eaton Corporation (Ireland), Mitsubishi Electric Corporation (Japan), ABB Ltd (Sweden), GE Renewable Energy (France), Hitachi (Japan), Huawei Technologies Co., Ltd. (China), LG Corp (South Korea), Yaskawa Solectria Solar (United States), Tigo Energy, Inc. (United States), COTEK (Taiwan), Growatt New Energy (China), Honeywell (United States), Generac Power Systems, Inc. (United States), Power Electronics S.L. (Spain), KACO new energy (Germany), SMA Solar Technology AG (Germany), Fuji Electric (Japan) and Fronius (Australia). Analyst at AMA Research see European Manufacturers to retain maximum share of Global Renewable Energy Inverter market by 2027. Considering Market by Phase, the sub-segment i.e. Single Phase will boost the Renewable Energy Inverter market. Considering Market by Sales Channel, the sub-segment i.e. Online will boost the Renewable Energy Inverter market.
Latest Market Insights:
In June 2021, Sumry Energy introduced the MPS-H series and MPS-HP series off-grid solar inverters Both the inverters come with power of 3500W and 5500W respectively, and have a small size, lightweight, high power conversion efficiency, are easy to install, and are suitable for a variety of working modes.
In March 2021, Fronius, an Australia-based solar inverter manufacturer launched an innovative single-phase hybrid inverter, GEN24 Plus. The newly launched inverter will be available in 3.0 - 6.0 kW power categories. Primo GEN24 Plus is compatible with home storage units and features sophisticated Multi-Flow technology that enables simultaneous energy flows.
What Can be Explored with the Renewable Energy Inverter Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Renewable Energy Inverter Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Renewable Energy Inverter
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Renewable Energy Inverter market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Renewable Energy Inverter market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Renewable Energy Inverter Manufacturers, Renewable Energy Inverter Suppliers & Distributors, Venture Capitalists and Private Equity Firms, Government Bodies and Research Organizations, End-Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.