Photovoltaic Inverter Market
The Photovoltaic Inverter Market was $ 3.41 billion in 2014, and is expected to reach $11.06 billion by 2023, registering a CAGR of 14.12% during the forecast period. Photovoltaic Inverter is an electrical device which converts Direct Current DC form a photovoltaic solar panel into Alternating Current AC that can be used by commercial electrical grid or local electrical grid. Photovoltaic Inverters play a vital role in any solar energy system and are treated as intellect to that system. Companies have successfully done the modification in Photovoltaic Inverters for manufacturing purpose and are setup to start manufacturing units seeing the demand for solar energy. In year 2017, countries like China, America and Japan together hold 65% of the total market of Photovoltaic Inverters.
Drivers and Restrains
The global market is driven by the increasing pollution that is been caused by coal and natural gas burning for generating energy for daily use. These resources coal and natural gas are sparse and a limited the need for other resources in coming-up one of which is the solar energy. Solar energy is more predictable, even if spread over a larger, after pairing its more reliable. Capital cost is one of the restrains as the initial building and installing solar farms is high. Decentralized model is another restrain as the power plants are small and situated at a distance from each other there energy gathering and transmission becomes hectic.
End User Outlook and Trend Analysis
The end user or applications of Photovoltaic Inverter are Residential, Commercial colleges/universities, office, government, military, etc. , Industrial chemical, paper, food processing, etc. and Utility. When dealing with the end user point of view it has vast application area. The growing awareness about renewable energy and Government involvement subsidies people are turning towards these energy options.
China is the leading in solar energy production and seen as the most desirable market for Photovoltaic Inverters. China is producing an estimated 130GW of solar energy. The US is second largest Photovoltaic Inverter market is estimated to grow in coming few years. The regulatory measures by US government and the positive outlook of people toward using renewable resources is the reason behind the overall industrial growth. In US there are about 6000 major and minor running solar projects generating about 85GW power. After China and US, countries like Japan, India and Europe are leading the table.
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The leading players in the photovoltaic inverter market include Elettronica Santerno, Enphase Energy, SMA Solar Technology, Enphase Energy, Emerson Electric, Schneider Electric, Tabuchi Electric Co., Ltd., TMEIC, Panasonic, The Furukawa Battery Co., Ltd., Sungrow Power Supply Co., Ltd., Growatt New Energy Technology, Shenzhen KSTAR, REFU Elektronik GmbH, Samil Power, SatCon, Sineng, Solar Edge, Delta Group, SolarMax, TBEA, Chint Group, Fronious International, Omron, KACO New Energy, Huawei, ABB, General Electric.
The Photovoltaic Inverter Market is segmented as follows-
By Power Class
Single Phase Inverter
Three Phase Inverter
By Nominal Output Power
≤ 300 W Photovoltaic Inverter
> 110,000 W Photovoltaic Inverter
By Nominal Output Voltage
≤ 230 V Photovoltaic Inverter
> 600 V Photovoltaic Inverter
On grid Photovoltaic Inverter
Standalone Photovoltaic Inverter
Micro Photovoltaic Inverter
String Photovoltaic Inverter
Central Photovoltaic Inverter
Residential Photovoltaic Inverter
Commercial Photovoltaic Inverter
Industrial Photovoltaic Inverter
Utility Photovoltaic Inverter
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Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
Customization of this Report can be done as per client’s requirement.
Name: Jennifer Daniel
Organization: Planet Market Reports