Solar PV Inverter Market Share Skyrocketing Amid Renewable Energy Boom 2030
The global market for solar photovoltaic (PV) inverters is poised for robust growth as the renewable energy sector gains momentum and renewable power generation costs continue to decline. Solar PV inverters, a vital component of the solar value chain, have witnessed surging demand in recent years, driven by a steep drop in installation costs and the increasing adoption of large-scale sustainable energy systems in commercial and industrial applications.
Solar PV Inverter Sales Surge with Growing Sustainable Energy Systems
The growth of the solar PV inverter market is primarily propelled by the increasing number of solar PV installations and the ongoing improvements in inverter efficiency. As the overall price of solar power generation becomes more competitive and stable compared to conventional electricity supply, industrial and commercial sectors are expected to embrace solar PV inverters at an accelerated pace. With industries and businesses increasingly prioritizing environmental sustainability, the demand for solar PV inverters is poised for substantial growth. Stringent regulatory standards on greenhouse gas emissions are further driving the deployment of sustainable energy systems, shaping the industry’s dynamics in the near future.
Encouraging Demand Scenario for Inverters
According to the International Renewable Energy Agency (IRENA), global solar power capacity is projected to grow by 9% annually from 2018 to 2050. This growth is expected to result in a global solar capacity increase from 480GW in 2018 to over 8,000GW by 2050, covering one-quarter of the global power supply. Moreover, there is a growing demand for the replacement of PV inverters due to the expanding base of aging PV installations. However, to ensure the safety of inverters and keep manufacturers abreast of the latest technological updates in the solar industry, certain certifications, testing, and regulations are necessary.
Key Certification and Regulatory Bodies Include:
- European Standard (EN)
- Underwriter Laboratories Inc. (UL)
- International Electrotechnical Commission (IEC)
- Institute of Electrical and Electronics Engineers (IEEE)
- European Committee for Standardization (CEN)
- National Electrical Code (NEC)
- European Committee for Electrotechnical Standardization (CENELEC)
- Chartered Trading Standards Institute (CTSI)
In addition to these, various testing, accreditation, and certification bodies play a crucial role in ensuring the quality and safety of solar PV inverters.
Asia Pacific Leads the Way, Especially in China
Asia Pacific, led by China, remains a pivotal market for inverter manufacturing companies. The Chinese market for solar power generation is rapidly growing, making it a key market for solar PV inverters. Top Chinese companies in the inverter industry, including Huawei Technologies Co., Ltd., Sineng Electric Co., Ltd., Kstar New Energy, CHINT Group, and Sungrow, hold substantial market shares in the Asia Pacific region. The market is also set to benefit from the expanding solar industry in other Asian countries such as India, Thailand, and Malaysia, with government support playing a vital role in strengthening the solar PV inverter market across the region.
Prominent Players in the Solar PV Inverter Market
Several leading companies are actively contributing to the global solar PV inverter market landscape. Notable players include OMRON Corp., Eaton Corporation, Schneider Electric SE, Delta Electronics, Mitsubishi Electric Corporation, Siemens AG, AEG Industrial Solar, KACO, AP Systems, Apollo, DELTA, Enphase Energy, FIMER (acquired ABB’s PV inverter line), Fronius International GmbH, TMEIC, Ginlong GoodWe, Growatt, Huawei, ITECH, KOSTAL Solar Electric GmbH, Morningstar, Power Electronics, PV Evolution Labs, SAJ, SMA, Solar Edge, Sol-Ark, Solis, Sungrow, Tigo Energy, and Outback Solar.
In February 2021, SMA Solar Technology AG, a German inverter manufacturer, announced its involvement in the Diego de Almagro Sur solar project in Chile, further underscoring the company’s commitment to advancing the global solar industry.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/solar-pv-inverter-market
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This press release first seen on Brilad