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The size of the renewable energy inverter market is experiencing significant transformation as the world’s focus on clean and sustainable energy sources intensifies. These include solar and wind power, which has become increasingly important in the past few years due to increasing demands for inverters responsible for converting DC power generated into usable AC power. Several factors contribute to the volatile nature of the renewable energy inverters market.
To begin with, an increased uptake of renewable energy solutions particularly solar photovoltaic (PV) systems is a key driver. The rise in demand for inverters by governments who are implementing ambitious renewable energy targets and incentives has been witnessed globally. Residential, commercial and utility-scale solar installations have resulted into tremendous growth of solar inverters.
Furthermore, the competitive landscape is changing fast. Established players are investing heavily in R&D while new entrants are also doing the same inorder to introduce more efficient as well as cost effective inverters. This competition has led to increased product offerings that serves different needs among them. Increasing partnerships and collaborations between manufacturers’ of inverters systems and companies installing these kind of reliable infrastructure products are other elements shaping this industry with innovations hence wider markets.
Government policies/ regulatory frameworks plays a crucial role in influencing this market dynamics regarding various strategies used towards improving its performance including subsidies provided by government through tax incentives as feed-in tariffs boost this demand for these types of electrical devices whose consumption rate increase day by day depending on how it will affect their economy either positively or negatively since when there will be instability caused by frequent blackouts due lack sufficient electricity from national grid during peak hours then people would prefer alternative sources available like windmills which could turn them off at night making sure one does not depend on only one source forever because even if change comes out slowly but surely such developments may take place within next decade.
The ongoing global shift towards low-carbon economies is another factor impacting market dynamics heavily today across globe. In this case, there is a need to develop renewable energy systems backed by advanced inverters as countries try to mitigate climate change and reduce their carbon footprints. It’s because these transformations are not only motivated by environmental concerns alone, but also economic ones since renewable energies have become increasingly cost competitive with conventional fossil fuels.
Challenges are also driving the market dynamics. Some of these include grid instability, intermittence renewable energy sources and storage are final stumbling blocks hindering widespread adoption renewables. As a result thereof, manufacturers of electrical devices for solar power generation have invested in energy storage solutions and grid-tied inverters to address these challenges thereby making it possible for better service delivery through reliable energy infrastructure.
Renewable Energy Inverters Market Highlights:
Renewable Energy Inverters Market Scenario
Renewable Energy Inverter Market size is projected to reach USD 80614.5 Million, with a 14% CAGR between 2022 and 2030.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Renewable energy inverters play a significant role in converting DC to AC. Inverters are a prominent part of both residential and non-residential settings. Residential inverters, for example, are used for the conversion of the direct current (DC) supplied by solar panels to alternating current (AC). Non-residential renewable energy inverters convert direct current (DC) into alternating current (AC) before transmitting it to end-users. The growing need for electricity generation from renewable energy sources and increased government measures to promote renewable energy sources for electricity generation is the primary drivers driving the growth of the worldwide renewable energy inverters market.
Renewable energy markets in North America and Europe have increased. As a result, both of these regions dominate the market for renewable energy inverters. Replacement, repair, and maintenance activities are on the rise that will aid in the growth of the renewable energy inverter market and trends in these regions. Furthermore, the growing demand for sustainable power generation to reduce harmful gas emissions is likely to significantly impact the growth of the worldwide renewable energy inverters market during the forecast period.
The major factors driving the growth of the global renewable energy inverters market is the growing demand for electricity generation from renewable energy sources and increasing government initiatives for the adoption of renewable energy sources for electricity generation. Furthermore, the increasing demand for sustainable electricity generation to reduce the emission of harmful gases is also expected to have a substantial impact on the growth of the global renewable energy inverters market during the forecast period.
The electrification of remote areas and regions in developing countries is expected to further increase the demand for renewable energy inverters during the forecast period. This is primarily due to the numerous initiatives being undertaken by government bodies to increase access to electricity.
Key Players Insight
The key players operating in the global renewable energy inverters market are KACO Group, Ingeteam Power Technology S.A., General Electric, TMEIC, Schneider Electric, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Danfoss, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, and Riello Elettronica Group.
Recent Developments
- The globally spread market's most prominent players use several tactics to meet the rising global customer demand. They use several policies and methods, such as collaborations, mergers, and acquisitions, forming a joint venture, inventing a new manufacturing technique, innovating an existing product, expanding the firm, and collaborating. These methods aid the market is expanding its consumer base.
- Many prominent firms, like SMA Solar Technology, and others like General Electric, and Eaton, are gaining momentum owing to their steps like concentrating their efforts on securing contracts and agreements with utilities and industries to deliver inverters for renewable energy sources. Sungrow Power Supply Co. has signed a contract with DAT Technology Co in June 2020 to supply PV inverters for industrial and commercial installations in Vietnam.
Many major players such as SMA Solar Technology, general Electric, and Eaton are focusing on signing contracts and agreements with utilities and industries to provide inverters for renewable energy sources. For instance, in June 2020, Sungrow Power Supply Co signed a contract with DAT Technology Co to supply PV inverters for industrial & commercial installations in Vietnam.
In October 2023, Sungrow, the global leading inverter and energy storage system supplier, shows its comprehensive renewable energy solutions and launches new products to India during REI 2023. India's energy transition is at a critical stage. Sungrow's innovative products and solutions will help India further improve its energy structure and expand efficient, safe and clean energy utilization.
Market Segmentation Outlook
The global renewable energy inverters market has been segmented based on product type and application. Based on product type, the global market is divided into central inverters, micro-inverters, off-grid inverters, grid-tied inverters, and battery-based inverters. The grid-tied inverters segment is expected to hold the largest share of the market during the forecast period, owing to the increasing installations of large-scale renewable electricity projects.
However, the central inverter segment is expected to grow at the fastest rate during the forecast period due to the increasing installation of solar energy generation equipment. Based on the application, the global market is segmented into residential and non-residential. The non-residential segment held the largest market share in 2019 and is expected to exhibit the highest CAGR during the forecast period due to the increasing installations of renewable energy sources, such as offshore wind and solar power plants, to support power grids.
The global renewable energy inverters market is expected to witness high growth during the forecast period owing to the increasing demand for electricity generation using renewable energy sources. This is expected to drive the growth of the renewable energy inverters market during the forecast period.
Based on region, the global renewable energy inverters market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest market share of the renewable energy inverters market due to the increasing adoption of renewable energy resources in the region. Additionally, the renewable energy inverters market in Asia-Pacific is expected to grow at the fastest rate during the forecast period, primarily due to the numerous government initiatives introduced in the region to increase the adoption of renewable energy sources.
Renewable energy inverters are used to convert DC to AC. The inverters are used both in residential and non-residential applications. For instance, residential inverters are used to convert DC generated from solar panels to AC. Non-residential renewable energy inverters are used to convert DC into AC before transmitting them to end-users.
Global Renewable Energy Inverter Market size is projected to reach USD 80614.5 Million, with a 14% CAGR between 2022 and 2030.
Intended Audience
- Government and research organization
- Consulting companies in the renewable energy inverters -market
- Raw material suppliers
- Research consultants
- Investors and shareholders
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