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The solar PV inverters market is expected to witness considerable demand during the forecast period due to the increasing growth in the solar PV market. Till date, most of the growth in the solar PV inverters market has come from commercial and industrial customers; however, many residential installations are also taking place. Several countries have recently introduced net-metering policies and are supporting the roll-out of projects. These measures are likely to carry the solar PV inverter market forward in the immediate future, as will favorable economics due to high power tariffs.
Japan saw growing demand in the residential sector, which accounted for 11.8% of new installations in 2016. Additionally, countries, such as Pakistan, and Nigeria, with their large populations and unreliable grid power supply, are among the emerging markets for residential solar in the developing world. As a result, the increasing residential solar installations across the globe are expected to drive the solar PV inverters market during the forecast period.
Increasing Solar Power Capacity Additions to Accelerate Growth
During 2016, at least 75 GW of solar PV capacity was added worldwide, owing to increasing competitiveness of solar PV, as well as due to rising demand for electricity and improving awareness of solar PV’s potential, as countries seek to alleviate pollution and reduce CO2 emissions. The increasing solar power capacity across the globe is likely to promulgate the demand for solar PV inverters during the forecast period, primarily driven by government regulations or incentives.
Asia to Dominate the Market
Asia witnessed the maximum growth in solar capacity in 2015, with a capacity of 139 GW (+50 GW). Almost half of all new solar capacity was installed in China in 2016 (+34 GW). Other countries with significant expansion included: the United States. (+11 GW), Japan (+8 GW), and India (+4 GW). Capacity in Europe expanded by 5 GW to reach 104 GW with most expansion occurring in Germany and the United Kingdom.
Significant Progress Witnessed in China
China, being one of the top energy consumers in the world, is trying to cut down its dependence on coal, oil, and natural gas, and is replacing them with solar energy at a breakneck speed. In 2016, the country had an installed photovoltaic capacity of 34.54 GW. The country has elevated its national strategic targets for new solar power generation capacity and has been reinforcing them with market-based incentives, government subsidies, and tax credits. In the recent years, there has also been an increased emphasis on inverters in China providing Zero-voltage Ride Through (ZVRT). To meet the Chinese Grid Code for ZVRT, PV power plants must continue to operate without breaking away from the grid for 0.15 seconds when the voltage at the point of interconnection drops to 0. Moreover, according to solar power development plan by the National Energy Administration (NEA), more than 110 GW capacity addition is planned by China. These initiatives and targets are expected to help China remain the largest solar energy producer in the world during the forecast period as well.
Key Developments in the Market
• January 2018: Sungrow Power Supply Co showcased its latest 3.125MW 1500VDC Turnkey Station, as well as its SG125HV at the World Future Energy Summit held in Abu Dhabi, targeting the MENA region. The 1500VDC string inverters are developed for large-scale utility plants.
• December 2017: Siemens AG had launched a 5,000 kVA central inverter, which would be supplied to utility-scale solar PV power plant projects across India, as part of its strategy to re-enter PV inverter market in India.
Major Players: ABB Ltd., SCHNEIDER ELECTRIC SE, SIEMENS AG, MITSUBISHI ELECTRIC CORPORATION, OMRON CORPORATION, GENERAL ELECTRIC COMPANY, SMA SOLAR TECHNOLOGY AG, DELTA ENERGY SYSTEMS Inc., ENPHASE ENERGY Inc., SOLAREDGE TECHNOLOGIES Inc., HUAWEI TECHNOLOGIES Co. Ltd, KSTAR NEW ENERGY Co. Ltd, SINENG ELECTRIC Co. Ltd, SUNGROW POWER SUPPLY Co Ltd, TABUCHI ELECTRIC Co. Ltd, TBEA SUNOASIS Co. Ltd, TMEIC CORPORATION
REASONS TO PURCHASE THIS REPORT
• Identify the drivers, restraints, and opportunities in the global solar PV inverters market with in-depth analysis.
• Identify the inverter type and application dominating the market.
• Analyze various perspectives of the market with the help of Porter’s five forces analysis.
• Identify the regions expected to witness the fastest growth during the forecast period.
• Identify the latest developments and strategies employed by the major market players.
• 3 months of analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements.
Japan saw growing demand in the residential sector, which accounted for 11.8% of new installations in 2016. Additionally, countries, such as Pakistan, and Nigeria, with their large populations and unreliable grid power supply, are among the emerging markets for residential solar in the developing world. As a result, the increasing residential solar installations across the globe are expected to drive the solar PV inverters market during the forecast period.
Increasing Solar Power Capacity Additions to Accelerate Growth
During 2016, at least 75 GW of solar PV capacity was added worldwide, owing to increasing competitiveness of solar PV, as well as due to rising demand for electricity and improving awareness of solar PV’s potential, as countries seek to alleviate pollution and reduce CO2 emissions. The increasing solar power capacity across the globe is likely to promulgate the demand for solar PV inverters during the forecast period, primarily driven by government regulations or incentives.
Asia to Dominate the Market
Asia witnessed the maximum growth in solar capacity in 2015, with a capacity of 139 GW (+50 GW). Almost half of all new solar capacity was installed in China in 2016 (+34 GW). Other countries with significant expansion included: the United States. (+11 GW), Japan (+8 GW), and India (+4 GW). Capacity in Europe expanded by 5 GW to reach 104 GW with most expansion occurring in Germany and the United Kingdom.
Significant Progress Witnessed in China
China, being one of the top energy consumers in the world, is trying to cut down its dependence on coal, oil, and natural gas, and is replacing them with solar energy at a breakneck speed. In 2016, the country had an installed photovoltaic capacity of 34.54 GW. The country has elevated its national strategic targets for new solar power generation capacity and has been reinforcing them with market-based incentives, government subsidies, and tax credits. In the recent years, there has also been an increased emphasis on inverters in China providing Zero-voltage Ride Through (ZVRT). To meet the Chinese Grid Code for ZVRT, PV power plants must continue to operate without breaking away from the grid for 0.15 seconds when the voltage at the point of interconnection drops to 0. Moreover, according to solar power development plan by the National Energy Administration (NEA), more than 110 GW capacity addition is planned by China. These initiatives and targets are expected to help China remain the largest solar energy producer in the world during the forecast period as well.
Key Developments in the Market
• January 2018: Sungrow Power Supply Co showcased its latest 3.125MW 1500VDC Turnkey Station, as well as its SG125HV at the World Future Energy Summit held in Abu Dhabi, targeting the MENA region. The 1500VDC string inverters are developed for large-scale utility plants.
• December 2017: Siemens AG had launched a 5,000 kVA central inverter, which would be supplied to utility-scale solar PV power plant projects across India, as part of its strategy to re-enter PV inverter market in India.
Major Players: ABB Ltd., SCHNEIDER ELECTRIC SE, SIEMENS AG, MITSUBISHI ELECTRIC CORPORATION, OMRON CORPORATION, GENERAL ELECTRIC COMPANY, SMA SOLAR TECHNOLOGY AG, DELTA ENERGY SYSTEMS Inc., ENPHASE ENERGY Inc., SOLAREDGE TECHNOLOGIES Inc., HUAWEI TECHNOLOGIES Co. Ltd, KSTAR NEW ENERGY Co. Ltd, SINENG ELECTRIC Co. Ltd, SUNGROW POWER SUPPLY Co Ltd, TABUCHI ELECTRIC Co. Ltd, TBEA SUNOASIS Co. Ltd, TMEIC CORPORATION
REASONS TO PURCHASE THIS REPORT
• Identify the drivers, restraints, and opportunities in the global solar PV inverters market with in-depth analysis.
• Identify the inverter type and application dominating the market.
• Analyze various perspectives of the market with the help of Porter’s five forces analysis.
• Identify the regions expected to witness the fastest growth during the forecast period.
• Identify the latest developments and strategies employed by the major market players.
• 3 months of analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
