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Global Renewable Energy Inverters Market: About this market
renewable energy inverters market analysis considers sales from its applications in wind energy, EV, and solar PV. Our analysis also considers the sales of renewable energy inverters in APAC, Europe, North America, and ROW. In 2018, the solar PV segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the declining cost of solar PV modules will play a significant role in the solar PV segment to maintain its market position. Also, our global renewable energy inverters market report looks at factors such as the declining cost of solar and wind power generation, supportive government policies and regulations for renewable power generation, and shift toward EVs in the automotive industry. However, inverter associated solar PV system failures, intermittent nature of renewable sources of energy, and challenges posed by alternative sources of energy may hamper the growth of the renewable energy inverters industry over the forecast period.
Global Renewable Energy Inverters Market: Overview
Supportive government policies and regulations for renewable power generation
The inclusion of renewable sources of energy to change the global energy mix is a crucial step toward ensuring the emission-free generation of energy. Globally, governments are offering subsidies, incentives, and tax benefits to support the adoption of renewable technologies. For instance, as of May 2019, the US government was offering incentives for wind installation under the renewable electricity production tax credit (PTC). Such initiatives will lead to the expansion of the global renewable energy inverters market at a CAGR of over 11% during the forecast period.
Development of smart cities and ZEBs
Governments across the world are implementing several initiatives for the development of sustainable smart cities. The adoption of solar energy, EVs, sensors, and mobile applications helps to improve security, public transportation, lighting, parking, and waste management., contributing to integrated building management. The construction sector is adopting multiple energy efficiency measures such as using better materials and designs in a bid to reduce fossil fuel-based energy consumption and minimize GHG emissions. This concept is known as zero-energy building (ZEB) as the building generates its energy using renewable sources, and this energy is equal to the amount it consumes on an annual basis. Therefore, the rise in the adoption of ZEBs, along with the ongoing development of smart cities, is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global renewable energy inverters market during the forecast period 2019-2023, click here.
With the presence of several major players, the global renewable energy inverters market is fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading renewable energy inverters manufacturers, that include Huawei Investment & Holding Co. Ltd., ABB Ltd., Jiangsu GoodWe Power Supply Technology Co. Ltd., KACO new energy GmbH, Mitsubishi Electric Corp., Mitsubishi Electric Corp., Schneider Electric SE, Sineng Electric Co. Ltd., SMA Solar Technology AG, and Sungrow Power Supply Co. Ltd.
Also, the renewable energy inverters market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
renewable energy inverters market analysis considers sales from its applications in wind energy, EV, and solar PV. Our analysis also considers the sales of renewable energy inverters in APAC, Europe, North America, and ROW. In 2018, the solar PV segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the declining cost of solar PV modules will play a significant role in the solar PV segment to maintain its market position. Also, our global renewable energy inverters market report looks at factors such as the declining cost of solar and wind power generation, supportive government policies and regulations for renewable power generation, and shift toward EVs in the automotive industry. However, inverter associated solar PV system failures, intermittent nature of renewable sources of energy, and challenges posed by alternative sources of energy may hamper the growth of the renewable energy inverters industry over the forecast period.
Global Renewable Energy Inverters Market: Overview
Supportive government policies and regulations for renewable power generation
The inclusion of renewable sources of energy to change the global energy mix is a crucial step toward ensuring the emission-free generation of energy. Globally, governments are offering subsidies, incentives, and tax benefits to support the adoption of renewable technologies. For instance, as of May 2019, the US government was offering incentives for wind installation under the renewable electricity production tax credit (PTC). Such initiatives will lead to the expansion of the global renewable energy inverters market at a CAGR of over 11% during the forecast period.
Development of smart cities and ZEBs
Governments across the world are implementing several initiatives for the development of sustainable smart cities. The adoption of solar energy, EVs, sensors, and mobile applications helps to improve security, public transportation, lighting, parking, and waste management., contributing to integrated building management. The construction sector is adopting multiple energy efficiency measures such as using better materials and designs in a bid to reduce fossil fuel-based energy consumption and minimize GHG emissions. This concept is known as zero-energy building (ZEB) as the building generates its energy using renewable sources, and this energy is equal to the amount it consumes on an annual basis. Therefore, the rise in the adoption of ZEBs, along with the ongoing development of smart cities, is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global renewable energy inverters market during the forecast period 2019-2023, click here.
Competitive Landscape
With the presence of several major players, the global renewable energy inverters market is fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading renewable energy inverters manufacturers, that include Huawei Investment & Holding Co. Ltd., ABB Ltd., Jiangsu GoodWe Power Supply Technology Co. Ltd., KACO new energy GmbH, Mitsubishi Electric Corp., Mitsubishi Electric Corp., Schneider Electric SE, Sineng Electric Co. Ltd., SMA Solar Technology AG, and Sungrow Power Supply Co. Ltd.
Also, the renewable energy inverters market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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.
- By product type
- By End User/Applications
- By Technology
- By Region
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.
