According to study, “World PV inverter Market Research Report 2024(covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world PV inverter market are SMA, Omron Corp., ABB Ltd., Advanced Energy, TMEIC, Schneider, Tabuchi, Fronius, KACO, Ingeteam, Enphase, Siemens AG, AROS Solar, Satcon, Hitachi Hi-Rel Power Electronics Pvt. Ltd., Green Power, Kostal, Power Electronics, STECA, Sungrow Power, Solar Edge, Danfo, KEHUA Group, SolarEdge Technologies Inc., TBEA, Samil Power, HuaWei, JFY Tech, Chint, SAJ, Eaton, Delta Electronics, Inc., Sineng Electric Co., Ltd., Huawei, Samil Power, Chint Power, CEC Great Wall, KSTAR, Growatt, Kehua, Solectria Renewables, LLC, Emerson Electric Co, ZTE Quantum, TBEA, SMA Solar Technolgy AG, Xuji. The key companies are launching hybrid solar inverters that come with features such as compact design, quick launch via app, easy scalability, and easy maintenance.
PV inverter is a type of electrical converters, converts variable DC (direct current) output of a PV (photovoltaic) solar panel into AC (alternating current) output, also known as solar inverters. PV inverters have special functions which allow them to use with photovoltaic arrays, having functions for instance maximum power point tracking and anti-islanding protection. It has various design modifications such as grid-tie inverters, stand-alone inverters, and battery backup inverters.
Based on product type, PV inverter market is segmented into string PV inverter, central PV inverter, micro PV inverter and others. Central PV inverter is further sub-segmented into transformer less central PV inverter and transformer based central PV inverter. Based on system type, market is segmented into off-grid system and on-grid system.On-grid system allows to use of utility grid as a power storage intermediate instead of a battery bank. Based on power class, market is segmented into Single Phase and three phase (low power (≤99 kW) & high power (>99 kW)). Based on nominal output power, market is segmented into ≤ 300 W, 300-3,000 W, 3,000 – 33,000 W, 33,000 – 110,000 W, and > 110,000 W. Based on nominal output voltage, market is segmented into ≤ 230 V, 230 – 400 V, 400 – 600 V and > 600 V. In addition, based on end-use, market is segmented into commercial (college/university, government/military and office) & industrial (chemical, food processing and paper), residential and utility.
The PV inverter market is driven by reduction in renewable power generation costs, followed by increase in demand for renewable energy owing to high power consumption, rise in demand for rooftop solar PV systems, growth in solar systems installations, favorable government policies & initiatives and rise in focus towards environmental sustainability & clean energy. However, high cost of PV inverter & high maintenance cost and persistent pressure on equipment suppliers due to anti-dumping tariffs may impact the market. Moreover, solar energy storage and power source in remote areas are key opportunities for market.
Based on geography, China is largest power producer is the major market for renewable energy generation across the globe owing to requirement of high amount of electricity, government initiatives for utilization and continuous growth in industrial & commercial sector in the country.USA country is expected to witness higher growth rate due to presence of market players & resources and low-cost labor over the forecast period.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications