Market Analysis
Market Research Future (MRFR) presumes the global renewable energy inverters market size to reach USD 62 Billion at a 14% CAGR from 2021 to 2028 (forecast period).
Multiple Factors to Boost Market Growth
Renewable energy inverters are used to convert DC to AC. Inverters are utilized in both residential and non-residential settings. Residential inverters, for example, are used to convert the direct current (DC) supplied by solar panels to alternating current (AC). Non-residential renewable energy inverters are used to convert direct current (DC) into alternating current (AC) before transmitting it to end users.
The growing need for electricity generation from renewable energy sources, as well as increased government measures to promote the use of renewable energy sources for electricity generation, are the primary drivers driving the growth of the worldwide renewable energy inverters market. Furthermore, the growing demand for sustainable power generation to reduce harmful gas emissions is likely to have a significant impact on the growth of the worldwide renewable energy inverters market during the forecast period.
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During the projected period, the electrification of remote areas and regions in developing countries is expected to enhance the demand for renewable energy inverters. This is primarily owing to the numerous government initiatives aimed at increasing access to electricity.
High Maintenance Costs
The market is faced with hurdles in dealing with factors such as high maintenance costs. Renewable energy inverters necessitate ongoing maintenance and monitoring to ensure maximum operational efficiency. Furthermore, unplanned maintenance and repairs raise the overall running cost to the inverter owner.
Market Segmentation
The global renewable energy inverters industry has been segmented based on product type and application.
Based on product type, the global renewable energy inverters market has been divided into central inverters, off-grid inverters, micro-inverters, grid-tied inverters, and battery-based inverters. The grid-tied inverters segment is anticipated to hold the largest share of the market during the assessment period, owing to the increasing installations of large-scale renewable electricity projects. Nevertheless, the central inverter segment is projected to grow at the fastest rate during the prediction period owing to the increasing installation of solar energy generation equipment.
Based on the application, the global renewable energy inverters market has been segmented into residential and non-residential. The non-residential segment captured the largest market share in 2019 and is expected to exhibit the highest CAGR over the projection period owing to the increasing installations of renewable energy sources like offshore wind and solar power plants, to support power grids.
Regional Analysis
APAC to Lead the Global Market
Due to the region’s rising adoption of renewable energy resources, Asia Pacific owns the greatest market share of the renewable energy inverters market. Furthermore, the Asia Pacific renewable energy inverters market is predicted to develop at the quickest rate during the forecast period, owing to government efforts established in the region to boost the adoption of renewable energy sources.
North America and Europe to Follow APAC
Renewable energy markets in North America and Europe have grown at a rapid pace. As a result, these regions dominate the market for renewable energy inverters. Furthermore, replacement, repair, and maintenance activities will aid in the growth of the renewable energy inverter market in these regions.
Key Players
The key players operating in the worldwide renewable energy inverters market are KACO Group, Schneider Electric, Ingeteam Power Technology S.A., Danfoss, General Electric, TMEIC, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, and Riello Elettronica Group.
Many prominent firms, like SMA Solar Technology, General Electric, and Eaton, are concentrating their efforts on securing contracts and agreements with utilities and industries to deliver inverters for renewable energy sources. Sungrow Power Supply Co, for example, signed a contract with DAT Technology Co in June 2020 to supply PV inverters for industrial and commercial installations in Vietnam.
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Competitive Landscape
The market’s most prominent players use a number of tactics to meet rising customer demand. They use a number of 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 in expanding its consumer base.
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