Rapid Expanse of Renewables Sector Forms a Fertile Ground for Solar PV Inverter Sales
Solar photovoltaic (PV) inverter, a significantly important component of the solar value chain, has been experiencing increasing demand over the recent past. With the renewable energy sector garnering greater interest around it, and the costs of renewable power generation consistently falling, the global market for solar PV inverters is expected to witness a strong growth outlook. While there has been a remarkably steep drop in the costs of renewable power generation, making it competitive, and more affordable each year, it has been also resulting in descending installation costs for solar inverters, and all other equipment involved. This is most likely to push solar PV inverter demand worldwide.
Solar PV Inverter Sales Ascend as Large-scale Sustainable Energy Systems Gain Ground in Commercial, and Industrial Applications
Increasing solar PV installations, and consistently improving inverter efficiency will remain the key factors driving the growth of the solar PV inverter market. As the overall price point comes within a competitive range, and the resulting power supply is stable when compared to conventional electricity supply, the adoption by industrial, and commercial sectors will most likely be on an upswing. With most industries, and commercial sectors accelerating their shift towards environmental sustainability, the solar PV inverters are expected to see a surge in demand. Growing stringency of regulatory standards regarding greenhouse gas (GHG) emissions is pushing large-scale deployment of sustainable energy systems. This is expected to shape the industry dynamics in the near future.
Inverter Demand Scenario Looks Encouraging
With the growing demand for renewables, the inverter sales are also climbing, reflecting an encouraging scenario. According to International Renewable Energy Agency (IRENA), the global solar power capacity will grow by 9% every year between 2018 and 2050. The agency estimates that the global solar capacity will increase from 480GW in 2018 to over 8,000GW by 2050, covering one-quarter of the global power. Moreover, greater demand is coming from the replacement PV inverters due to a large, and growing installed base of ageing PV installations. However, these solar PV inverters ought to subject certain certifications, testing, and regulations so as to ensure the safety of inverters, and that the manufacturers are abreast with the latest technological updates in the solar industry.
Besides, there are some testing, accreditation, and certification bodies, including Austrian Institute of Technology (AIT), Bureau Veritas, China National Center for Quality Supervsion and Test of Electrical Control and Distribution Equipment (CCDT) Solar Services China, China General Certification Center (CGC), CSA Group (formerly Canadian Standards Association): Product Certification & Standards Development, The Care Quality Commission (CQC), Dano, Det Norske Veritas or The Norwegian Truth (DNV), Electrical Research & Development Association (ERDA), Eurotest Laboratori, The Florida Solar Energy Center (FSEC), Shanghai Ingeer Certification Assessment Co Ltd. (ICAS), Intertek, The Japan Electrical Safety & Environment Technology Laboratories (JET), Kiwa, and Technischer Überwachungsverein - Technical Inspection Association (TÜV Rheinland).
Asia Pacific, Led by China, to Remain a Key Market Globally
Regional analysis of the global solar PV inverter market reveals that Asia Pacific will remain a significant market for inverter manufacturing companies, with a majority of demand coming from China. With Chinese market for solar power generation growing stronger, and efforts around the Chinese Grid Code for ZVRT buckling, the country is expected to remain the key market for solar PV inverters over the foreseeable future. Top Chinese companies that make inverters hold notable shares in the Asia Pacific market, and some of them are Huawei Technologies Co., Ltd., Sineng Electric Co., Ltd., Kstar New Energy, CHINT Group, and Sungrow. Most of the shipments from these manufacturers go to the utility-scale sectors that are the end users of solar PV inverters. The market is also set to gain notably from the brisk expanse of solar industry in other Asian countries such as India, Thailand, and Malaysia. Governments of these countries will also continue to play a vital role in strengthening the solar PV inverter market across Asia Pacific.
Prominent Companies in Solar PV Inverters Business
OMRON Corp., Eaton Corporation, Schneider Electric SE, Delta Electronics, Mitsubishi Electric Corporation, Siemens AG, AEG Industrial Solar, KACO, AP Systems, Apollo, DELTA, Enphase Energy, FIMER (acquired ABB’s PV inverter line), Fronius International GmbH, TMEIC, Ginlong GoodWe, Growatt, Huawei, ITECH, KOSTAL Solar Electric GmbH, Morningstar, Power Electronics, PV Evolution Labs, SAJ, SMA, Solar Edge, Sol-Ark, Solis, Sungrow, Tigo Energy, and Outback Solar are some of the key players active in the global solar PV inverter market landscape. SMA Solar Technology AG, a German inverter manufacturer, made an announcement in February, 2021. The company will supply its equipment to a solar project afoot in Chile – Diego de Almagro Sur (220-MW).
Key Elements Included In The Study: Global Solar PV Inverter Market
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