New York, Aug. 30, 2021 (GLOBE NEWSWIRE) — Solar Inverter Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Solar Inverter Market Research Report, Type, System Type, Application and Region – Forecast till 2028” the market is projected to be worth USD 14.97 Billion by 2028, registering a CAGR of 5.78% during the forecast period (2021 – 2028)., The market was valued at USD 9.7 Billion in 2020.
List of the Key Companies Profiled in the Solar Inverter Market Research Report are:
- SMA Solar Technology AG (Germany)
- Canadian Solar Inc. (Canada)
- ABB Ltd (Switzerland)
- SunPower Corporation (US)
- Delta Electronics Inc. (Taiwan)
- SolarEdge Technologies Inc. (Israel)
- Sineng Electric Co. Ltd. (China)
- Power Electronics (Spain)
- Solectria Renewables LLC (US)
- Hitachi Hi-Rel Power Electronics Pvt. Ltd (India)., among others.
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Competitive Landscape
Over the next few years, there will be an increase in strategic partnership deals and approaches such as collaboration, mergers and acquisitions, expansion, and product launches. Major solar inverter market players are making strategic investments to drive R&D activities and support their expansion plans.
Growing Solar Power System Installations
Continuous infrastructure development in developing and developed nations, as well as increased demand for uninterrupted electricity supply, are major factors driving growth in the global solar inverter market share. The UAE government, for example, is currently concentrating on the Smart Dubai initiative, which aspires to transform Dubai into a leading global smart city. This increase in construction activity will significantly increase the value of the solar inverter industry in the region.
Furthermore, increased awareness of the greenhouse gas effect and growing concern about environmental issues will boost the worldwide solar inverter market outlook during the projection period. The use of a solar inverter lowers the high cost of electricity bills while also providing more efficiency in the long run. Various energy generation ecosystem investors are also investigating possible prospects to lower mankind’s carbon footprint by emphasizing the usage of renewable energy sources for power generation. This rising emphasis on renewable energy sources will benefit the worldwide solar inverter market revenue.
For a long time, solar inverters have been an efficient solution for reliable, safe, and green power in off-grid solar panels for the commercial and industrial sectors. However, as installation costs decrease due to technological developments, the residential use of these inverters is increasing. This opens up a variety of potential in home applications and has a favorable impact on the worldwide solar inverter industry.
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