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:
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