Global Solar Inverter Market reveals that the market is slated to register a higher CAGR over the forecast period. This is majorly attributed to the strong demand for a 24*7 electricity supply along with the rapid infrastructural development.

DUBLIN, DUBLIN -- (SBWire) -- 03/02/2021 --Solar Inverter Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The strong demand for a 24*7 electricity supply followed by the rapid infrastructural development are the key drivers contributing to the growth of the global solar inverter market size. Various governments worldwide are emphasizing on infrastructural development in their economies to surge their citizen's quality of life. For example, the UAE government is majorly aiming at the Smart Dubai project, which aims to convert the city into a major global smart city. The increasing construction activities which will further pay the way for the growth of the solar inverter market share in terms of revenue. Moreover, the rising greenhouse gas effect and growing environmental concerns are further promoting the use of solar inverters. The solar inverter minimizes the high cost of electricity bills and offers higher efficiency in the long run. Several stakeholders in the energy generation sector are proactively searching for growth opportunities to decrease carbon footprints by focusing on utilizing renewable energy sources for power generation. For example, the Italian government focused on touching 50 GW of solar power generation by 2030 to grow the share of renewable energy sources in the total power generation. The accelerating emphasis on renewable energy sources is another factor that will have a positive influence on the market's demand. On the other hand, the constant requirement of sunlight, high initial installation cost, and the need for a large area for installation will hinder the market growth during the forecast period.

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Solar Inverter Market's leading Manufacturers:

- Emerson Electric Co.
- Schneider Electric
- Power-One, Inc.
- SMA Solar Technology AG
- KACO New Energy Inc.
- SunPower Corporation
- Canadian Solar
- SolarEdge Technologies Inc.
- Solectria Solar
- Hitachi Hi-Rel Electronics Private Limited

Technology Segment Drivers

Based on Technology, the market is segmented into micro-inverters, central inverters, string inverters, and power optimizers. The central inverters are expected to rise at a faster CAGR over the coming years. This is mainly due to the high demand for energy as a result of the increasing urbanization and the rising use of electricity. The central inverters are increasingly used in industries, buildings, and numerous field installations. These inverters have increased efficiency, provide less capital cost per watt, and are easy to install in comparison to other kinds of solar inverters. All these beneficial benefits will increase the demand for central inverters.

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Solar Inverter Market Segmentation:

Segmentation by Technology:

- Central Inverters
- Micro-Inverters
- String Inverters
- Power Optimizers

Segmentation by End-Use:

- Industrial
- Residential
- Commercial
- Utility Inverters

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

Our Other Relevant Reports:

1. Solar Energy Storage Market
2. Thin Film Solar PV Module Market

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