July 12, 2022 06:05 ET | Source: GreyViews GreyViews
Pune India, July 12, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Inverter market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Inverter market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the inverter type, output power rating, output voltage, connection type, end user, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Inverter market are Huawei Technologies, Sungrow Power Supply, SMA Solar Technology, Power Electronics, FIMER, SolarEdge Technologies, Fronius International, Altenergy Power System, Enphase Energy, Darfon Electronics Corporation, Schneider Electric, and others. To achieve a substantial market share in the worldwide Inverter market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Huawei Technologies is one of the most significant manufacturers and distributors present in the global Inverter market.
Inverter is the power electronic device or electrical equipment used for converting the convert direct current (DC) voltage to alternating current (AC). The operation of DC-to-AC conversion includes rapid switching of the direction of a DC input back and forth. The filters along with other electronics are used to produce a clean voltage with a sine wave. DC is used in various small electrical equipment such as solar power systems, power-sources, power batteries, and fuel cells. Hence, inverter is used for converting the DC power from such equipment into AC power.
Rapid urbanization, economic growth, and rising disposable incomes of individuals has led to the increased spending on power inverters to meet the need for an uninterrupted power supply. Also, there is a rising investment trend in solar rooftop installation as it has become the safest investment which promises attractive paybacks. In addition, the governments are providing subsidies to homeowners for installation of solar rooftop systems. These systems uses inverters for conversion of DC electricity, generated from a solar panel, to AC electricity.
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Scope of Inverter Market Report
Vehicle inverter segment is expected to be the fastest growing segment in 2021.
The inverter type segment includes solar inverter, vehicle inverter, and others. Vehicle inverter segment is expected to witness highest growth rate during the forecast period. Ongoing proliferation of electric vehicles has significantly boosted the demand for inverters. The inverter is an essential component in electric vehicles to provide the AC power which is used in an electric vehicle motor. Also, the government initiatives and plans associated with the electric vehicle is expected to create lucrative growth opportunities for the market. For instance, recently, the European Commission planned to have about 30 million electric vehicles (EVs) on the region’s roads by 2030.
Grid tied segment is expected to be the fastest growing segment in 2021.
On the basis of connection type, grid tied segment is expected to witness highest growth rate during the forecast period. Rise in demand for the smart grid inverters has mainly driven growth of this segment. In addition, the rooftop solar applications are further creating demand for grid tied inverters. For instance, in October 2020, BPE, the Indian organization engaged in power solutions business launched KSG-DM series of grid-tied solar rooftop inverters.
Above 100 kW segment is expected to be the fastest growing segment in 2021.
The output power rating segment includes Below 10 kW, 10–50 kW, 50–100 kW, and Above 100 kW. Above 100 kW segment is expected to witness highest CAGR during the forecast period. Huge demand for inverters in multi- megawatt power plants has mainly driven growth of this segment. In addition, the market players are introducing above 100 kW rated inverters to meet demand from commercial and industrial-scale solar installation. This factor has further created lucrative growth opportunities for the market. For instance, in October 20212, Havells, the electrical equipment company launched a 100 kW string inverter for solar installations in commercial and industrial facilities.
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Inverter include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region has registered highest value for the year 2021. The flourishing renewable energy sector in the region has primarily boosted demand for inverters. However, North America is expected to witness considerable growth rate during the forecast period. Increasing demand for solar panels coupled with the government subsidies associated with the solar panel installation has driven growth of the market in North America.
Germany inverter market size was valued at USD 1.57 billion in 2021 and is expected to reach USD 5.10 billion by 2029, at a CAGR of 16.1% from 2022 to 2029. Rising demand for inverters from solar PV power plants in the country has driven growth of the market. Also, the market players are actively adopting various strategies to enhance their portfolio and increase their capacities. For instance, in June 2022, SMA Solar Technology, the solar PV inverter supplier announces to construct a GW factory in Germany for expansion of its production capacity from 21 GW to about 40 GW by 2024. This strategy is mainly aimed at serving the large scale solar PV power plants in the country.
China inverter market size was valued at USD 3.30 billion in 2021 and is expected to reach USD 10.46 billion by 2029, at a CAGR of 15.8% from 2022 to 2029. According to EnergyTrend, the Chinese-based newsletter, in January 2020, the total PV inverter export volume from the China grew for a third year in a row, in spite of a 10% year-over-year decline in global inverter sales. In first six months of the 2019, Chinese manufacturers including Ginlong Technologies, Huawei, and Sungrow shipped inverters valued at about $1.3 billion during the first six months of 2019. This huge export value of inverters from china has mainly driven growth of the market.
India inverter market size was valued at USD 0.94 billion in 2021 and is expected to reach USD 3.11 billion by 2029, at a CAGR of 16.4% from 2022 to 2029. Significant power shortages along with a strong push towards national solar mission in the country has mainly driven growth of the market. In addition, the country is fourth largest producer of electricity around the globe. This factor further boosts growth of the India inverter market. On the other hand, expansion of global inverter industry players in India is opportunistic for growth of the market. For instance, in June 2019, Fuji Electric Co. Ltd., the Japanese electric & thermal energy company acquired Consul Neowatt Power Solutions to expand its power electronics systems business in India.
Covid-19 had a major impact on almost all of the industries such as construction, electronics and electrical, manufacturing, oil and gas, automobile, etc. The demand for Inverter has decreased during the period owing to the regulations on social distancing and increasing focus on safety and hygiene. In most of the regions, the manufacturing facilities of inverter were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for Inverter significantly decreased.
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