According to our latest market study, titled "Solar Inverters Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, System Type, and End User," the market is projected to reach US$ 16,327.06 million by 2028 from US$ 9,153.73 million in 2021. It is expected to grow at a CAGR of 8.9% from 2022 to 2028.
Governments worldwide are focusing on establishing solar power as a primary source of energy and have introduced various schemes to encourage domestic use of solar power. Installing solar rooftop systems is an effective way to generate electricity for residential, commercial, and industrial purposes. However, the high installation costs associated with rooftop solar panels have discouraged many people from adopting this option. To make it more accessible, the central and state governments in India have launched several schemes to promote the installation of rooftop solar panels. For instance, in January 2022, the Ministry of New and Renewable Energy in India announced that households could receive free rooftop solar panels that can be installed easily. A simple photograph of the installed system is sufficient to receive benefits or subsidies under the government scheme. On January 19, 2022, the Union Minister of Power and New & Renewable Energy simplified the rooftop solar scheme, according to a statement by the ministry. The subsidy provided by the Indian government, which is 40% for rooftops with a capacity of up to 3 kilowatts (KW) and 20% for rooftops between 3 KW and 10 KW, would be credited to the homeowner's account by the Discom within 30 days of installation.
Thus, the rising number of solar installations attributed to government-led incentives and schemes is propelling the demand for solar inverters, driving the market.
Impact of COVID-19 Pandemic on APAC Solar Inverters Market
The construction industry in the APAC region witnessed a significant growth decline in 2020 due to prolonged lockdown periods. In the early stages of the COVID-19 pandemic, raw material companies in various countries halted their production activities to curb the spread of the virus, resulting in reduced supplies in countries such as India and China. Furthermore, construction players in the region faced a significant challenge in maintaining project quality, given the varying regulatory frameworks in different nations. As a result, the solar inverters market in APAC experienced a negative impact from the COVID-19 pandemic in 2020.
The growth of the construction industry in APAC experienced a significant decline in 2020 due to prolonged lockdown periods caused by the COVID-19 pandemic. To prevent the spread of the disease, raw material companies ceased production activities, which resulted in reduced supplies in several countries in the region, including India and China. Furthermore, complying with varying regulatory frameworks in each nation makes it challenging to maintain project quality, adding to the negative impact on the solar inverters market in APAC in 2020. However, with the relaxation of lockdown restrictions and ongoing vaccination efforts, raw material shipments and industrial activities have steadily resumed, boosting the construction industry's growth in APAC in 2021. Governments in the region are also taking initiatives to combat pandemic issues, such as Malaysia's 2021 budget announcement of incentives for homeownership to revive abandoned projects due to cost increases and supply chain challenges. The construction, real estate, and infrastructure industries are expected to continue growing in APAC, which will positively impact the solar inverters market during the forecast period. The Asian Development Bank (ADB) estimates that developing Asia requires US$ 26 trillion in infrastructure investments between 2016 and 2030, which translates to US$ 1.7 trillion per year.
Based on type, the solar inverters market is segmented into central, string, and micro. The central segment led the solar inverters market with the largest share in 2021. Based on system type, the solar inverters market is bifurcated into on-grid and off-grid. The on-grid segment led the solar inverters market with a larger share in 2021. Based on end user, the solar inverters market is segmented into residential, commercial, and utility. The utility segment led the solar inverters market with the largest share in 2021. By geography, the solar inverters market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The APAC segment led the solar inverters market with the largest share in 2021.
Key Findings of Study:
Identifying the top 5 key players in the overall solar inverters market can be challenging due to the diverse product portfolios and markets in which they operate. However, based on several parameters such as overall revenue, current solar inverters product portfolio, brand image, geographic reach, technology adoption and integration, customer base, new product/service/feature launches, mergers and acquisitions, partnerships, and other market-related activities, we can identify 5 key players operating globally in this market.
SMA Solar Technology AG, SolarEdge Technologies Inc., Fimer Group, GOODWE, and Power Electronics SL are the five key market players operating in the global solar inverters market. ABB Ltd; Delta Electronics, Inc.; Enertechups; Powerone Micro Systems Pvt.Ltd; Sineng Electric; and Hitachi Hi-Rel Power Electronics Pvt Ltd. are a few other notable players profiled in this market study. In addition to these players, regional and local market players, market disruptors, multiple other leading global, emerging companies, and niche market players were studied and analyzed during the course of this study to gather a holistic view of the global solar inverters market.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com