The Solar inverter is an important device in the solar system, that converts DC power flowing from solar panels to AC power. Significant development in the renewable energy industry and easy installation of solar inverters are the key factors attributed to the growth of the market during the projected period. The associated advantages such as reliability, and durability provided by solar PV inverters are propelling the adoption of solar PV inverter which is further helping the market to grow. In addition, increase in government initiatives and investments in the electrification of rural and remote areas are the potential opportunities for the key players in the solar PV inverter market.
MARKET SCOPE
The "Global Residential Solar PV Inverter Market Analysis to 2028" is a specialized and in-depth study of the solar inverter with a special focus on the global market trend analysis specially in residential sector. The report aims to provide an overview of the residential solar PV inverter market with detailed market segmentation by product type, connection type, phase and geography. The report provides key statistics on the market status of the leading residential solar PV inverter market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of product type the market is segmented into central inverter, string inverter, and micro inverter
- On the basis of connection type, the market is segmented as on-grid and off-grid
- On the basis of phase, the market is segmented as single-phase and three-phase
MARKET DYNAMICS
Drivers:
- -
o Significant investment in renewable energy industry
o Favorable government initiatives and increase in residential solar rooftop installations drives the market growth
- -
o High cost of infrastructural improvements restraints the market growth
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). The residential solar PV inverter market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the residential solar PV inverter market in these regions.
IMPACT OF COVID-19 ON RESIDENTIAL SOLAR PV INVERTER MARKET
The emergence of the COVID-19 has severely impacted the energy and power industry, which resulted decline market growth in the year 2020. The emergence of the COVID-19 pandemic has slowed the growth of the residential solar PV inverter market, as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This significantly affected the residential solar PV inverter market owing to the suspension of activities of end-users. In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the residential solar PV inverter market. However, from the second half of 2021, the reopening of manufacturing facilities and rise in deployment of solar panels in residential sector have fueled the energy demand which further augmented the market dynamics for residential solar PV inverter market. During the pandemic recovery period, there has been witnessed government support for generating the power from clean energy sources wherein favorable policies, incentives and subsidies for residential solar sector have strengthened the demand for residential solar PV inverter which aids the market growth.
MARKET PLAYERS
The report covers key developments in the residential solar PV inverter market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the residential solar PV inverter market are anticipated to provide lucrative growth opportunities in the future owing growing adoption of solar panels in residential sector.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the residential solar PV inverter market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Schneider Electric
- Siemens
- SHENZHEN SOFAR SOLAR
- SolarEdge Technologies Ltd.
- GENERAL ELECTRIC
- Canadian Solar
- GOODWE
- OMRON Corporation
- Huawei Technologies Co., Ltd.
- SMA Solar Technology AG