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Between 2023 and 2030, the market for renewable energy inverters is anticipated to grow at a 15% CAGR to reach USD 80614.8 million.
Inverters for renewable energy are essential for converting DC to AC. Both residential and non-residential settings frequently use inverters. For example, residential inverters are used to change the direct current (DC) provided by solar panels into alternating current (AC). Before transmitting it to end consumers, non-residential renewable energy inverters change direct current (DC) into alternating current (AC). The key factors propelling the growth of the global market for renewable energy inverters are the increasing demand for electricity generated from renewable energy sources and rising government initiatives to promote renewable energy sources for power generation.
The markets for renewable energy in North America and Europe have grown. As a result, both of these areas control the majority of the market for inverters for renewable energy. The market for renewable energy inverters in these regions is expected to develop as replacement, repair, and maintenance activities increase. Additionally, during the projection period, the global market for renewable energy inverters is projected to have substantial growth challenges due to the increasing demand for sustainable power generation to reduce harmful gas emissions.
The increasing demand for electricity generated from renewable energy sources and the expansion of government programmes to promote the use of renewable energy sources for electricity generation are the main drivers propelling the growth of the global market for renewable energy inverters. Additionally, it is anticipated that during the forecast period, the desire for sustainable power generation to lower the emission of harmful gases would have a significant impact on the expansion of the global market for renewable energy inverters. During the projection period, it is anticipated that the electrification of rural and remote areas in developing nations will further enhance demand for renewable energy inverters. This is mainly because there are so many programmes that the government is running to make electricity more widely available.
Based on product type and application, the market for renewable energy inverters has been divided into submarkets. Central inverters, micro-inverters, off-grid inverters, grid-tied inverters, and battery-based inverters are the several product categories that make up the global market. As more large-scale renewable electricity projects are installed, the grid-tied inverters category is anticipated to hold the greatest market share during the projection period.
However, because more solar energy generation equipment is being installed, the central inverter category is anticipated to increase at the quickest rate over the projection period. The global market is divided into residential and non-residential segments based on application. Due to the growing installation of renewable energy sources, such as offshore wind and solar power plants, to support power grids, the non-residential sector held the greatest market share in 2019 and is anticipated to display the highest CAGR over the projected period.
Report Coverage
Global Renewable Energy Inverters research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Renewable Energy Inverters report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Renewable Energy Inverters competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Renewable Energy Inverters market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Renewable Energy Inverters market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Renewable Energy Inverters market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
KACO Group, Ingeteam Power Technology S.A., General Electric, TMEIC, Schneider Electric, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Danfoss, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, and Riello Elettronica Group
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Renewable Energy Inverters market based on the below-mentioned segments:
Global Renewable Energy Inverters Market, By Type
Central Inverter
Micro-Inverter
Off-Grid Inverter
Grid-Tied Inverter
Battery-Based Inverter
Global Renewable Energy Inverters market, By Application
Residential
Non-Residential
Global Renewable Energy Inverters market, Regional Analysis
Inverters for renewable energy are essential for converting DC to AC. Both residential and non-residential settings frequently use inverters. For example, residential inverters are used to change the direct current (DC) provided by solar panels into alternating current (AC). Before transmitting it to end consumers, non-residential renewable energy inverters change direct current (DC) into alternating current (AC). The key factors propelling the growth of the global market for renewable energy inverters are the increasing demand for electricity generated from renewable energy sources and rising government initiatives to promote renewable energy sources for power generation.
The markets for renewable energy in North America and Europe have grown. As a result, both of these areas control the majority of the market for inverters for renewable energy. The market for renewable energy inverters in these regions is expected to develop as replacement, repair, and maintenance activities increase. Additionally, during the projection period, the global market for renewable energy inverters is projected to have substantial growth challenges due to the increasing demand for sustainable power generation to reduce harmful gas emissions.
The increasing demand for electricity generated from renewable energy sources and the expansion of government programmes to promote the use of renewable energy sources for electricity generation are the main drivers propelling the growth of the global market for renewable energy inverters. Additionally, it is anticipated that during the forecast period, the desire for sustainable power generation to lower the emission of harmful gases would have a significant impact on the expansion of the global market for renewable energy inverters. During the projection period, it is anticipated that the electrification of rural and remote areas in developing nations will further enhance demand for renewable energy inverters. This is mainly because there are so many programmes that the government is running to make electricity more widely available.
Based on product type and application, the market for renewable energy inverters has been divided into submarkets. Central inverters, micro-inverters, off-grid inverters, grid-tied inverters, and battery-based inverters are the several product categories that make up the global market. As more large-scale renewable electricity projects are installed, the grid-tied inverters category is anticipated to hold the greatest market share during the projection period.
However, because more solar energy generation equipment is being installed, the central inverter category is anticipated to increase at the quickest rate over the projection period. The global market is divided into residential and non-residential segments based on application. Due to the growing installation of renewable energy sources, such as offshore wind and solar power plants, to support power grids, the non-residential sector held the greatest market share in 2019 and is anticipated to display the highest CAGR over the projected period.
Report Coverage
Global Renewable Energy Inverters research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Renewable Energy Inverters report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Renewable Energy Inverters competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Renewable Energy Inverters market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | KACO Group, Ingeteam Power Technology S.A., General Electric, TMEIC, Schneider Electric, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Danfoss, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, and Riello Elettronica Group |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Renewable Energy Inverters Market from 2021 to 2030.
- Market Forecast for Renewable Energy Inverters Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Renewable Energy Inverters competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Renewable Energy Inverters
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Renewable Energy Inverters market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Renewable Energy Inverters market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
KACO Group, Ingeteam Power Technology S.A., General Electric, TMEIC, Schneider Electric, SMA Solar Technology AG, Bonfiglioli Transmissions Private Limited, Danfoss, Eaton, Emerson Electric, Enphase Energy, Fronius International GmbH, Mitsubishi Electric Corporation, REFU, and Riello Elettronica Group
Primary Target Market
- Market Players of Renewable Energy Inverters
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Renewable Energy Inverters market based on the below-mentioned segments:
Global Renewable Energy Inverters Market, By Type
Central Inverter
Micro-Inverter
Off-Grid Inverter
Grid-Tied Inverter
Battery-Based Inverter
Global Renewable Energy Inverters market, By Application
Residential
Non-Residential
Global Renewable Energy Inverters market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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