With growing disposable incomes, people have been enabled to spend more on luxury products, like inverters, providing comfort and enhancing lifestyles. The global inverter market is estimated to grow from USD 12.8 billion in 2020 to USD 27 billion by 2026. The global inverter market is expected to record compound annual growth rate of 15 per cent from 2020 to 2026. The growth of this market is propelled by a large inflow of investments in the renewable energy sector and growing number of residential solar rooftop installations.
Inverters with power rating below 10 kW are more suitable for use in the residential and commercial sectors. Residential solar PV systems are commonly used in rooftop installations, which offer benefits of feed-in tariffs and net metering. Installations of solar PV systems in the residential sector have been growing significantly across the world, and this trend is likely to continue during the forecast period as well.
Third parties or indirect sales channels dominate the global inverter market as these channels are adopted by inverter manufacturers to provide their inverter solutions to different end-users. Key players in the market have well-established sales networks and provide their products across the globe.
On the basis of the type within the global inverter market, power inverters with a rating between 100KW-495KW represent the most preferred segment. Secondly, based on the end use sector, the report finds that the utility sector dominates the market. Lastly, on the regional front, the Asia-Pacific region enjoys the leading position in the global inverter market. This can be owing to the rising establishment of international companies in this region, on account of low manufacturing costs and cheap labour. Some of the major reasons leading to the growth of this region include electrification of the transportation sector, expansion of power generation capacities of plants, increased investments for the deployment of industrial automation solutions, emphasis on regulations that demand operational and workforce safety, and reduction in the production and operational costs of power plants.
Some of the major player operating in the global inverter market include: SMA Solar Technology (Germany), Power Electronics (Spain), Huawei Technologies (China), Sungrow Power Supply (China), and ABB (Switzerland). Huawei Technologies is one of the leading China-based information and communication technology (ICT) companies. It is known to manufacture and distribute photovoltaic (PV) inverters and innovative solutions for intelligent PV systems.
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