Smart Inverter Market Size & Analysis - Forecasts To 2025 By Product (Central Inverters, String Inverters, Micro Inverters), By Application (Commercial, Residential, Utilities), By Region (North America, Europe, Asia-Pacific, Central & South America, Middle East & Africa), End-Use Landscape, Vendor Landscape, Market Share & Competitive Landscape - Global Market Estimates
Smart Inverter Market Insights
The demand for smart inverters is expected to grow at a high CAGR over the forecast period on account of increased demand for renewable energy observed across the world. The increasing investments made in developing solar power plants by several countries are projected to positively impact market demand over the coming years. The reducing installation cost of solar panels is also expected to increase demand over the coming years.
Smart Inverter Market: Product Insights
On the basis of product, the smart inverter market is segmented into central inverters, string inverters, and micro inverters. The demand for string inverters occupied a larger share as compared with central & micro inverters. String inverters enable continuous power supply without any interruptions. The increase acceptance of renewable energy coupled with favorable government policies in the solar power sector is projected to propel demand over the coming years.
Smart Inverter Market: Application Insights
On the basis of application, the smart inverter market is segmented into commercial, residential, and utilities. The demand for smart inverters used for industrial and commercial power supply and storage is projected to augment market demand over the forecast period. The introduction of smart inverters with energy storage and charging capabilities is also projected to augment market growth. Large energy consumption in the industrial and commercial sector is anticipated to boost the demand for smart inverters. The rapidly expanding distributed energy market is also expected to propel demand for smart inverters over the coming years.
Smart Inverter Market: Regional Insights
The demand for smart inverters is expected to occupy a large share in the European and North American region. The increasing number of solar installations and favorable emission control policies are projected to propel demand for smart inverters. The demand for smart inverters is expected to grow at the highest CAGR in the Asia Pacific region due to expansion in solar energy capabilities in countries such as China, Pakistan, Japan, India, and Australia among others.
Smart Inverter Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Smart Inverter Market: End-Use Landscape
The report provides a detailed list of end-users operating across the world. The end-user landscape includes consumer contact details, geographical presence, revenue, product portfolio, organic and inorganic growth strategies among others. Some of the companies who are likely to use smart inverter include Longyangxia Dam Solar Park, Kamuthi Solar Power Project, and Kurnool Ultra Mega Solar Park among others.
Smart Inverter: Market Share & Competitor Analysis
Some of the prominent players in the smart inverter market include Advanced Energy, ABB Ltd., Eaton, Emerson Electric, GE Power, Mitsubishi Electric, Omron, Siemens, TDK, Toshiba, Sungrow Power Supply, SMA Solar Technology, and Bonfiglioli Riduttori among others. Companies engaged in the smart inverter market are engaged in new product development, product upgradation, and research & development activities to improve their competitive position in the market.
Please note: This is not an exhaustive list of companies profiled in the report.
In January 2018, Sungrow Power Supply launched its 3.125MW 1500VDC Turnkey Station and SG125HV at the World Future Energy Summit. These string inverters are equipped for use in large scale utility plants. In December 2017, Siemens introduced its 5,000 kVA central inverter for solar PV power plants in India.
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The global Smart Inverter Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Smart Inverter Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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