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One key factor behind the growth of this market is growing global demand for clean or green sources of power. Green energy is preferred by governments, corporations, and individuals due to climate change and environmental concerns. Green energy converter usage has increased as a result. These converters are crucial because they convert solar panel or wind mill direct current (DC) into alternating current (AC) for numerous uses.
Government regulations and subsidies impact renewable energy investment. Some countries across the world are now instituting supportive policies at the same time offering financial motivations meant to escalate deployment of renewable energy technologies. Subsidies, tax credits and feed-in tariffs are some of the stimulants provided to both firms and individuals which increase demand for renewable energy invertors. These favorable policies not only reduce overall costs of renewable energy systems but also foster a conducive environment for market expansion.
Market factors are also influenced by developments in energy storage solutions. The rise in integration of renewable sources into the power grid amplifies the need for energy storage. Demand is high for renewable energy inverters that can be easily integrated with energy storage systems. It improves reliability and efficiency of renewable energy systems when excess electricity produced during peak hours is stored for use during low production or high demand times. Thus, advancements in energy storage technologies have direct bearing on the market of renewable energy invertors.
Furthermore, economic factors such as overall costs of renewable energies or price competitiveness of these converters significantly impact their market expansion. Declining prices of solar panels and wind turbines make renewables more attractive economically resulting to an upturn in uptake levels of inverters.Manufacturers who emphasize on economies scale and efficient production methods are better placed to meet rising demands from the markets.
The renewables energy inverters market is shaped by an interplay between several factors including the global campaign for renewable energy, policy support from governments, advancement in technology, energy storage integration and economic considerations. It is through these changing dynamics that we expect further growth and innovation to be witnessed within renewable energy inverters’ market as they are vital players in the larger transition towards a cleaner and more sustainable future of energy.
Renewable Energy Inverters Market Highlights:
Global Renewable Energy Inverters Market Scenario
Renewable Energy Inverter Market size is projected to reach USD 80614.5 Million, with a 14% CAGR between 2022 and 2030.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Renewable energy inverters play a significant role in converting DC to AC. Inverters are a prominent part of both residential and non-residential settings. Residential inverters, for example, are used for the conversion of the direct current (DC) supplied by solar panels to alternating current (AC). Non-residential renewable energy inverters convert direct current (DC) into alternating current (AC) before transmitting it to end-users. The growing need for electricity generation from renewable energy sources and increased government measures to promote renewable energy sources for electricity generation is the primary drivers driving the growth of the worldwide renewable energy inverters market.
Renewable energy markets in North America and Europe have increased. As a result, both of these regions dominate the market for renewable energy inverters. Replacement, repair, and maintenance activities are on the rise that will aid in the growth of the renewable energy inverter market and trends in these regions. Furthermore, the growing demand for sustainable power generation to reduce harmful gas emissions is likely to significantly impact the growth of the worldwide renewable energy inverters market during the forecast period.
The major factors driving the growth of the global renewable energy inverters market is the growing demand for electricity generation from renewable energy sources and increasing government initiatives for the adoption of renewable energy sources for electricity generation. Furthermore, the increasing demand for sustainable electricity generation to reduce the emission of harmful gases is also expected to have a substantial impact on the growth of the global renewable energy inverters market during the forecast period.
The electrification of remote areas and regions in developing countries is expected to further increase the demand for renewable energy inverters during the forecast period. This is primarily due to the numerous initiatives being undertaken by government bodies to increase access to electricity.
Key Players Insight
The key players operating in the global renewable energy inverters market are 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.
Recent Developments
- The globally spread market's most prominent players use several tactics to meet the rising global customer demand. They use several policies and methods, such as collaborations, mergers, and acquisitions, forming a joint venture, inventing a new manufacturing technique, innovating an existing product, expanding the firm, and collaborating. These methods aid the market is expanding its consumer base.
- Many prominent firms, like SMA Solar Technology, and others like General Electric, and Eaton, are gaining momentum owing to their steps like concentrating their efforts on securing contracts and agreements with utilities and industries to deliver inverters for renewable energy sources. Sungrow Power Supply Co. has signed a contract with DAT Technology Co in June 2020 to supply PV inverters for industrial and commercial installations in Vietnam.
Many major players such as SMA Solar Technology, general Electric, and Eaton are focusing on signing contracts and agreements with utilities and industries to provide inverters for renewable energy sources. For instance, in June 2020, Sungrow Power Supply Co signed a contract with DAT Technology Co to supply PV inverters for industrial & commercial installations in Vietnam.
In October 2023, Sungrow, the global leading inverter and energy storage system supplier, shows its comprehensive renewable energy solutions and launches new products to India during REI 2023. India's energy transition is at a critical stage. Sungrow's innovative products and solutions will help India further improve its energy structure and expand efficient, safe and clean energy utilization.
Market Segmentation Outlook
The global renewable energy inverters market has been segmented based on product type and application. Based on product type, the global market is divided into central inverters, micro-inverters, off-grid inverters, grid-tied inverters, and battery-based inverters. The grid-tied inverters segment is expected to hold the largest share of the market during the forecast period, owing to the increasing installations of large-scale renewable electricity projects.
However, the central inverter segment is expected to grow at the fastest rate during the forecast period due to the increasing installation of solar energy generation equipment. Based on the application, the global market is segmented into residential and non-residential. The non-residential segment held the largest market share in 2019 and is expected to exhibit the highest CAGR during the forecast period due to the increasing installations of renewable energy sources, such as offshore wind and solar power plants, to support power grids.
The global renewable energy inverters market is expected to witness high growth during the forecast period owing to the increasing demand for electricity generation using renewable energy sources. This is expected to drive the growth of the renewable energy inverters market during the forecast period.
Based on region, the global renewable energy inverters market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific holds the largest market share of the renewable energy inverters market due to the increasing adoption of renewable energy resources in the region. Additionally, the renewable energy inverters market in Asia-Pacific is expected to grow at the fastest rate during the forecast period, primarily due to the numerous government initiatives introduced in the region to increase the adoption of renewable energy sources.
Renewable energy inverters are used to convert DC to AC. The inverters are used both in residential and non-residential applications. For instance, residential inverters are used to convert DC generated from solar panels to AC. Non-residential renewable energy inverters are used to convert DC into AC before transmitting them to end-users.
Global Renewable Energy Inverter Market size is projected to reach USD 80614.5 Million, with a 14% CAGR between 2022 and 2030.
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- Consulting companies in the renewable energy inverters -market
- Raw material suppliers
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