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One dominant strategy is technological innovation where firms are spending heavily on research and development (R&D) to improve the efficiency, reliability, and operation of their inverters. This caters for increasing need for cleaner power but also enables companies to stand out among their competitors in the industry. For solar companies aiming at getting a large market share; advanced power electronics and smart inverters that have grid-support functionalities are becoming key differentiators.
Additionally, strategic imperatives of Renewable Energy Inverters Market are characterized by partnerships and collaborations. As such, businesses join hands with solar developers, EPC (Engineering Procurement Construction) contractors as well as other stakeholders to leverage synergies while expanding their market presence. Through forming alliances among themselves business organizations benefit from shared resources, knowledge and distribution channels thus strengthening their position in the market. This results into comprehensive solutions where inverters combine with solar panels or wind turbines leading to end-to-end renewable solutions for consumers.
Geographical diversification has also been emphasized by market participants who want to obtain a significant proportion of the market share. The renewable energy sector is growing fast across the globe making corporations establish themselves across different jurisdictions. This move helps them avoid risks linked to regional fluctuations while capitalizing on diverse requirements and regulatory frameworks in various countries worldwide. To become reliable providers who can be accessed globally businesses have had to spread their wings widely hence; having strong presence around the world with regards to providing invertible sources of renewable energies.
Furthermore pricing strategies are playing a major role when it comes to market’s share dynamics. Renewable Energy Inverters Market is becoming more and more price sensitive hence companies have come up with competitive pricing models to rope in a large number of customers. As such, with economies of scale and efficient supply chain management, the cost optimization coupled with technological advancements enables them to offer inverters that are priced competitively without sacrificing quality. However, this should not be misunderstood for allowing price wars at the expense of maintaining the quality of product as well as customer satisfaction which guarantees long term success in this industry.
Regulatory compliance and certifications are increasingly becoming focal points for market players. In order to gain competitive advantage among others who may also be compliant, these regulations aim at creating stringent measures on renewable energy across the globe since governments have embraced promotion of renewable energy adoption. Their certifications go beyond approving inverters’ quality and safety by boosting customers’ confidence as well as other project developers thereby enhancing their shares in such markets.
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.
Intended Audience
- Government and research organization
- Consulting companies in the renewable energy inverters -market
- Raw material suppliers
- Research consultants
- Investors and shareholders
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