Smart Inverter Market

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.