The Global Shipments of PV Inverters are Forecast to reach 112 MW by 2024
Aspirational Renewable
Energy Targets and a Parallel Rise in PV Installations to Drive Demand for
Photovolatic (PV) Inverters, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size, and
demand forecasts on the global Photovoltaic (PV) Inverters market. The
global shipments of PV Inverters are forecast to reach 112 MW by 2024, driven by aggressive renewable energy targets
set by governments across the world, falling prices of PV system components and
the resulting increased adoption of solar power in both developed and
developing countries.
Photovoltaic inverter
represents a core component of PV system and plays a pivotal role in solar
power harvesting system. The PV inverter transforms variable direct current
generated by solar panels into alternating current at the same frequency as
utility power. The growth in the photovoltaic inverter market is mainly driven
by favorable government support for promoting sustainable energy including solar
power. Better operational efficiency along with declining costs of solar
components is further expected to encourage use of solar energy, which, in
turn, is expected to propel the demand for PV inverters in the coming years. In
addition, declining average prices of PV inverters is expected to drive
penetration in developing markets including Asia and Latin America.
Advancements in inverter
technology are expected to boost grid support and system optimization across
the board, enabling the market to surge ahead during the forecast period. Photovoltaic
inverters are transforming from simple energy conversion devices into ‘Smart’
PV inverters with capabilities of intelligent energy storage and grid
interaction that are fast becoming a core part of the fast expanding smart grid
infrastructure. Rise in number of PV installations and growing need for
increased efficiency and improved safety of solar power system is anticipated
to drive growth in PV microinverters market in the long term. Demand for
small-scale three-phase
string inverters is also on rise led by increasing use in utility-scale
systems. The growing focus on reducing PV system costs is further driving the
roll out of 1500V inverters.
The industry is also
witnessing adoption of new materials including heat-resistant materials to
build higher-voltage solar inverters to reduce the capex and opex of plants. As
most PV system failures are due to thermal management issues in inverters,
manufacturers are focused on employing various technologies to improve
performance and reliability of inverters. Some of the developments include use
of self-contained liquid cooling system to regulate the temperature of inverters.
The use of self-contained liquid cooling system also simplifies maintenance
requirements and minimizes the use of large components which enables designing
of smaller sized inverters, and further reduces installation costs and extend
lifetime of the inverters. Other important developments include the use of big
data and the Internet
of Things (IoT) to detect potential inverter failures.
As stated by the new
market research report on Photovoltaic
(PV) Inverters, Asia-Pacific represents the largest market worldwide. Latin
America ranks as the fastest growing market with a CAGR of 26.5% over the
analysis period led by factors such as favorable regulatory environment,
establishment of numerous spot-market solar farms financed by spot prices, emergence
of Chile as a major market for solar implementations and technology innovations,
and large off-grid populations and the need for distributed energy generation. The
favorable tropical hot and sunny climate makes solar energy exploitation highly
efficient and remunerative in the region. For instance, the high horizontal
solar radiation in the Atacama Desert helps increase solar productivity thus lowering
the cost per unit of energy produced. With the steady replacement of old diesel
and coal plants with solar energy in most Latin American economies, solar technology
faces a lower threshold of price competition from low cost conventional energy
sources than seen in most other countries.
Key players in the market
include ABB Ltd., Elettronica Santerno S.p.A, Enphase Energy Inc., Fronius
International GmbH, Huawei, Ingeteam Corporacion, S.A., KACO new energy GmbH, Sineng,
SMA Solar Technology AG, Sungrow Power Supply, and TMEIC among others.
The research report titled
“Photovoltaic
(PV) Inverters: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive review of market trends,
drivers, issues, challenges, and other strategic activities of major companies.
The report provides market estimates and projections in terms of shipment
capacities (in Megawatts) terms for major geographic markets including US,
Japan, Europe (France, Germany, Italy,
UK, Spain and Rest of Europe markets), Asia-Pacific (China, India, and Rest
of Asia-Pacific), Latin America, and Rest of World. The report further analyzes the global market by following Distribution
types –Single-Phase String Inverters, Three-Phase String Inverters, Commercial
& Utility Scale Systems, and Microinverters.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
Comments
Post a Comment