Solar inverters market size to reach $25.86bn by 2026
Global solar inverters / PV inverters market is expected to grow from $5.32bn in 2017 to $25.86bn by 2026, at a CAGR of 16.1% during the forecast period, according to a study published by Polaris Market Research.
The energy demand globally is snowballing progressively over the last few decades with new methods of energy sources are continually discovered to meet the energy demand of the future. Natural and conventional energy sources such as coal is continually depleting thus renewable sources are explores constantly.
Solar energy is one form of renewable energy source where sunlight is converted into electricity. Solar inverters are basically used along with solar or photovoltaic cells to convert direct current (DC) into alternative current (AC). The inverter industry has been going under a concentrated phase of procedural innovation. For project developers, investors as well as regulators, inverters form an integral part.
Solar power to support utility grids has gained traction owing to rising demand for power. However, not much solar power plants are placed into grids owing to higher cost associated in setting up of solar power systems as compared to coal, wind and nuclear power generation systems. For installing solar power generation systems into a utility grid, solid state inverters are considered to be the benchmark.
Inverter technologies is constantly going under technological upgradations thus promising better grid support and sophisticated system optimisation, the market is expected to reach its zenith during the forecast period. Solar inverters are generally selected on the basis of array size and AC grid inter-tie.
Countless modifications regarding design such as grid-tie inverters, stand alone inverters and backup inverters are designed upon their application. The residential and commercial construction activities are recovering globally, this end-user segment is expected to hold vital considerations for the growth of the solar inverters market share.