Market Highlights
Global Renewable Energy Inverters Market is projected to be valued at USD 50 Billion by 2026, with 16% CAGR during the forecast period, 2020–2026. 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.
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In 2019, Asia-Pacific dominated the global renewable energy inverter market in terms of share: MRFR
The global renewable energy inverters market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. Asia-Pacific is expected to hold the largest share of the market during the forecast period. This is primarily as countries in the region are extensively focused on developing renewable energy sources to reduce carbon emissions. In Asia-Pacific, China held the largest share in the market and is expected to register the highest CAGR during the forecast period, due to the availability of renewable energy resources in the country. In North America, the US held the largest market share in 2019 and is expected to grow at the fastest rate during the forecast period, primarily due to the high demand for electricity in the country. In Europe, Germany held the largest market share in 2019 due to extensive government support to introduce renewable energy sources. The renewable energy inverters market is expected to register the highest CAGR in Italy during the forecast period due to the increasing demand for electricity in the country. In the Middle East & Africa region, Saudi Arabia held the largest market share in 2019 due to the increasing dependency on renewable energy sources for electricity generation in the country. However, the renewable energy inverters market is expected to exhibit the highest CAGR in the UAE, as the country’s government is focused on increasing its share of renewable energy in the nation’s energy mix.
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 due to the increasing installations of large-scale renewable energy projects. Based on the application, the global market is segmented into residential and non-residential. The non-residential segment is expected to register the highest CAGR during the forecast period as large-scale utilities are increasingly focusing on the adoption of renewable energy sources for electricity generation.
Global Renewable Energy Inverters Market is expected to register 16% CAGR during the forecast period.
Scope of the Report
This report provides an in-depth analysis of the global renewable energy inverters market, tracking three market segments across five geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights the market size and share for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global renewable energy inverters market by product type, application, and region.
· Product Type
· Central Inverter
· Micro-Inverter
· Off-Grid Inverter
· Grid-Tied Inverter
· Battery-Based Inverter
· Application
· Residential
· Non-Residential
· By Region
· North America
· Asia-Pacific
· Europe
· Middle East & Africa
· South America
Key Players
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.
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