Europe Solar Inverter Market Insights
An essential part of the solar panels is the Europe Solar Inverter. They transform the solar panels' DC energy into AC energy. The Europe Solar Inverters are also employed for grid connection, emergency shutdown, and voltage tracking. On-grid Europe Solar Inverters increase the safety and efficiency of household equipment.
These Europe Solar Inverters are used in a wide range of industrial and commercial projects in addition to numerous residential and utility applications. Due to this, the need for Europe Solar Inverters has recently surged. The usage of renewable energy is rapidly expanding around the world, with solar energy being the most widely adopted source. Installing Europe Solar Inverters is simple. Throughout the projection period, all of these factors will contribute to the Europe Solar Inverter market stable expansion.
Regional Analysis
The global market is divided into Europe, North America, Asia-Pacific, and the Rest of the World based on region.
During the projected period, the Asia-Pacific region is anticipated to hold the largest market share for Europe Solar Inverters worldwide. The expansion of the Europe Solar Inverter market in the Asia-Pacific region will be fueled by rising demand for solar energy, rising investments in residential and commercial construction projects, and investments in the solar energy industry. Many governments in the Asia-Pacific region are taking steps to promote the use of low-emission alternative energy sources. The government's encouraging actions will aid in fostering the expansion of the Europe Solar Inverter market in this area.
Market Segmentation
Type, system, end-users, and geographic regions are used to segment the global market.
The market is once more segmented based on product type into sectors for central inverters, string inverters, and micro inverters. The central inverter sector is predicted to hold the largest proportion of revenue, according to the Europe Solar Inverter Market Forecast. The industrial and utility sectors have a tremendous demand for central inverters.
Additionally, the rapid industrialization and infrastructure development for renewable energy in developing nations like India, China, Japan, and others would aid in the expansion of this industry.
The market is divided into residential, commercial & industrial, and utility sectors based on end-user. The utility industry takes up the largest share of the market revenue for Europe Solar Inverters. This industry is anticipated to increase steadily until 2028 as a result of the construction of solar parks, solar power plants, and other solar-related constructions. The expansion of the market would also be fueled by the increase of various construction projects, such as office buildings, rural electrification initiatives, rooftop solar power plants, and water bodies.
The market for Europe Solar Inverters is segmented into on-grid and off-grid sectors based on the system. The on-grid system has the largest market share for Europe Solar Inverters. Compared to battery storage facilities, direct electricity supply has a higher investment. This will aid in the on-grid sector's expansion.
Key Players
- Canadian Solar Inc. (Canada)
- SolarEdge Technologies Inc. (Israel)
- Sineng Electric Co., Ltd. (China)
- ABB Ltd (Switzerland)
- Delta Electronics, Inc. (Taiwan)
- Power Electronics (Spain)
- SunPower Corporation (US)
- Hitachi Hi-Rel Power Electronics Pvt. Ltd (India)
- Solectria Renewables, LLC (US)
Industry News
In February 2021, Solarvest Holdings BHD stated that it had signed memorandums of understanding (MOUs) with Huawei Technologies SDN BHD and Sungrow Power Supply Co Ltd. to procure inverters.
In December 2020, USHA SHRIRAM, a leading solar power equipment manufacturer, launched a unique range of Solar Off-Grid Combo Systems that are highly efficient and provide continuous power for critical loads, particularly in areas where there is no power grid. This will significantly boost India's efforts to popularize solar energy use while also making the country self-sufficient in solar equipment manufacturing.
In December 2020, Deye Inverter Technology Co., LTD, a global manufacturer of Europe Solar Inverters, microinverters, and hybrid inverters, will introduce its award-winning hybrid inverter in the European market. The 8/10/12KW hybrid inverter is a three-phase inverter. Its main advantages are its excellent compatibility with diesel generators, AC couples, smart loads, and grid peak shaving.
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