With the increasing prevalence of alternative energy sources and growing number of technological innovations, the solar power industry is gaining ever-increasing importance in the commercial and residential landscape. Government support and rising concerns over environmental pollution are anticipated to boost the global solar inverter market through the forecast period.
The global solar inverter market is expected to witness a healthy rate of growth, owing to the ever rising consumption of solar power worldwide, for both residential and commercial purposes. In addition, recent years have also witnessed technological innovations in the sphere. Growing investments in the renewable energy sector has proper up the solar energy market worldwide. For instance, investments in large-scale initiative is projected to witness a 222% rise in line with the Australian Federal Government's large-scale renewable energy target (RET) of 33,000 gigawatt-hours by 2020. In 2017, India was ranked 2nd in the most attractive renewable energy markets globally. The country has set a target of 175 GW of renewable power by 2022.
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Similarly, Dubai’s state utility, the Dubai Electricity and Water Authority (DEWA) has agreed to update a power purchase agreement (PPA) with a consortium led by Saudi Arabia energy company ACWA Power to increase the capacity of the fourth phase of the Dubai solar park from 700MW to 950MW. The project aims to have a final capacity of 5,000MW of solar powered energy by 2030 at a cost of AED50 Bn (US$13.6Bn), thereby, increasing the widespread adoption of solar inverters, in the coming years.
Module level power electronics in solar inverters are expected to witness a high rate of demand owing to reduced requirements of maintenance, lower installation costs and high solar power production, such as those produced by SMA Solar Technology AG.
Market players are also offering higher durability in their equipment along with extended guarantees to buyers, which means that users can now expect to have solar invertors which have a guarantee of approximately 12 years, which can be further extended to even 25 years. This is expected to push the market forward in the years to come.
On the other hand, a gradual but constant drop in prices is expected to lower revenues for solar inverter market players and act as the major constraining factor for the market. Another challenge for market players is the high cost of maintenance required to operate a solar inverter setup.
Inadequate Supply of Supplementary Energy Sources to Boost Asia Pacific Solar inverter Market
Developing economies such as India and China constantly face the serious problem of intermittent power outages. As a result the demand for inverters in the recent past has overtaken supply. In addition, government initiatives such as the India’s national solar mission are also significantly pushing the solar inverter market in the region. For instance, NABARD is providing 40% subsidy for those who are purchasing solar inverters, in addition to making loans available for half the cost through commercial banks.
The Latin America region is also expected to provide large and lucrative opportunities of growth to market players owing to a nascent energy infrastructure and industry in numerous countries of the region including Mexico, Argentina, Chile, Brazil Uruguay and Paraguay. Mexico alone has successfully held 7 gigawatts of installed capacity in the past 2 years at record low prices.
On the other hand, Europe is expected to see a relatively slow rate of growth for the solar inverter market, owing to fall in equipment prices in most areas of this region resulting from constant price pressure on equipment suppliers, a rise in anti-dumping tariffs on Chinese manufactured components, depreciation of the Euro and a downward trend on minimum import prices.
Key Solar Inverter Market Players are Focusing on Technological Innovations to Boost Efficiency
A number of the major players in the solar inverter market are focusing on research and development activities to improve on inverter performance and improved consumer service through tech innovations.
For example, Sungrow Power has introduced a solar inverter which make use of a single switching transistor and provide users with a an immense range of voltage levels as opposed to conventional counterparts which provide only a single voltage level even with multiple transistors.
SolarEdge has also introduced a number innovative solar inverter products where the power optimized gauges power point tracking and voltage management separately. This results in the inverter only working on converting DC to AC, which ensures operational faculty regardless of temperature or string length. In addition the company has also developed compact solar inverters for homes which have highly limited roof space.
Siemens has developed a three phase inverter which makes use of a technology to maintain fixed voltage which remains unchanged despite changes in the environment or the number of modules that are present in a string. Data from the inverter can also be monitored and accessed through the internet for an improved facet of analysis.
In addition, companies are also focusing on increasing production capacity, to meet the growing demand. For instance, Bonfiglioli has recently increased its capacity from nearly 200 MW to more than 500 MW.
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Other major key players in the solar inverter market include Emerson Electric Company, Schneider Electric Co., Power-one Inc., SMA Solar Technology AG, and KACO New Energy inc. among others.