NEW YORK , Scrubber Market Facts at a Glance
Total Pages: 120Companies: 20+ – Including Eaton Corp. Plc, Elpower Srl, Enphase Energy Inc., Fimer SpA, Fronius International GmbH, General Electric Co., GoodWe Technology Co. Ltd., Huawei Investment and Holding Co. Ltd., Ingeteam Corp. SA, KEB America Inc., Layer Electronics Srl, Panasonic Corp., Power Electronics Espana SLU, Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., and TBEA Co. Ltd. among others.Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysisSegments: Application (Solar PV, EV, and Wind)Geographies: (APAC, Europe, North America, South America, and Middle East and Africa)
According to the recent market study by Technavio, the Renewable Energy Inverters Market’s potential growth difference will be USD 8.43 billion from 2021 to 2026. The report also identifies the market to witness a decelerating growth momentum at a CAGR of 10.9%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
APAC will register the highest growth rate of 68% among the other regions. The high solar PV installations and rapidly growing demand for EVs in countries such as China, India, Japan, and Australia will facilitate the renewable energy inverters market growth in APAC over the forecast period. China, India, and Japan are the key markets for renewable energy inverters in APAC.
Vendor Insights-
The renewable energy inverters market is fragmented and the vendors are deploying growth strategies such as product differentiation to compete in the market. Companies are launching innovative solutions to beat the market competition. For instance, Elpower Srl offers a wide range of renewable energy inverters such as Cleanverter 10-30 TL, Cleanverter PV 40-80 among others.
Some of the major vendors covered in this report are:
Eaton Corp. PlcElpower SrlEnphase Energy Inc.Fimer SpAFronius International GmbHGeneral Electric Co.GoodWe Technology Co. Ltd.Huawei Investment and Holding Co. Ltd.Ingeteam Corp. SAKEB America Inc.Layer Electronics SrlPanasonic Corp.Power Electronics Espana SLUSchneider Electric SESiemens AGSineng Electric Co. Ltd.SMA Solar Technology AGSolarEdge Technologies Inc.Sungrow Power Supply Co. Ltd.TBEA Co. Ltd.
Key Segment Highlights
By Application
Solar PV
The solar PV segment held the largest renewable energy inverters market share in 2021. The segment will continue to account for the largest market share throughout the forecast period. The installation of solar PV systems will be driven by the growth is attributed to the decline in the levelized cost of electricity (LCOE) of solar power generation, coupled with favorable government policies and advancements in the components of solar PV systems.EVWind
Latest Drivers & Trends Driving the Market-
Renewable Energy Inverters Market Driver:Declining cost of solar and wind power generation:
Several initiatives have been taken across by the global governments to leverage the declining costs of solar and wind power generation. For instance, in May 2021, SETO launched Multi-Year Program Plan to reduce solar PV system costs by 2025. The targets for 2030 are USD 0.05 per kilowatt-hour (kWh) for residential PV, USD 0.04 per kWh for commercial PV, and USD 0.02 per kWh hour for utility-scale PV. Similarly, in the case of wind energy, the global weighted average cost for onshore wind installations decreased by around one-third between 2010 and 2020.
Renewable Energy Inverters Market Trend:Advances in power electronics used in solar PV systems:
The power electronics-based conversion technique has revolutionized electricity generation by increasing product efficiency and streamlining manufacturing processes of components such as solar PV inverters. In addition, several developments are being undertaken to improve the efficiency of power electronics. For instance, the SunShot National Laboratory Multiyear Partnership (SuNLaMP) funding program has progressed toward the SunShot initiative goals in the US. Such factors will further support the market growth in the coming years.
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire.
