The demand for PV inverter systems will be substantially bolstered with the changing climatic conditions and the never-ending requirement for a continuous power supply. There is a rising appeal of consumers towards energy and cost savings, along with the need to curb the greenhouse effect. PV or photovoltaic inverters, also known as solar inverters, are electric devices that are primarily deployed to alter the uneven DC output of solar panels to AC in order to supply power across different applications.
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PV inverters are reliable energy sources that are easy to maintain as well as set-up and are found to be more effective in comparison to generators. They are largely adopted by small businesses to reduce their energy consumption. Furthermore, the inverters offer analytical information to resolve issues related to the operations and maintenance of the solar systems.
As per recent reports, the global PV inverter market size could register an annual revenue of more than USD 16 billion by 2026.
Higher installation of string inverters
String PV inverters are estimated to record a prominent revenue share for the industry on account of their growing adoption for home and commercial solar systems. These inverters are being preferred over their counterparts as they are less priced and suitable for installations to arrange panels on a single plane to limit facing in different directions. On a further note, string inverters offer benefits like optimum efficiency, robustness, 3 phase variations, and remote system monitoring capabilities along with ensuring high design flexibility.
Need for continuous energy supply
Industry share of stand-alone PV inverters was valued at USD 900 million in 2019 due to their strong capabilities to operate in predefined limits and withstand temporary overloading instances. These solar inverters offer voltage and frequency stability while delivering electrical power to the connected loads. Furthermore, upon merging with battery storage systems, the inverters have proved significant in supplying an uninterrupted flow of energy.
Prominent manufacturers in the Asia Pacific
Asia Pacific is a major consumer of solar energy owing to the increasing consumer demands for consistent power across the region along with the presence of some renowned manufacturers. For instance, Siemens India, in May 2020, introduced Sinacon PV, an advanced photovoltaic (PV) central inverter offering an output of up to 5,000 kVA. The device was launched in the light of an electrical Balance of Plant (eBoP) solution rendered by the company for PV power plant installations.
Market dynamics from strategic acquisitions
PV inverter manufacturers operating across the world are incorporating various inorganic strategies like acquisitions, mergers, novel inverter launches, and production expansions to widen their customer and product base. For instance, in July 2020, Italy based, Fimer S.p.A., acquired ABB’s solar inverter business and subsequently emerged as the 4th largest manufacturer of solar inverters in the world. The present COVID-19 pandemic has proved crucial for these firms to sustain competition.
Power Electronics, General Electric, Huawei, KACO New Energy, Emerson Electric, Omron, TBEA, Delta, SolarEdge, Sineng, SatCon, REFU, Kstar, Furukawa Battery, Panasonic, Schneider Electric, and Sungrow are some of the other leading industry participants.
However, slightly higher PV inverter prices along with their maintenance charges, and the lack of large spaces for installations could draw a negative impact on the industry forecast. The insufficiency of sunlight may also hamper the generation of electricity in some areas, thus stalling the demand for the inverters.