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Growing Solar PV Installations in Asia to Drive Inverter Market Growth
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The rapid expansion of renewables based power generation is expected to play a significant role in the growth of the inverter market in the coming years. The market is expected to grow steadily over the medium term and decline after 2020. The growth will be driven mainly by solar photovoltaic (PV) installations mainly in Asia and North America which are expected to substitute fossil based power with renewable power in the coming years. Further, falling prices of equipment are expected to drive rapid installation of renewable energy in the developed regions of the world.Growth in the global renewable energy (RE) inverter market is driven by the installation of systems, led by solar PV (constitutes more than 95% of the market), and followed by small wind turbine (about 2%) and fuel cell (1%) units. Total inverter installations are forecast to increase from 102 GW in 2017 to 119 GW in 2022. Both string and central inverters dominate the inverter market for solar PV installations across the globe. Central inverters dominate the European and Asian markets, while the North American market has an equal presence of string, central and microinverters. The market for small wind inverters is dominated by China and Europe, while fuel cell inverter market is led mainly by Japan and the United States.Market trends have been analyzed for the study period covering 2014 through 2022, with the base year being 2017. The study covers all of North America, Latin America, Europe, Asia-Pacific, Africa and Rest of the World (ROW). The study assesses inverter companies across the globe and discusses the various market shares held by companies in this market. Fierce competition is expected, especially in Asia, from Chinese and Japanese players who compete with cheaper and quality products. Some of the companies that have been considered in this study are Huawei, TMEIC, Sungrow, ABB, SMA, Schneider Electric, and Fronius.
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