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Solar Microinverter Market: Current Scenario and Forecast (2019-2025)
Emphasis on Inverter Type (Single Phase, Three Phase), Connectivity (Integrated, Standalone), Distribution Channel (Direct and Indirect Sale Channel)
Given the unstable market conditions generated on account of changing solar policies and various trade disputes, dynamic changes in prices and other uncertainties, the demand for solar PV has continued to increase and further around 100 GW of annual installations achieved in 2018. While in 2007, annual installations were just marked at 2 GW. Solar and other renewable sources continue to play a key role in decentralization as well as digitalization of the power system. Energy transition has become a prime agenda for nearly all the solar-based companies, government and institutions. Attracted by the growing opportunity and attractive returns, paired with pressure to increase the total energy generation from renewable sources, have influenced the companies to invest in the renewables industry. Solar energy is increasingly becoming competitive in contrast to other conventional sources of power generation. For instance, the industrial plan of the main Italian energy provider envisages investments in plants and machinery for the production of renewable energy is over Euro 8.3 billion in the three-year period 2018-2020. To add on, developing countries and large electric operators have also made significant investment plans for the next 15 years. It has been anticipated that world energy demand would grow by 58% by 2040 or 2% annually, and renewable sources are expected to represent approximately 72% of global total investments in the period, amounting to US$ 7.2 trillion, while 50% of which are expected to be used to install photovoltaic systems.
UnivDatos Market Insights (UMI)