The inverter industry is witnessing an emerging trend transition in its history. The inverter market is undergoing a major and intense technological innovation. The inverter industry has been a central focus for investments and project developments. The market witnesses regulations for safety and reliability of invertors by various organizations across the world. Additionally, technical challenges, imposed standards and requirements are increasing; however, the market players are competing with these challenges and are coming up with new products. Thus, against such backdrop in technological change and competitive landscape, the global inverter market is likely to grow significantly in the near future.
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Inverters for Renewable Energy Equipment Market: Trends
Vendors are investing a large amount of funds in research and development to develop large capacity inverters advanced cooling systems which will also be able to tackle frequency fluctuation efficiently. Factors such as interruptive funding for technological innovation are changing the renewable energy inverters industry rapidly. As a part of technological development, renewable energy inverters are being developed; wherein, the market for these inverters is solely dependent on the renewable energy market. Several vendors are investing in order to provide better service to the customers and to increase the competency in the inverter market.
There are certain design modifications of renewable inverters according to the area of application such as solar PV inverters, wind inverters, V2G-enabled PV inverters and stationary fuel cell inverters. Solar PV inverters can also be further segmented as string inverters, module-level power management optimizers and central inverters. North American and European renewable energy markets have grown at quite a good pace. Thus these regions are dominating the demand for renewable energy inverter. In addition, replacements repair and maintenance activities will help renewable energy inverter market grow in these regions. However, Asia Pacific and RoW are expected to become opportunities for this market considering the high development potential for renewable energy market.
Inverters for Renewable Energy Equipment Market: Drivers and Restraints
Increasing consumption of solar energy across the world is one of the major driving this market. The solar energy industry is emerging rapidly due to its advantages and governmental schemes such as feed in tariffs (FIT). Each of solar installations requires a mean of conversion from DC to AC such as solar inverter systems, which facilitate generated electricity to be fed into the power grid.
However, the market faces challenges to deal with the factors such as high maintenance cost. Renewable energy inverters require constant maintenance and monitoring to ensure best possible functional efficiency. Moreover, unplanned maintenances and repairs increase the overall operational cost to the owner of inverters. The wind energy market has been facing high growth and demand in various regions. One of the major reasons behind this is growing demand for energy and imposed rules for the utilization of the renewable energy across the world.
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Inverters for Renewable Energy Equipment Market: Competitive Landscape
Chinese manufacturers dominate the production in inverters for renewable energy market due to the availability of electronic components in low cost. Toshiba Corp., TDK Corp., Siemens AG, Riello S.p.A, Proniso REFUsol GmbH, Mitsubishi Electric Corp., Jiangsu Zeversolar New Energy Co. Ltd, Fronius International GmbH, Enphase Energy Inc., Emerson Electric Co., Eaton Corp., Danfoss Solar Inverter, Bonfiglioli Riduttori S.p.A., SMA Solar Technology AG., Schneider Electric Co., Power-one Inc., KACO New Energy Inc. and GE Co. are some of the key palyers in the inverter for renewable energy market.