7 July 2020: Photovoltaic inverters are renewable energy systems, also known as solar inverters. These devices use DC power from the solar panel and convert it into AC power for their use in home appliances. Photovoltaic inverters can be categorized under string, central, micro, battery inverters, and hybrid. These inverters are also designed in single and three phase versions known as Micro and string PV inverters. Three-phase inverters are used for other utilities and in industries and single phase inverter are majorly used for residential purposes. Major factor driving the growth of market is increasing demand for energy coupled with regulatory framework that supports clean energy.
Central PV Inverter to be the Largest Segment
Based on product, the PV Inverters market is segmented into string, central, micro, and others. Central PV inverter accounted for the largest segment of the global market. Industrial facilities, field installations, and buildings have major applications of these equipment, which are designed for large arrays of panels. The product receives DC power from all the solar panels into a combiner box, which is usually enclosed in a protected environment. It becomes a single point for distribution as it converts the received DC power to AC power. These inverters have more credibility over other products as they have been in the market for a long period of time.
String inverters have an extensive array of applications and are the second most widely used products, used primarily in commercial and residential sectors. On account of rapid technological advancements in the past few years, they have gained immense significance. These inverters offer lower initial cost per peak watt price and are easier to install.
End-use segments has witnessed growth on account of various factors. For instance, utility segment experienced a significant increase due to grid-connected photovoltaic systems that operate in parallel with the conventional electricity utility grid. Industrial and commercial scale systems are largest market for inverter manufacturing companies since they have higher requirement of retail electric power with cost-effectiveness.
Market Insights
Reduction in cost of renewable power generation is a major factor fueling the market of PV inverters. Factors restraining the market growth are the increasing demand for electricity generation and use of substitutes such as hydropower energy system. Some of the major companies in the PV inverters market are Siemens AG; ABB; KACO Omron Corporation; Hitachi H-Rel Power Electronics Pvt. Ltd; SunPower Corporation; Eaton; Power-One; Tigo Energy; and Enphase Energy.
No comments:
Post a Comment