Connect with us

Technology

Photovoltaic (PV) Inverter Market size is set to grow by USD 3.96 billion from 2024-2028, Rising demand for renewable energy boost the market, Technavio

Published

on

NEW YORK, Aug. 7, 2024 /PRNewswire/ — The global photovoltaic (PV) inverter market size is estimated to grow by USD 3.96 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.78% during the forecast period. Rising demand for renewable energy is driving market growth, with a trend towards rapid growth of smart cities. However, high initial investment and maintenance costs for solar PV systems poses a challenge. Key market players include ABB Ltd., Canadian Solar Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., SunPower Corp., and Yaskawa Solectria Solar.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Photovoltaic (PV) Inverter Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 6.78%

Market growth 2024-2028

USD 3965.4 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.23

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 47%

Key countries

China, US, India, Japan, and Vietnam

Key companies profiled

ABB Ltd., Canadian Solar Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., SunPower Corp., and Yaskawa Solectria Solar

Market Driver

The global photovoltaic (PV) inverter market is experiencing significant growth due to the increasing demand for smart cities. These cities prioritize sustainability, energy efficiency, and improved quality of life, leading to the integration of renewable energy sources, particularly solar energy. Photovoltaic inverters are essential for converting DC power generated by solar panels into AC power for powering buildings and infrastructure. Advanced energy management systems in smart cities utilize data and analytics to optimize energy use and reduce costs. Photovoltaic inverters contribute to these systems by enabling solar power integration into the grid and providing real-time data on energy generation and consumption. Additionally, smart cities require dependable and resilient power supplies, making photovoltaic inverters an attractive choice due to their high efficiency and reliability. They help reduce energy costs, provide backup power during emergencies, and support the integration of other renewable energy sources like wind and battery storage systems. The market for advanced and high-capacity PV inverters, designed for utility-scale applications, is particularly thriving due to the growing number of smart cities and urban areas adopting renewable energy sources like solar power. This trend is expected to continue, positively impacting the growth of the global PV inverter market during the forecast period. 

The solar photovoltaic (PV) market, specifically the PV inverter segment, is experiencing significant growth due to increasing adoption of solar PV systems in homes and businesses. The Inflation Reduction Act in the US is boosting the solar industry, with companies like Silicon Ranch and First Solar leading the way. Central inverters from Sungrow dominate utility-scale solar power projects, while microgrids and local grids benefit from the flexibility and shading tolerance of solar inverters. Enhanced efficiency and cost-effective solutions are key trends, as the solar PV industry focuses on capturing more sunlight to produce usable electricity. Regulatory interventions and favorable customer preferences drive product adoption, with overall system performance and energy yields influencing solar PV deployments. The supply chain, including prices of components and raw materials, remains a critical factor in the industry’s healthy growth. 

Discover 360° analysis of this market. For complete information, schedule your consultation – Book Here!

Market Challenges

The photovoltaic (PV) inverter market faces challenges due to the high initial investment and maintenance costs associated with solar PV installations. Solar panels require a large area to generate significant electricity, leading to higher upfront costs. Intermittency issues necessitate installing more panels than necessary to meet energy needs, increasing both the initial investment and ongoing maintenance costs. Solar panels are primarily used for business purposes, and the owner is responsible for maintenance. Household inspections cost around USD0.023USD0.03/Watt/year, posing a significant burden on residential users. This high cost may hinder the growth of the global PV inverter market during the forecast period.The Photovoltaic (PV) Inverter market is experiencing remarkable momentum due to the growing energy consumption and favorable solar conditions. Challenges such as energy management systems, higher power density, and improved efficiency require advanced technology solutions. Enphase Energy, a key player in the market, offers user-friendly and aesthetically pleasing Enphase IQ Microinverters with enhanced monitoring through mobile apps. Grid support features, reactive power control, and grid stabilization are essential for grid compatibility. Favorable incentive programs like net metering, FITs, and supportive governmental initiatives drive the growth of medium-scale solar installations in commercial and utility-scale sectors. Strict mandates and environmental regulations necessitate grid-supportive features, communication capabilities, and large-scale deployment. Inverter technologies like Enphase PVS-100 Inverters and Flex offer cost-efficient products and strategic local manufacturing for the microinverter industry. The clean energy transition continues with technological advancement and the integration of PV systems into smart homes.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This photovoltaic (pv) inverter market report extensively covers market segmentation by

Product 1.1 String1.2 Central1.3 MicroType 2.1 On-grid2.2 Off-gridGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 String- The Photovoltaic (PV) Inverter market is experiencing significant growth due to the increasing adoption of solar energy solutions. These inverters convert DC power from solar panels into AC power for use in homes and businesses. Key players in this market include SMA Solar Technology, Huawei Technologies, and Fronius International. They offer various product types such as string inverters, micro inverters, and power optimizers to cater to diverse customer needs. The market’s growth is driven by government incentives, falling solar panel prices, and technological advancements.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Solar Photovoltaic Services market is witnessing robust growth, driven by increasing demand for renewable energy solutions. With advancements in technology and favorable policies, the market is expanding rapidly. Concurrently, the Solar PV Balance Of Systems (BOS) market is also thriving, as it includes essential components like inverters, mounting systems, and wiring that are crucial for solar installations. Together, these markets reflect a significant shift towards sustainable energy, with the Solar PV BOS market playing a pivotal role in optimizing system performance and efficiency.

Research Analysis

The Photovoltaic (PV) inverter market refers to the segment of the solar industry that produces and supplies inverters for solar photovoltaic (PV) systems. These inverters convert the direct current (DC) electricity generated by solar panels into alternating current (AC) power, which is compatible with the electrical systems used in homes and businesses. The market has seen significant growth due to the increasing adoption of solar energy systems worldwide. The Inflation Reduction Act in the US, for instance, provides incentives for renewable energy projects, including solar PV installations. Central inverters, manufactured by companies like Sungrow, are commonly used in large-scale solar power plants, while solar inverters are used for residential and commercial installations. First Solar, Solar Energy, and Silicon Ranch are among the leading solar energy companies that incorporate PV inverters in their projects. The utility frequency of AC power produced by these inverters must match the grid’s frequency for seamless integration.

Market Research Overview

The Photovoltaic (PV) inverter market is experiencing healthy growth as the adoption of solar PV systems continues to gain momentum in both industrialized economies and emerging countries. Solar PV inverters convert direct current (DC) electricity generated by solar panels into usable alternate current (AC) electricity for electrical systems in homes, businesses, and industries. The Inflation Reduction Act in the US, among other government programs, is driving the product adoption, with central inverters being a popular choice for utility-scale solar installations. Sungrow, Siemens, and Huawei are some notable industry participants in the market. The solar PV industry is witnessing a shifting consumer awareness towards cost reduction and commercial viability, leading to collaborations, investments, and regulatory interventions. The market is also seeing the emergence of microgrids, off-grid applications, and grid support features, including reactive power control and grid stabilization. The overall system performance, energy yields, and favorable incentive programs, such as net metering and FITs, are contributing to the remarkable momentum in the solar PV industry. With the growing energy consumption and the need for rural electrification projects, the market for solar PV inverters is expected to continue its swift industrial development. The market is also witnessing the emergence of residential PV inverters with user-friendly designs, smart home integration, and enhanced monitoring features. The use of batteries and energy management systems is becoming increasingly common to optimize the performance of solar PV systems. The industry is also seeing higher power density, improved efficiency, and enhanced grid compatibility, making solar PV inverters a cost-effective and flexible solution for various applications, including water pumping, telecommunications, and remote cabins.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductStringCentralMicroTypeOn-gridOff-gridGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/photovoltaic-pv-inverter-market-size-is-set-to-grow-by-usd-3-96-billion-from-2024-2028–rising-demand-for-renewable-energy-boost-the-market-technavio-302215580.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

EngineAI Debuts at CES 2025 with Revolutionary Robotics Lineup

Published

on

By

LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — On Jan 7-10, Shenzhen EngineAI Robotics, an innovator in humanoid robots, debuted at the prestigious CES 2025, showcasing its humanoid robots: the SE01, SA01, and PM01. These robots offer a versatile foundation for developers to enhance their interaction with the physical environment. The SA01 and PM01, in particular, serve as open-source platforms for further development, providing a basis for advancements in embodied intelligence.

Zhao Tongyang, the founder and CEO of EngineAI, highlighted the company’s vision to develop world-leading general-purpose humanoid robots while continuously accelerating innovation in the embodied intelligence revolution. He emphasized that EngineAI is committed to launching scalable products at competitive prices, aiming to achieve the production and sales of over a thousand units by 2025.

Zhao is a seasoned entrepreneur in the robotics industry, with a track record of pioneering advancements. His extensive experience has equipped him with substantial expertise and resources. In 2016, he founded Dogotix, pioneering humanoid robot research in China. By 2020, he launched a quadruped robot that quickly dominated the global market. After co-founding XPENG Robotics, Zhao formed a new team in early 2023 and created the humanoid robot PX5, which later gained significant attention at NVIDIA’s GTC 2024. Following the success of PX5, Zhao left XPENG Robotics to establish EngineAI, soon securing nearly 100 million yuan (approx. USD 13.64 million) in angel funding and unveiling the next-gen humanoid robot SE01 on October 24, 2024.

The SE01 has garnered significant attention at CES 2025. As EngineAI’s first full-size general-purpose humanoid robot, it marks EngineAI’s commitment to the embodied intelligence sector. Designed for industrial labor scenarios, SE01 features high load capacity and can handle tasks such as heavy lifting and precision assembly in complex factory environments. It incorporates advanced harmonic force control joint modules, deep reinforcement learning, and imitation learning algorithms, along with an end-to-end neural network model. This robot has overcome the challenge of natural gait, eliminated the awkward movements of previous robots, and significantly enhanced work efficiency and precision. Standing at 170cm and weighing 55kg, SE01 can perform human-like actions such as squatting, push-ups, and running, with athletic performance comparable to international athletes.

Another highlight is the SA01, a pioneering robot designed for research and educational settings. It features an open-source platform, offering a highly customizable bipedal robot for research institutions and educational organizations. Weighing approximately 40kg, SA01 can perform actions such as running and jumping. It utilizes a reinforcement learning algorithm architecture and an efficient power module solution, with a walking power consumption of less than 200W. Constructed with high-quality, high-strength aluminum alloy, the SA01 boasts strong system rigidity and impact resistance, making it a durable choice for the research market. Priced at USD 5,400, it offers exceptional value, with orders quickly surpassing expectations. Now EngineAI has established a stable production capacity to meet the increasing market demand.

The PM01, EngineAI’s latest release, is a lightweight, high-dynamic, fully open embodied intelligent robot. Standing at 138cm and weighing around 40kg, it offers both mechanical and humanoid natural gait walking modes. PM01 is the most flexible robot in EngineAI’s lineup so far, with human-like movement and performance rivaling the flagship SE01. It features an interactive core screen for seamless interaction and enhanced dynamic performance with additional degrees of freedom in the neck and waist. The PM01 supports extensive hardware and software capabilities, enabling cross-platform algorithm deployment and validation, making it ideal for diverse research applications. The PM01 is now available in both commercial and educational editions. From now until March 31, 2025, both editions are offered at a price of USD 13,700. During this specific period, customers who purchase the commercial edition will automatically receive an upgrade to the educational edition.

With its debut at CES, EngineAI is poised to continue its innovation-driven approach, refining its product lineup while focusing on embodied intelligence development. The company aims to advance artificial intelligence solutions, linking and building ecosystems to serve and train professional models, ultimately contributing to the emergence of the AGI era.

About EngineAI

Founded in October 2023 and in Shenzhen Bay, EngineAI specializes in general-purpose intelligent robots and industry-specific solutions, including the development and production of humanoid robots and other related products. The team comprises pioneers from China’s first cohort of legged robot research and industrialization, as well as experts from top universities and firms.

EngineAI is committed to full-stack independent development, from core components to embodied intelligence and operational algorithms. EngineAI’s products cater to various scenarios, including scientific research and education, industrial manufacturing, commercial services, and home use. The company is dedicated to advancing the commercialization of humanoid robot technology globally.

For more information, please connect with EngineAI at:
YouTube: https://www.youtube.com/@Engineairobot
LinkedIn: https://www.linkedin.com/company/engineai-robot
Instagram: https://www.instagram.com/engineairobot/
Facebook: https://www.facebook.com/profile.php?id=61562251514664
X: https://x.com/engineairobot
WhatsAPP: 18025463787
Email: support@engineai.com.cn

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/engineai-debuts-at-ces-2025-with-revolutionary-robotics-lineup-302347746.html

SOURCE ENGINEAI ROBOTICS TECHNOLOGY

Continue Reading

Technology

Crisil unveils a new brand identity

Published

on

By

New logo reflects ability to power mission-critical decisions with confidence

MUMBAI, India, Jan. 10, 2025 /PRNewswire/ — Crisil Limited, a provider of ratings, data, research, analytics and solutions, today unveils its new brand logo.

The new brand identity, ‘Crisil’ (earlier written as CRISIL), reinforces the company’s position as a global, insights-driven analytics firm, building on a distinguished legacy of close to four decades.

Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.

Says Amish Mehta, Managing Director & CEO, Crisil, “Our reimagined brand expresses a more progressive vision of our future. It celebrates a pioneering and illustrious past and showcases our commitment to deliver actionable insights to clients. Our people’s analytical rigour and domain expertise will continue to set standards and empower clients to make mission-critical decisions with confidence. The new brand identity guides us in shaping how we present ourselves to the world, influencing every interaction internally and externally to help us deliver exceptional client value.”

The strategic brand transformation positions Crisil’s businesses — Crisil Ratings, Crisil Intelligence (formerly MI&A), Crisil Coalition Greenwich, and Crisil Integral IQ (formerly GR&RS) — under a cohesive identity that offers a consistent and more connected experience for clients around the world.

Crisil Ratings: Offers independent credit ratings in India that empower informed decisions and objective benchmarking by lenders, investors and issuers.

Crisil Intelligence: Offers insights, consulting, technology-driven risk solutions and advanced data analytics, serving clients across government, private and public enterprises, empowering them to make informed decisions.

Crisil Coalition Greenwich: Offers strategic benchmarking, analytics and insights to the financial services industry and specialises in providing unique, high-value and actionable information to help clients measure and drive their business performance.

Crisil Integral IQ: Offers solutions and actionable intelligence to financial institutions around the globe to deliver strategic transformation, optimise risk and drive operational excellence.

The main logo in bold black is simple yet strong, symbolising excellence and the certainty that we deliver. Complementing this, our business logos now feature a distinct teal colour that conveys the confidence and trust rooted in rigour and domain expertise.

About Crisil Limited

Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence.

Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.

Headquartered in India, Crisil is majority owned by S&P Global.

Founded in 1987 as India’s first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ.

Our globally diverse workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured.

For more information, visit www.Crisil.com

Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK

Crisil Privacy

Disclaimer

This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Crisil. However, Crisil alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.

Crisil has taken due care and caution in preparing this press release. Information has been obtained by Crisil from sources which it considers reliable. However, Crisil does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. Crisil especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.

Logo: https://mma.prnewswire.com/media/2594759/Crisil_Limited_New_Logo.jpg
Photo 1: https://mma.prnewswire.com/media/2594763/Crisil_Ratings_Logo.jpg
Photo 2: https://mma.prnewswire.com/media/2594762/Crisil_Intelligence_Logo.jpg
Photo 3: https://mma.prnewswire.com/media/2594760/Crisil_Coalition_Greenwich_Logo.jpg
Photo 4:  https://mma.prnewswire.com/media/2594761/Crisil_Integral_IQ_Logo.jpg

 

 

 

 

 

View original content:https://www.prnewswire.com/in/news-releases/crisil-unveils-a-new-brand-identity-302347109.html

Continue Reading

Technology

Jointly Charging the Road Ahead | Huawei Releases Top 10 Trends of Charging Network Industry 2025

Published

on

By

SHENZHEN, China, Jan. 10, 2025 /PRNewswire/ — Huawei released the Top 10 Trends of Charging Network Industry 2025 with the theme of “Jointly Charging the Road Ahead.” Wang Zhiwu, President of Huawei Smart Charging Network Domain, comprehensively interprets the top 10 trends of the charging network industry for 2025 from the perspectives of industry development directions and technology development path.

He states that electric vehicles (EVs) have developed better than expectations again. It is estimated that the number of global EVs will reach 480 million within 10 years globally. We are already in the era of comprehensive electrification. In the future, Huawei will work with partners and customers to accelerate ultra-fast charging coverage in all scenarios. In the tide of vehicle electrification, we are dedicated to achieving the vision of jointly charging the road ahead.

Trend 1: High-Quality Development

High-quality development of charging networks has become an industry trend. The entire industry will undergo profound changes centering on high-quality development. Technologies will be iterated rapidly, and core charger enterprises will encounter a sharp decrease.

Trend 2: Comprehensive Ultra-fast Charging

“Ultra-fast charging” is a buzzword of 2024 for the industry. Multiple cities in China have started to deploy ultra-fast charging facilities, boosting the explosive growth of the number of EV models that support ultra-fast charging. It is estimated that all typical EV models will support ultra-fast charging in all scenarios by 2028.

Trend 3: Optimal Experience

Mature technologies of intelligent head units, intelligent driving, and intelligent chargers promote the charging experience to be digital, intelligent, and automatic, driving the advent of the era of digitalized charging experience.

Trend 4: Electrified Logistics

To achieve the goal of replacing oil with electricity for heavy goods vehicles, charging is the core obstacle. Ultra-fast charging technologies will completely overcome industry hurdles. Ultra-fast charging has advantages such as low construction capital expenditure (CAPEX), high charging compatibility, easy device maintenance, and small station footprint, promoting to achieve electrified logistics for the industry.

Trend 5: Grid Friendliness

In the future, power grid interaction will transit from passive to active response, and from one-way to multiple-way interaction to ensure power grid safety.

Trend 6: Multi-level Power Pooling

With increasing compatible EV models and wider power ranges, commercial EVs will even support megawatt-level charging. Facing ever-changing requirements, the power pooling technology will evolve from split-type charger application to multi-level power pooling, and extend to power grids and EVs. This evolution reduces electricity dependency on power grids, supports evolution with EV models, and meets EV requirements to the maximum extent.

Trend 7: Fully Liquid-Cooled Charging

Charging scenarios are increasingly diverse, especially including more extreme environments. Therefore, the industry is accelerating the deployment of high-power liquid-cooled charging equipment. Liquid-cooled power unit + liquid-cooled charging dispenser will become the best combination.

Trend 8: PV+ESS+Charger Integration

The traditional solution of “stacking PV, ESS, and charging cabinets” will gradually evolve to the solution of “intelligent integration” that will improve the benefits throughout the lifecycle, be friendly to power grids, and ensure safety of the charging station.

Trend 9: Low-Power DC Charging

Campus will be the core scenario for future V2G development. As low-power DC charging is becoming popular, it has more digital functions such as bonus point calculation, centralized deployment, easy management and control, and V2G evolution.

Trend 10: Electrical Safety

As charging scenarios are expanding to densely populated environments, electrical safety requirements will shift from single-point control to unified control for people, EVs, chargers, and ESSs. 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/jointly-charging-the-road-ahead–huawei-releases-top-10-trends-of-charging-network-industry-2025-302347753.html

SOURCE Huawei Digital Power

Continue Reading

Trending