3 January 2020 - The Global Solar Pump
Inverter Market is expected to
display higher growth rate over the next seven years. Rapid surge in solar pump
inverter industry is credited to the growing demand for sustainable energy
resources, coupled with numerous local government initiatives and schemes to
fulfill growing demand of electricity.
Numerous
benefits are obtained with the use of solar pump inverter market that includes
sustainability, reduction in greenhouse gas emission, and low operational cost,
are further spurring the growth of the market over the forecast period.
Globally, solar pump inverter industry is predicted to generate massive revenue
over the next seven years, providing numerous opportunities for industry
participants to invest in research and development of solar pump inverters.
The
solar pump inverter is primarily adopted to drive submersible pumps directly
without the need for batteries or other energy storage devices. Solar pump
inverter consisting of MPPT (maximum power point tracking), helps to regulate
output frequency to monitor the speed of the pumps, thus avoiding unnecessary
damage to solar pump.
Solar
pump inverter converts solar energy into usable electrical energy to operate
submersible pumps. Solar PV system used along with solar pump inverter are
mounted on rooftop, firstly converts solar energy into DC power. Solar pump
inverter is further converts DC power into variable AC power. Other essential
components for solar pump inverter are mountings, electrical cables, and other
electronic components for a proper set up. Solar pump inverter also consists of
a solar tracking system in order to monitor and improve overall energy
conversion rate and embed advanced battery solutions as reduction in the cost
for storage devices is also on rise.
The
solar pump inverters market is broadly categorized into three major segments
based on the application type such as on grid inverters, off grid inverters and
SPI inverters. SPI inverters segment is growing rapidly in the solar pump
inverter industry with substantial revenue generation in the last few years.
The
solar pump inverter market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in implementation of latest technologies in
solar energy generation sector, surge in number of research & development
activities and existence of well-established industrial infrastructure in the
region. In European region, Germany, France, and United Kingdom are projected
to witness steady growth due to the favorable government schemes and policies,
and growing awareness among general population.
Asia-Pacific
region is estimated to hold a major market share in the solar pump inverters
with massive growth in forecast period. Countries such as India, China and
Singapore are leading the Asia-Pacific market with strong economic growth,
rising disposable income, growing adoption of solar thermal PV plants and power
stations, and significant investment by leading industry players considering
potential growth opportunities in the region.
The
key players in the solar pump inverters industry are SMA Solar Technology AG,
ABB Group, Advanced Energy Industries, Inc., Enphase Energy, Inc., Power-One
Micro Systems Pvt., Ltd., SolarEdge Technologies, Inc., Schneider Electric SE,
Fronius International GmbH, and KACO new energy GmbH.
Market Segment:
Report contents include
•
Analysis of the solar pump inverter market including revenues, future growth,
market outlook
•
Historical data and forecast
•
Regional analysis including growth estimates
•
Analyzes the end user markets including growth estimates.
•
Profiles on solar pump inverter including products, sales/revenues, and market
position
•
Market structure, market drivers and restraints.
Key regions
•
North America
•
Europe
•
Asia Pacific
•
Middle East and Africa
•
South America
Key Vendors
•
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