String inverter market outlook: Rising demand for uninterrupted power supply to augment the industry growth over 2016-2024
The surging requirement for continuous electricity supply will stimulate string inverter market value over the coming timeframe. Favorable features such as light weight, compact size, ability to increase power density, and ease of installation will notably influence the demand for string inverter. As per the report by Global Market Insights, Inc., “Global String inverter market is predicted to grow at an annual growth rate of 15% over the period of 2016 to 2024.” Government rules and regulation regarding usage of renewable energy resources, owing to the depleting fossil fuel storages will also drive the worldwide string inverter industry share over the next few years.
Single and three phase are the two key types of the string inverter. Three-phase string inverter market share, which was worth over USD 1 billion in 2015, is anticipated to exhibit significant growth over the coming years. The growth can be attributed to its increasing demand across the commercial and utility sectors.
Europe String Inverter Market size, by power rating, 2015 & 2024 (MW)
The commercial, residential, and utility are the prominent application areas of the string inverter market. The commercial application covered more than 70% of the overall market share in 2015 and is projected to exhibit noticeable growth rate, driven by the growing urbanization along with huge investment in infrastructure development. The utility and residential applications also make substantial contributions towards the string inverter industry share.
Based on the power rating, string inverter industry is primarily segmented into over 80KW, 41KW-80KW, 11KW-40KW, and 10KW. The string inverter of capacity 11KW to 40KW collected a revenue of over USD 700 million in 2015 and is anticipated to record a considerable growth rate, due to its surging demand from commercial complexes and small scale industries.
Get a Sample Copy of this Report:@https://www.gminsights.com/request-sample/detail/1130
On-grid and standalone are the two main products of the string inverter market size. Standalone product occupied more than 35% of global revenue share in 2015 and is expected to grow significantly over the coming period, mainly driven by the escalating installation of decentralized systems in the rural areas. On-grid string inverter market revenue will exceed USD 5 billion by 2024 with an annual growth rate of more than 20% over the coming seven years. The growth can be attributed to the strict norms regarding industrial emissions along with high demand for renewable energy.
Based on the geographical outlook, China accounted for more than 40% of the worldwide string inverter industry share in 2015 and will exhibit lucrative growth over the coming years, driven by the large-scale installation of photovoltaic voltage projects. Furthermore, growing demand for clean electricity along with supportive government initiatives will stimulate India string inverter market size.
Chile is expected to install a solar power plant of capacity more than 800MW by 2024. This, in turn, will generate heavy revenue over the coming timeframe. Additionally, the country has set a goal of producing 70% of electricity through renewable energy resources by 2050, which will noticeably influence the industry growth.
UK string inverter market will surpass a revenue of USD 500 million by 2024, driven by the rising implementation of the rooftop solar system in residential as well as commercial sectors. U.S. is projected to boost North America string inverter industry size, owing to its supportive government policies along with high demand for renewable energy technologies.
The market players will invest heavily in R&D activities to enhance product features, which will help them in retaining their industry positions. The key players in the string inverter market are Advanced Energy Industries, Huawei Technologies, KOSTAL Solar Electric, Growatt New Energy Technology Co., Ltd., SolarMax, SMA Solar Technology, ABB, Samil Power, KACO New Energy, Schneider Electric, Ginlong Technologies, Delta Energy System, Sungrow Power Supply, and Fronius International GmbH.
Author Name : Sunil Hebbalkar
Australia’s solar energy generation to be three times more due to construction of 12 new solar power plants
As per the ARENA (Australian renewable energy agency), construction of twelve new solar power plants in Australia is predicted to treble country’s extensive solar energy output. The agency declared that it will make total investments of $92.1 million in construction of these 12 plants. It includes six plants in Queensland, five plants in South Wales and one plant in West Australia.ARENA stated that they would improve country’s total solar capacity from 241 megawatts to 721 megawatts, providing enough power supply to about 151,000 Australian houses on an average. It declared that these solar power plants projects were predicted to generate $1.1 billion of commercial investments and propel economic growth of the region.
Biggest solar power plant is expected to be constructed at Darling Downs in Queensland and is projected to produce about 111 megawatts of solar power. It will help in reducing environmental pollution and act on climatic changes and will generate new employment opportunities along with diversification of economy of Queensland.
This largest renewable energy plant of Australia constructed at Queensland will create higher than 501 direct jobs along with hundreds of indirect employments. It will produce enough renewable energy to meet the power requirements of 120,000 houses in Queensland. Four of the five solar power plants projects in this region has received state government’s long term financial assistance. It is expected that the construction of all these plants will be completed by end of 2017.
Kidston renewable power hub is being developed in northwest of Townsville in Australia. It comprises of a big solar farm and is integrated with pump storage hydro project. The main reason being low price and efficiency of pump storage hydro battery which has capacity to store solar energy.
As per global market insights reports, global solar energy industry size is predicted to expand at more than $141 billion by end of 2023. Thus Australia solar power production is projected to contribute heavily towards demand and growth of this global industry.
Construction of solar power plants will also help to reduce carbon emissions in atmosphere and will help to curb the impact of global warming. It will also help in maintaining natural equilibrium & nitrogen cycle, retaining ecological balance and regulating seasonal cycles. This will boost the demand and growth of Australia solar energy market.
Author Name : Dhananjay Punekar