Empowering the Solar Revolution: An Insight into the Latest Innovations and Developments in the Solar PV Inverters Market
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Solar PV inverters track voltage, establish grid communication, and shut down operations during emergency conditions apart from converting direct current (DC) into alternating current (AC) via solar panels. Solar inverters are commonly used in residential and utility applications and are increasingly used in commercial and industrial projects globally. Solar photovoltaic (PV) inverters aid in maximizing energy production, ensuring safe system operations, improving grid capabilities, and tracking power output. Critical factors to be considered while adopting solar inverters are roof orientation, shading, roof inclination, tilting panels, and summer & winter production difference that result in the required output.
The increased push towards achieving green power to achieve sustainability and energy security is the primary factor driving the deployment of solar PV for meeting the rising demand and replacing the fossil-fuel based power generating sources. The growth is majorly attributable to increasing government initiatives and incentives, technological advancements, constant reducing cost and rural electrification. Solar PV inverter manufacturers, through constant technological advancements have successfully developed advanced inverters with higher efficiency, better reliability, and user-friendly features. Micro inverters and power optimizer through their ability to improve the performance of solar panels is gaining popularity.
Residential solar solutions can provide free, uninterrupted electricity for years while contributing to a greener environment. Residential solar rooftop systems are easy to install and require minimal maintenance. The electricity produced in excess can be sold to the grid through a net-metering facility, which help in reducing the electricity bills. With depleting fossil fuel reserves, accelerated environmental degradation, and pressure on the power generation infrastructure, several governments have taken various steps in the form of subsidies to accelerate the adoption of solar energy by providing residential solar solutions.
Various vendors have shown growth in the shipment of solar inverter-related products and services in the American region. For instance, in January 2021, Sungrow Power Supply Co Ltd, a leading solar inverter manufacturer, announced that it had crossed 10 gigawatts (GW) of cumulative inverter shipments in the Americas. The shipment includes various countries in America, such as Brazil, Chile, Argentina, Mexico, and the United States. Additionally, In 2020, Sungrow deployed 5 GW of solar PV inverters in North America alone. Sungrow Power Supply Co Ltd's success in the Americas is a testament to the growing demand for solar power in the region as more and more people and businesses switch to solar inverters.
The top four companies in the solar PV inverter market SL Power Electronics Corp, SUNGROW, SolarEdge, and SMA Solar Technology AG. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
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