Investment Opportunities in Production Business of Solar Inverter. Fastest-Growing Industry of Renewable Energy.
Solar sine wave inverters are an electronic device for converting direct current (DC) from a solar array into alternating current (AC) which can be used in homes and business. A photovoltaic panel is a series of solar cells that generate DC power directly from sunlight.
Related Project: Opportunities in Manufacturing of Solar Inverter (100 KVA – 1000 KVA)
DC power is then converted into AC using a sine wave inverter, usually mounted on or near to your electrical breaker box. These sine wave inverters vary in sizes from 50W to over 1KW and above. For example, 100 KVA-1000 KVA of size is generally used in large scale Solar Power Plants while 50W-200W would be good enough for residential systems of average house hold needs.
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Advantages of Solar Sine Wave Inverters
A solar sine wave inverter is a device that converts Direct Current (DC) to Alternating Current (AC), thereby permitting utilization of solar energy in homes, industries and power grids. Solar sine wave inverters have been specifically designed to be installed with all types of photovoltaic panels. Apart from being a green technology, these inverters also feature zero emissions and a much longer lifespan than traditional electricity generating devices.
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There are several advantages of using solar sine wave inverters in your commercial or industrial setup. A sine wave inverter converts direct current (DC) from a solar panel to alternating current (AC). Direct current is used to charge batteries, but for use in your home or business, you need an AC generator. A sine wave inverter makes it possible for DC power from a solar electric system to be converted into AC power that can be used in a home or business.
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Market Outlook
The global Solar Inverter market size is projected to reach USD 26650 million by 2026, from USD 14600 million in 2019, at a CAGR of 8.9% during 2021-2026.
Major factors driving the growth of Solar inverter market size are large inflow of investments in the renewable energy sector, increase in favorable government initiatives and rise in the number of residential solar rooftop installations.
Growing demand for renewable energy due to an increase in power consumption along with a decline in the cost of producing renewable energy is expected to drive the growth of solar inverter market size during the forecast period. The cost of producing renewable energy has undergone a very steep decline and is now competitive in meeting the increasing power need. Favorable government initiatives like energy-saving certificates are expected to augment the growth of solar inverter market size.
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Furthermore, governments across the globe are concentrating on infrastructure growth in their countries to boost the quality of life of their people. The use of solar inverters is further promoted by the growing impact of greenhouse gases and rising environmental problems. Increasing awareness about global warming is expected to boost the solar inverter market growth.
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Some initiatives by Government of India to boost India’s renewable energy sector are as follows:
- In July 2021, to encourage rooftop solar (RTS) throughout the country, notably in rural regions, the Ministry of New and Renewable Energy plans to undertake Rooftop Solar Programme Phase II, which aims to install RTS capacity of 4,000 MW in the residential sector by 2022 with a provision of subsidy.
- To encourage domestic production, customs duty on solar inverters has been increased from 5% to 20%, and on solar lanterns from 5% to 15%.
- India plans to add 30 GW of renewable energy capacity along a desert on its western border such as Gujarat and Rajasthan.
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- Delhi Government decided to shut down thermal power plant in Rajghat and develop it into 5,000 KW solar park
- The Government of India has announced plans to implement a US$ 238 million National Mission on advanced ultra-supercritical technologies for cleaner coal utilization.
Key Players:
- ABB
- SMA Solar Technology
- Canadian Solar
- SolarEdge Technologies
- SunPower
- Delta Electronics
- Solectria Renewables
- Sineng Electric
- Hitachi Hi-Rel Power Electronics
- Power electronics
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