DUBAI, UAE. 18th September
2019: 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.
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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.
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.
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