MEA SOLAR INVERTER MARKET

According to GMI Research’s latest report, the MEA solar inverter market is expected to grow at a robust CAGR of 19.4% from 2020-2027.

The solar inverter also referred to as a photovoltaic solar inverter, can be defined as an electrical converter that converts the uneven direct current output of the solar panel into the alternating current. It is considered an essential part of the solar power system, and the current from such a device can be utilized for various applications such as a viable electrical grid or off-grid electrical network. The solar inverter technologies are being advanced, and the solar power inverters include special functions for use with photovoltaic arrays such as anti-islanding protection and maximum power point tracking.

Major MEA Solar Inverter Market Drivers

Currently, the solar inverter market in MEA is in a nascent stage, and it is expected to see good growth in the future. The major factors driving the growth of MEA solar inverter market include the rising adoption of solar inverter across several countries like UAE, Egypt among others as a result of growing concerns for the use of clean & green energy owing to the rapid depletion of fossil fuels. The solar inverter market in the MEA region is observing unprecedented developments as government-driven auctioning, and net-metering schemes decline the costs and attract various investments. In addition, several upcoming projects in countries like Egypt, Saudi Arabia and a substantial decrease in the cost of solar energy along with growth in the technological advancements in the solar inverter to enhance the performance and capabilities are the factors thriving various growth opportunities for the solar inverter in the MEA region. Moreover, an increase in the investments for the incorporation of renewable energy and several government initiatives & programs for encouraging the adoption of renewable energy are also some of the key factors bolstering the growth of the solar inverter market in the MEA region during the forecast period. The rising need for electricity owing to the increasing population, rapid industrialization leading to the growth in the focus for energy planning, and growth in consumer awareness for the use of green energy are some of the factors propelling the growth of the MEA solar inverter market.

For instance, in 2020, The Renewable Energy Project Development Office of the Ministry of Energy of Saudi Arabia issued the request for qualifications for the round three of the National Renewable Energy Program (NREP) that comprises four solar PV projects having a combined generation capacity of 1,200 MW. Against the backdrop of COVID-19 pandemic, the Multilateral Investment Guarantee Agency (MIGA) issued the guarantees to support the maintenance and operation of six additional solar power plants at the Benban Solar Park in the Aswan Governorate in Upper Egypt.

String Inverter type dominated the market in 2019 and is anticipated to grow at the highest rate during the forecast period owing to the growth in the deployment of such inverters across various end users in several countries. The various advantages offered by the use of string inverter that includes the easy installation, cost-effective product, easy maintenance along with high efficiency, ability to provide enhanced grid management & safety functions several technological advancements for the development of such inverters are some factors fuelling the growth of the market of such inverter.

On-Grid Connection is expected to increase at the highest compound annual growth rate during the forecast period owing to the high adoption of such type of connection as a result of its several advantages that include its simplicity, relatively low maintenance & operating costs, reduced electricity bills along with increased efficiency and flexibility.

Indirect sales channel segment accounted for the largest pie in the market in 2019 owing to the huge adoption of such sales channel as a result of its several advantages such as it provides the ability to share the storage & shipping costs, offers ease to the customers to find their products, avoid the complexity of managing the distribution logistics, and also offers benefit from the third-party’s experience, salesforce, and infrastructure.

Commercial & Industrial end-user are expected to grow at the highest compound annual growth rate during the forecast period owing to the increase in the adoption of solar inverter in this end-user as a result of its various advantages that include reduced pollution & dependence on oil & other fossil fuels, reduced electricity bills along with low maintenance costs and technological development. In addition, several investments for the development of infrastructure and expansion in industrial activities are also some of the factors fuelling the growth of the market in this segment.

UAE is expected to dominate the solar inverter market in 2019 owing to the high adoption of solar inverter along with the high penetration of renewable energy generation in this country and aim to break away from the generation of electricity from fossil fuels. The increasing number of initiatives and projects for the deployment of solar inverter and increasing energy demand from the residential, commercial, and other sectors is also leading to the growth of the market.

Top Market Players

Major key players in MEA solar inverter market include Fimer Group, SMA Solar Technology AG, Sungrow, Huawei Technologies Co., Ltd., Fronius International GmbH, Ingeteam, KACO new energy GmbH, Schneider Electric, SolarEdge Technologies Inc., and Altenergy Power System Inc. among others.

 Key Market Developments:

• • In 2019, Huawei Technologies Co, Ltd. partnered with Phanes Group to deliver the first medium voltage rooftop connection solar project in UAE. The company developed a 25.8 MW of rooftop solar portfolio all across the Persian Gulf state. The DP World Solar Project features more than 88,000 solar panels that are split into 25 standalone installations atop more than 60 building rooftops and six different roof types that include the first biggest single-site rooftop of 2.6 MW in UAE.
  • In 2019, SolarEdge Technologies Inc. announced the expansion of its StorEdge Solution by launching the new inverters enhanced for the combined management of solar, storage, and home energy. In this expansion, the company planned to include three new additions to the solution portfolio.

Segments covered in the Report:

The MEA Solar Inverter Market has been segmented on the basis of inverter type, connection type and application. Based on the inverter type, the market is segmented into central inverters, string inverters, micro inverters. Based on the connection type, the market is segmented into On-Grid Connection and Off-Grid Connection. Based on the application, the market is segmented into residential, commercial and industrial, utility-scale.

Key questions answered in this research report:

• • At what pace is MEA solar inverter market growing? What will be the trend in growth in the future?
  • What are the key drivers and restraints in the MEA solar inverter market? What will be the impact of drivers and restraints in the future?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various end-users of the MEA solar inverter market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

MEA Solar Inverter Market by Inverter Type

• • Central Inverters
  • String Inverters
  • Micro Inverters

MEA Solar Inverter Market by Connection Type

• • On-Grid Connection
  • Off-Grid Connection

MEA Solar Inverter Market by Application

• • Residential
  • Commercial and Industrial
  • Utility-scale

MEA Solar Inverter Market by Countries

• • UAE Solar Inverter Market All-Up (Option 1: As a part of the free 25% customization)
  • Turkey Solar Inverter Market All-Up (Option 2: As a part of the free 25% customization)
  • Egypt Solar Inverter Market All-Up (Option 3: As a part of the free 25% customization)
  • Saudi Arabia Solar Inverter Market All-Up (Option 4: As a part of the free 25% customization)
  • Rest of MEA Solar Inverter Market All-Up (Option 5: As a part of the free 25% customization)

Leading market players (Option 6: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Fimer Group
  • SMA Solar Technology AG
  • Sungrow
  • Huawei Technologies Co., Ltd.
  • Fronius International GmbH
  • Ingeteam
  • KACO new energy GmbH
  • Schneider Electric
  • SolarEdge Technologies Inc.
  • Altenergy Power System Inc.