Top Companies in Solar Inverter Market | Industry Top Players In-depth Comprehensive Report by Vantage Market Research | Omron, ABB, Mitsubishi Electric
The Solar Inverter is a crucial component of a solar system since it transforms DC power from solar panels to AC power. Apart from conversion, Solar Inverters also track voltage, communicate with the grid, and shut down in an emergency.
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MARKET OVERVIEW
The Global Solar Inverter Market is valued at USD 7.92 Billion in the year 2021 and is forecasted to reach a value of USD 12.93 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 8.5% over the forecast period. The Solar Inverter is an essential element of solar panels. They convert the DC electricity of the solar panels into AC electricity. Additionally, the Solar Inverters are used for monitoring voltage, grid connection, and emergency shutdown. On-grid Solar Inverters provide extra performance and protection for domestic appliances. The increase of the Solar Inverter Industry had halted because of the COVID-19 pandemic. The demand for Solar Inverters becomes much less because the residential, commercial, and industrial construction and construction tasks have been halted for lots of months. These elements affected the Solar Inverter Market negatively. Due to the upward push in the demand for Solar Inverters, the Solar Inverter Market Growth is anticipated to take place hastily in the coming years.
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Some of the key players operating in the solar inverter market are listed below:
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Company Name |
Revenue in the US |
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$6 Billion |
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$28 Billion |
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$129 Billion |
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$70 Billion |
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$30 Billion |
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$1 Billion |
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$11 Billion |
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$1 Billion |
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$616 Million |
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$1 Billion |
A pioneer in the field of automation, Omron Corporation is one of the world's premier manufacturers of automation components, equipment, and systems with an advanced computer, communications, and control technologies. Omron's versatile lineup of products includes relays, sensors, and switches; computer systems for factory automation (FA); and large-scale control and information systems. The Seventh Mid-Term Management Plan is focused on achieving mid-to-long-term growth through structural reforms targeting three major goals: creating a growth-oriented structure, establishing an innovative cost structure, and revitalizing corporate resources. Omron's Specialty Products Division, responsible for about eight percent of sales, is active in three product areas: computer peripherals, such as modems and scanners; automotive electronic components, such as power window switches and air bag pressure sensors; and highly specialized sensors, such as the bill recognition unit installed in photocopies to photocopiers to prevent paper currency counterfeiting.
ABB is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation, and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. They leverage technology leadership, global presence, application knowledge, and local expertise to offer products and services that allow customers to optimize their operations. The company’s integration platform, Industrial IT, enables customers to manage their installations better and link up in real-time with their own suppliers and customers. The result is a leap in efficiency, quality, and competitiveness. It focuses on core businesses in power and automation technologies and has simplified the organization. This ensures that customers have quick and easy access to ABB's offerings.
Mitsubishi Electric Corporation is an independent company with operations in 34 countries. The firm is involved in the manufacture, marketing, and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation, and construction. During the late 1990s and into the new millennium, Mitsubishi was forced to restructure operations due to economic hardships in Japan. Mitsubishi Company (the name means three diamonds in Japanese) was originally founded shortly after the Meiji Restoration in 1868 by Yataro Iwasaki, an enterprising samurai who gained control of shipping in Tosa prefecture in the first years of Japan's industrial expansion. Japan grew into a major economic and military power in the western Pacific, in many ways as a result of Mitsubishi's ambitious maritime activity. The company connected Japan with foreign markets and succeeded in establishing a shipping monopoly, despite a powerful challenge from rival Mitsui.
Siemens is a global powerhouse focusing on the areas of electrification, automation, and digitalization. One of the world’s largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of systems for power generation and transmission as well as medical diagnosis. In infrastructure and industry solutions, the company plays a pioneering role.
Schneider Electric SE engages in the digital transformation of energy management and automation. It operates through the following segments: Energy Management, Industrial Automation, Central Functions, and Digital Costs. The Energy Management segment leverages a complete end-to-end technology offering enabled by Eco Structure. The Industrial Automation segment is composed of industrial automation and industrial control activities, across discrete, process, and hybrid industries. The company was founded by Adolph Schneider and Joseph-Eugene Schneider in 1836 and is headquartered in Rueil-Malmaison, France.
As a leading global specialist in photovoltaic system technology, SMA is setting the standards today for the decentralized, digital, and renewable energy supply of tomorrow. More SMA employees in countries have devoted themselves to this task. The innovative solutions for every type of photovoltaic application offer people and companies worldwide greater independence in meeting their energy needs. In collaboration with partners and customers, are helping people transition to a self-sufficient, decentralized, and renewable energy supply.
Delta, founded in 1971, is a global leader in power and thermal management solutions. Its mission statement, “To provide innovative, clean, and energy-efficient solutions for a better tomorrow,” focuses on addressing key environmental issues such as global climate change. As an energy-saving solutions provider with core competencies in power electronics and automation, Delta's business categories include Power Electronics, Automation, and Infrastructure. Delta offers some of the most energy-efficient power products in the industry, including switching power supplies with an efficiency of over 90%, telecom power with up to 98%, and PV inverters with up to 98.8% efficiency. It has also developed the world’s first server power supply certified as 80 Plus Titanium with over 96% efficiency. The company regularly invests 6% to 7% of annual sales revenues in Research and Development (R&D) and has worldwide Research and Development (R&D) facilities in Taiwan, China, Europe, India, Japan, Singapore, Thailand, and the U.S.
Sun Power Corporation, a solar technology and energy services provider, offers solar, storage, and home energy solutions to customers primarily in the United States and Canada. It operates through Residential, Light Commercial; Commercial and Industrial Solutions; and other segments. The company provides solar, storage, and home energy solutions and components through a combination of its third-party installing and non-installing dealer network and resellers, as well as its in-house sales team; and turn-key engineering, procurement, and construction services sale of energy under power purchase agreements. It also offers a commercial roof, carport, ground-mounted systems, and post-installation monitoring and maintenance services. In addition, the company provides residential leasing services, as well as sells inverters manufactured by third parties. It primarily serves investors, financial institutions, project developers, electric utilities, independent power producers, commercial and governmental entities, production home builders, residential owners, and small commercial building owners. The company was incorporated in 1985 and is headquartered in San Jose, California. Sun Power Corporation is a subsidiary of Total Energies SE.
Hitachi Hi-Rel offers an exhaustive and pioneering product range of power electronics with complete customized solutions. It deals with a varied range of products, such as industrial UPS, IT & Infra UPS, medium & low voltage variable frequency drives, grid-tied solar central & string inverters, and air compressors. Hitachi Hi-Rel's UPS and power conditioning backup systems, the flagship product, work as an exceptional safeguard against power disruption and reflect the industry's ultimate in advanced technology with a proven track record in mission-critical applications. Its variable frequency drives represent the most energy-efficient means of process control and reflect the best in process control. Its grid-tied Solar Inverters are based on the contemporary technology of Hitachi Ltd, Japan and currently generating 2.5 GW+ renewable powers in the Indian Solar Domain. It serves the entire gamut of Industries, particularly in mission-critical applications for Refineries, Petrochemicals, Power Generation, Steel & Metals, and Process Industries as well as Critical Data Processing Applications. Hitachi group company - Hitachi Hi-Rel Power Electronics Private Limited, is recognized as a pioneer in power electronics. It is a leading manufacturer of UPS, drives, Solar Inverters, and air compressors and has a state-of-the-art manufacturing facility at Sanand near Ahmedabad in Gujarat-India. It is helping a wide array of industries and organizations meet the escalating demand through low-polluting and innovative Power Solutions.
SL Power Electronics was formed by the merger of Ault and Condor, industry leaders for over 30 years in their respective segments of externally and internally mounted power conversion solutions. SL Power Electronics – Manufacture of Condor/Ault Brands – SL Power Electronics designs, manufactures, and markets internal and external power supplies for medical, communications, computer peripheral, and industrial electronic OEMs. The Company is a global leader in the development of AC/DC and DC/DC standard, modified, and custom power supplies. The product offering includes a broad range of AC/DC and DC/DC open-frame switch modes and linear power supplies from 7 to 6000 watts marketed under the Condor brand name. In addition, SL Power has an external AC/DC switch mode power supply offering from 6 to 200 watts as well as transformers, battery chargers, and DC mobile adapters marketed under the Ault brand name. SL Power Electronics is the market leader in medical AC/DC power supplies. SL Power partners with the leading OEMs in the key segments of the medical electronics market including diagnostics, patient monitoring, devices, and imaging. SL Power Electronics is a subsidiary of SL Industries (AMEX-SLI), a supplier of high-reliability power conversion, motion control, and electronic protection equipment designed for medical, aerospace, computer, datacom, industrial, and telecom, transportation, and utility applications.
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