The growth opportunities within the MEA solar inverter market look promising within the coming years. The increasing investments within the renewable energy sector so as to realize the clean energy targets across several countries and growth within the number of upcoming projects and programs to encourage the adoption of solar power are the key factors driving the expansion of the solar inverter market within the MEA region. additionally to the present , the decrease within the cost of solar power and therefore the increasing government-backed programs thanks to the event of monetary institutions to advise and fund renewable projects are a number of the main factors bolstering the expansion of the MEA solar inverter market during the forecast period.
For instance, in 2020, the govt of Egypt is getting to deploy solar energy plants having a combined capacity of 500 MW across the country and can be built by China Gezhouba Group. Through this project, the country planned to surge the share of renewable energy within the energy mixture of the country to 42% by 2035. In 2019, Saudi Arabia planned to tender a contract for building a 600 MW solar energy project in Mecca. This project may be a a part of the broader decide to build 2,600 MW solar energy projects in Saudi City.
Moreover, the increasing innovations within the solar technologies just like the emergence of bi-facial & mono facial panels and other related developments and therefore the rising adoption of distributed PV solutions mainly within the commercial & industrial and off-grid segments are the factors thriving various growth opportunities of the solar inverter within the market. An increased specialise in energy planning and growing consumer awareness for the utilization of green energy are the main factors propelling the expansion of the MEA solar inverter market.
Indirect sales channel is predicted to dominate the market within the forecast period due to its high adoption among the inverter manufacturers to provide their inverter solutions to varied end users. The high adoption of solar inverter among the commercial and residential end-users is increasing the need of experience for the mixing with the solar panels. This factor is surging the demand for system integrators to deploy or maintain them, thus fuelling the expansion of the market during this segment.
String Inverter type dominated the market in 2019 thanks to the high adoption of such inverters across several end-users like commercial and residential sectors. additionally to the present , several advantages related to the utilization of string inverter like simple maintenance & troubleshooting, low initial cost, easy installation, along side the improved durability and robustness are the factors fuelling the expansion of the market during this segment.
On-Grid Connection type accounted for the most important market share in 2019 due to the rise within the utilization of this sort of connection driven by its several advantages like cost-effective nature, enhanced reliability, net metering, along side its longer lifespan and straightforward installation.
Commercial & Industrial end-user segment is anticipated to dominate the market within the forecast period due to the rising deployment of solar inverter within the commercial construction projects and industrial facilities across major countries. additionally to the present , the rising investments in various commercial projects for the mixing of renewable energy, development of infrastructure, and expansion within the industrial activities are resulting in a rise within the demand for electricity. of these key factors are further driving the expansion of the solar inverter market during this segment.
UAE accounted for the most important share within the market in 2019 results of |thanks to|attributable to”> due to the high deployment of solar inverter within the country as a result of the growing penetration of renewable energy to satisfy the general target for clean energy. Several upcoming projects of renewable energy, government support, and a rise within the development of infrastructure are the factors thriving various growth opportunities for the solar inverter market during this country.
For instance, in 2020, UAE launched the primary floating solar energy plant off the coast of Nurai Island in Abu Dhabi . The plant has an overall combined capacity of 80 kilowatts and is about to start out the assembly of electricity within the times of it being installed.
Key Market Developments:
1. In 2020, Fimer Group completed the acquisition of the solar inverter business of ABB. Through this acquisition, the corporate will boost its presence at a worldwide scale to major strategic geographic regions that include the center East, Africa, Europe, and Asia-Pacific.
2.In 2020, Sungrow entered into two distribution agreements for supplying 200 MW of residential and commercial & industrial inverter solutions to the center East and North 3.Africa in 2020. the primary phase of the agreement was signed of 100 MW with Power n Sun, a Dubai based firm, and therefore the rest 100 MW distributed partnership is with ACO, an Egyptian Group.
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 grid Inc. among others.
The MEA Solar Inverter market has been segmented supported the sort , connection type, sales channel, end-user, and countries. supported the sort , the market is segmented into string inverter, central inverter, and micro inverters. supported the connection type, the market is segmented into on-grid connection, off-grid connection, and hybrid connection. supported the sales channel, the market is segmented into direct and indirect. supported the end-user, the market is segmented into utilities, commercial & industrial, residential.