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Report
Middle East Solar Pv Inverters Market - Growth, Trends, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 110 Pages I Mordor Intelligence
The Middle East Solar PV Inverters Market is projected to register a CAGR of over 7.39% during the forecast period.
The COVID-19 pandemic didn't significantly impact the market in 2020. Presently, the market has reached pre-pandemic levels.
Key Highlights
Over the long term, the market for solar PV inverters is anticipated to develop, along with investments and ambitious solar energy targets, due to the rising demand for solar electricity.
On the other hand, technological drawback, such as the lack of expandability of string inverters, is expected to hamper the growth of solar PV inverters during the forecast period.
Technological advancement and product innovation are likely to create opportunities for the market to grow in the upcoming years.
United Arab Emirates is expected to be the largest market during the forecast period, with the majority of the demand for solar energy.
MEA Solar PV Inverters Market Trends
Central Inverters Segment is Expected to Dominate the Market.
A significant grid feeder is a central inverter. It is frequently employed in solar photovoltaic systems with rated outputs of more than 100 kWp. DC power gathered from a solar array is often converted into AC power for grid connection using floor or ground-mounted inverters. These gadgets can be employed indoors or outdoors and have capacities ranging from about 50kW to 1MW.
Moreover, a central inverter has less number of inverters, which is easy to manage. The inverter has high integration, high power density, low cost, complete protection functions, and high power station safety.
As central inverters are used for utility-scale applications, they should produce the same voltage and frequency as that of the electric grid where they are used. As there are a lot of different electric grid standards worldwide, manufacturers are allowed to customize these parameters to match the specific requirements in terms of the number of phases; most central inverters manufactured are three-phase inverters.
For instance, In June 2022, the Sudair Solar Power project, a 1.5GW photovoltaic (PV) solar farm, was anticipated to be one of the most extensive single-contracted solar PV facilities in the world, producing enough electricity to run 185,000 homes while reducing annual emissions by around 2.9 million tonnes. Transformers, inverters, and an electrical transmission substation will be part of the project.
In 2021, the total Middle East solar generation accounted for 15.2 terawatt-hours with an annual growth rate of 20.4%; solar generation is expected to grow in the future. As the central inverters are used to convert solar energy into usable electricity, thus with the upcoming utility-scale projects and increasing solar generation the central inverters segment is expected to dominate the market growth during the forecast period.
United Arab Emirates Likely to Dominate the Market.
United Arab Emirates is a major oil and gas producer, but it has undertaken several sizable renewable energy projects over the past several years. As a result, the nation is leading the region's transition to renewable energy, especially in the solar sector. It has become one of the leaders in executing renewable energy projects around the nation.
For instance, United Arab Emirates is building the world's largest solar power plant in Abu Dhabi, which will increase Abu Dhabi's solar power capacity to approximately 3.2 gigawatts. This solar power plant will provide electricity to approximately 160,000 households across the region.
Moreover, the 'UAE Energy Strategy 2050' targets to increase the contribution of clean energy to the overall national energy mix of the country to 50% by 2050, resulting in savings of approximately USD 190 billion of the overall energy costs. This provides significant opportunities for the solar PV inverters market in the forecast period.
In 2021, United Arab Emirates' total solar generation was around 5.1 terawatt-hours. With an annual growth rate of 13 % and upcoming strategic plans, solar photovoltaic projects are expected to grow, which, in turn, is expected to drive the PV inverters market in the forecast period.
MEA Solar PV Inverters Market Competitor Analysis
The solar PV inverters market is moderately fragmented. Some of the major players in the market (in no particular order) include FIMER SpA, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, and Omron Corporation.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Scope of Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD Billion Till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Inverter Type
5.1.1 Central Inverters
5.1.2 String Inverters
5.1.3 Micro Inverters
5.2 By Application
5.2.1 Residential
5.2.2 Commercial and Industrial (C&I)
5.2.3 Utility-scale
5.3 By Geography
5.3.1 UAE
5.3.2 Saudi Arabia
5.3.3 Israel
5.3.4 Rest of Middle East
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Omron Corporation
6.3.2 Mitsubishi Electric Corporation
6.3.3 FIMER SpA
6.3.4 Siemens AG
6.3.5 Schneider Electric SE
6.3.6 Delta Energy Systems Inc.
6.3.7 Huawei Technologies Co. Ltd
6.3.8 Enphase Energy Inc.
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