Posted On: 2022-02-09
Power Utility application segment acquired the largest market revenue share in the overall Saudi Arabia Solar Inverter market – 6Wresearch.
Saudi Arabia Solar Inverter market has a steady growth during 2018-19 owing to the government initiatives to shift focus on renewable energy from oil-based economy and to reduce the carbon emissions in the country. However, the covid-19 pandemic brought a decline in market revenues during the year 2020 owing to the lockdown imposed in the country. The lockdown has led to a tremendous decline in the business including the solar industry. This has hampered all the economic sectors and the trade of raw material from other countries had reduced due to Covid-19. Thus, resulted in decline in the demand for solar inverters. The Saudi Arabia Solar Inverter market witnessed a sharp recovery post post-COVID-19 pandemic and is anticipated to experience the same growth in the coming years. Future investments in the renewable energy sector in the country would provide growth opportunities for solar inverters in Saudi Arabia.
According to 6Wresearch, Saudi Arabia Solar Inverter Market size is projected to grow at a CAGR of 10.9% during 2022-2028. Saudi Arabia Solar Inverter market is in the growing stage of industry life cycle. The market would continue to climb up on account of increasing demand for renewable energy with the growing power generation sector. Saudi Arabia has been taking serious steps to boost its renewable energy sector as it is a fundamental part of its Vision 2030 program which aim to reduce carbon emissions, combat pollution and land degradation, and preserve nature which is anticipated to grow the demand for solar energy in Saudi Arabia thus giving a boost to solar inverter market in the years to come.
According to Shubham Deep, Research Associate, 6Wresearch, “On-Grid solar inverter dominates the market revenue share in Saud Arabia solar inverter market in 2021 and same trend is expected to continue in the forecasted years owing its high deployment across the power utility and commercial sector to support growing power grid demand. Further, based on power ratings, Above 1 MW solar inverters are anticipated to register maximum growth owing to the various government solar projects announced for the upcoming years lies in this segment.”
According to Vatan Saini, Research Associate, 6Wresearch, “String solar inverter dominates the Saudi Arabia Solar Inverter market revenue share for the year 2021 owing to their maximum use in almost every sector including commercial, power utility and residential. Further, based on regions, Large scale utility projects and growing private investments in solar industry are anticipated to give a significant boost to solar inverter industry in central and eastern region in the upcoming years. “
Some of the major companies in Saudi Arabia Solar Inverter market includes Fronius International Gmbh, Sungrow Power Supply Co., Ltd, SMA Solar Technology AG, Schneider Electric, ABB Ltd., Huawei Technologies Co. Ltd and Solar Arabia Co. Ltd.
Saudi Arabia Solar Inverter market (2022-2028)” report provides an in-depth analysis with 21 figures and 7 tables, covered in 83 pages. The report estimates and forecast the overall Saudi Arabia Solar Inverter market by system types, types, power ratings, applications, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.