Residential Solar Pv Inverter Market
Residential Solar (PV) Inverter Market Forecasts to 2030 - Global Analysis By Product (String Inverter, Micro-Inverter, Central Inverter and Other Products), Phase (Single Phase, Three Phase and Other Phases), Connection (On-grid , Off-grid and Other Connections), End User (Residential , Commercial , Utilities and Other End Users) and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $5.89 BN |
|
Projected Year Value (2030) |
US $14.12 BN |
|
CAGR (2023 - 2030) |
13.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Residential Solar (PV) Inverter Market is accounted for $5.89 billion in 2023 and is expected to reach $14.12 billion by 2030 growing at a CAGR of 13.3% during the forecast period. A PV inverter is another name for a solar inverter. It plays a crucial role in converting direct current to alternate current in the solar energy system. A solar PV inverter converts a photovoltaic solar panel's variable direct current output into 240V of alternating current. Then, this AC energy is delivered to residential areas, where it powers a variety of appliances. Solar inverters are regarded as dependable energy sources that significantly lower electricity costs.
According to the UN, there will be 7.8 billion people on the planet in 2020, and 1 billion of them won’t have access to electricity. With 8.6 billion people on the earth by 2030, there will be an even larger need for energy.
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Market Dynamics:
Driver:
Increasing demand for renewable energy
A global push is taking place to adopt renewable energy sources as worries about climate change and environmental sustainability grow. Residential solar installations are becoming more common because they can lessen reliance on fossil fuels. Solar power stands out as a clean and abundant energy option. Additionally, solar inverters play a key role in enabling households to contribute to a future with cleaner energy by converting the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity suitable for home consumption.
Restraint:
Solar energy's irregular nature
The production of solar energy is inherently reliant on the type of weather, the time of day, and the location. Solar inverters are needed to effectively manage the dynamic input because this intermittency may cause fluctuations in energy production. Moreover, advanced inverters with voltage regulation and MPPT (Maximum Power Point Tracking) features are essential for maximizing energy conversion and sustaining steady output even in periods of partial shade or low sunlight.
Opportunity:
Innovations in energy storage
The market for residential solar inverters has a great opportunity thanks to the ongoing improvements in energy storage technologies. Furthermore, solar inverters can take advantage of these advancements to maximize energy utilization as energy storage solutions become more effective, affordable, and long-lasting. By intelligently charging and discharging batteries, inverters with cutting-edge energy management algorithms can make the most of extra solar energy and give homeowners a reliable power supply even when it's cloudy outside.
Threat:
Non-renewable energy sources competitors
Fossil fuels and other non-renewable energy sources are still competitive in terms of price and practicality. Additionally, the threat of the affordability of non-renewable energy can cause consumer preferences to change away from solar installations during times of low oil and gas prices. The market's growth momentum may be hampered by a lack of urgency to switch to solar energy and perceptions of greater reliability from conventional sources.
Covid-19 Impact:
The COVID-19 pandemic had a significant effect on the residential solar inverter market, leading to supply chain disruptions, installation delays, and decreased consumer spending. Project delays and cancellations affected manufacturing and distribution because of lockdowns, travel restrictions, and economic uncertainty. Although the pandemic made resilient energy sources more important, the market's expansion was hampered by the initial installation slowdown and financial limitations. However, a renewed interest in residential solar solutions and their essential components, such as solar inverters, is being driven by increased awareness of the advantages of renewable energy, which is occurring as economies recover and the focus on clean energy increases.
The string inverters segment is expected to be the largest during the forecast period
During the anticipated period, the residential solar inverter market will be dominated by the segment of string inverters. Moreover, due to their low cost, simple installation, and suitability for various residential solar setups, string inverters are widely used. They are especially well-liked in residential settings where a line of solar panels is linked to a single inverter, streamlining the system design and lowering overall installation costs.
The residential segment is expected to have the highest CAGR during the forecast period
The residential segment is anticipated to have the highest CAGR in the solar energy market during the forecast period. Moreover, this growth is due to a number of factors, including rising consumer awareness of environmental sustainability, falling solar equipment prices, government incentives, and rising homeowner interest in energy independence. The segment has rapidly expanded in part because smaller-scale residential solar systems, which include solar panels and inverters, are simple to install.
Region with largest share:
The largest market share for residential solar inverters is held by the Asia-Pacific region during the forecast period. With the help of aggressive renewable energy targets, supportive governmental policies, and rising public awareness of sustainable energy options, nations like China, Japan, India, and Australia have been at the forefront of this growth. Moreover, the region is a major hub for residential solar installations and the associated market for solar inverters due to its expanding middle class, rapid urbanization, and growing population. These factors have all contributed to an increase in demand for clean energy sources.
Region with highest CAGR:
The residential solar inverter market has experienced the highest CAGR during the forecast period in the North America region, which includes the United States and Canada. This growth is fuelled by rising environmental consciousness, financial incentives from the government, falling solar panel prices, and improvements in energy storage technologies. Additionally, residential solar installations have increased significantly, increasing the demand for solar inverters as a result of the area's commitment to reducing carbon emissions and switching to renewable energy sources.
Key players in the market
Some of the key players in Residential Solar (PV) Inverter market include Schneider Electric SE, General Electric, Altenergy Power System, Inc., Huawei Technologies Co., Ltd., SolarEdge Technologies, Inc., Darfon Electronics Corp., ABB Ltd, Toshiba Mitsubishi-Electric Industrial Systems Corporation, Hitachi Hi-Rel Power Electronics Private Limited, SMA Solar Technology AG, Siemens AG, Mitsubishi Electric Corporation, GoodWe, Sineng Electric Co., Ltd., Omron Corporation, Shenzhen Sofarsolar co., Ltd, Delta Electronics, Tabuchi Electric Co., Ltd., Panasonic Corporation and Eaton SolarEdge Technologies.
Key Developments:
In August 2023, GE Vernova's Digital business today announced that it has signed a multi-year Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS) designed to help industrial companies and utilities accelerate digital transformation using cloud-based Proficy software solutions.
In August 2023, Schneider Electric, a specialist in energy management and automation, has announced a partnership agreement with MK: U, part of Cranfield University. Schneider Electric is investing with MK: U to train its degree apprentices in the coming years. Courses will include digital technology and solutions, cybersecurity, and a range of digital engineering options.
In August 2023, Huawei and Ericsson have signed a long-term global patent cross-licensing agreement that covers patents essential to a wide range of standards such as 3GPP, ITU, IEEE, and IETF standards for 3G, 4G, and 5G cellular technologies. The agreement covers the companies' respective sales of network infrastructure and consumer devices, granting both parties global access to each other's patented, standardized technologies.
Products Covered:
• String Inverter
• Micro-Inverter
• Central Inverter
• Other Products
Phases Covered:
• Single Phase
• Three Phase
• Other Phases
Connections Covered:
• On-grid
• Off-grid
• Other Connections
End Users Covered:
• Residential
• Commercial
• Utilities
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Residential Solar (PV) Inverter Market, By Product
5.1 Introduction
5.2 String Inverter
5.3 Micro-Inverter
5.4 Central Inverter
5.5 Other Products
6 Global Residential Solar (PV) Inverter Market, By Phase
6.1 Introduction
6.2 Single Phase
6.3 Three Phase
6.4 Other Phases
7 Global Residential Solar (PV) Inverter Market, By Connection
7.1 Introduction
7.2 On-grid
7.3 Off-grid
7.4 Other Connections
8 Global Residential Solar (PV) Inverter Market, By End User
8.1 Introduction
8.2 Residential
8.3 Commercial
8.4 Utilities
8.5 Other End Users
9 Global Residential Solar (PV) Inverter Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Schneider Electric SE
11.2 General Electric
11.3 Altenergy Power System, Inc.
11.4 Huawei Technologies Co., Ltd.
11.5 SolarEdge Technologies, Inc.
11.6 Darfon Electronics Corp.
11.7 ABB Ltd
11.8 Toshiba Mitsubishi-Electric Industrial Systems Corporation
11.9 Hitachi Hi-Rel Power Electronics Private Limited
11.10 SMA Solar Technology AG
11.11 Siemens AG
11.12 Mitsubishi Electric Corporation
11.13 GoodWe
11.14 Sineng Electric Co., Ltd.
11.15 Omron Corporation
11.16 Shenzhen Sofarsolar co., Ltd
11.17 Delta Electronics
11.18 Tabuchi Electric Co., Ltd.
11.19 Panasonic Corporation
11.20 Eaton SolarEdge Technologies
List of Tables
1 Global Residential Solar (PV) Inverter Market Outlook, By Region (2021-2030) ($MN)
2 Global Residential Solar (PV) Inverter Market Outlook, By Product (2021-2030) ($MN)
3 Global Residential Solar (PV) Inverter Market Outlook, By String Inverter (2021-2030) ($MN)
4 Global Residential Solar (PV) Inverter Market Outlook, By Micro-Inverter (2021-2030) ($MN)
5 Global Residential Solar (PV) Inverter Market Outlook, By Central Inverter (2021-2030) ($MN)
6 Global Residential Solar (PV) Inverter Market Outlook, By Other Products (2021-2030) ($MN)
7 Global Residential Solar (PV) Inverter Market Outlook, By Phase (2021-2030) ($MN)
8 Global Residential Solar (PV) Inverter Market Outlook, By Single Phase (2021-2030) ($MN)
9 Global Residential Solar (PV) Inverter Market Outlook, By Three Phase (2021-2030) ($MN)
10 Global Residential Solar (PV) Inverter Market Outlook, By Other Phases (2021-2030) ($MN)
11 Global Residential Solar (PV) Inverter Market Outlook, By Connection (2021-2030) ($MN)
12 Global Residential Solar (PV) Inverter Market Outlook, By On-grid (2021-2030) ($MN)
13 Global Residential Solar (PV) Inverter Market Outlook, By Off-grid (2021-2030) ($MN)
14 Global Residential Solar (PV) Inverter Market Outlook, By Other Connections (2021-2030) ($MN)
15 Global Residential Solar (PV) Inverter Market Outlook, By End User (2021-2030) ($MN)
16 Global Residential Solar (PV) Inverter Market Outlook, By Residential (2021-2030) ($MN)
17 Global Residential Solar (PV) Inverter Market Outlook, By Commercial (2021-2030) ($MN)
18 Global Residential Solar (PV) Inverter Market Outlook, By Utilities (2021-2030) ($MN)
19 Global Residential Solar (PV) Inverter Market Outlook, By Other End Users (2021-2030) ($MN)
20 North America Residential Solar (PV) Inverter Market Outlook, By Country (2021-2030) ($MN)
21 North America Residential Solar (PV) Inverter Market Outlook, By Product (2021-2030) ($MN)
22 North America Residential Solar (PV) Inverter Market Outlook, By String Inverter (2021-2030) ($MN)
23 North America Residential Solar (PV) Inverter Market Outlook, By Micro-Inverter (2021-2030) ($MN)
24 North America Residential Solar (PV) Inverter Market Outlook, By Central Inverter (2021-2030) ($MN)
25 North America Residential Solar (PV) Inverter Market Outlook, By Other Products (2021-2030) ($MN)
26 North America Residential Solar (PV) Inverter Market Outlook, By Phase (2021-2030) ($MN)
27 North America Residential Solar (PV) Inverter Market Outlook, By Single Phase (2021-2030) ($MN)
28 North America Residential Solar (PV) Inverter Market Outlook, By Three Phase (2021-2030) ($MN)
29 North America Residential Solar (PV) Inverter Market Outlook, By Other Phases (2021-2030) ($MN)
30 North America Residential Solar (PV) Inverter Market Outlook, By Connection (2021-2030) ($MN)
31 North America Residential Solar (PV) Inverter Market Outlook, By On-grid (2021-2030) ($MN)
32 North America Residential Solar (PV) Inverter Market Outlook, By Off-grid (2021-2030) ($MN)
33 North America Residential Solar (PV) Inverter Market Outlook, By Other Connections (2021-2030) ($MN)
34 North America Residential Solar (PV) Inverter Market Outlook, By End User (2021-2030) ($MN)
35 North America Residential Solar (PV) Inverter Market Outlook, By Residential (2021-2030) ($MN)
36 North America Residential Solar (PV) Inverter Market Outlook, By Commercial (2021-2030) ($MN)
37 North America Residential Solar (PV) Inverter Market Outlook, By Utilities (2021-2030) ($MN)
38 North America Residential Solar (PV) Inverter Market Outlook, By Other End Users (2021-2030) ($MN)
39 Europe Residential Solar (PV) Inverter Market Outlook, By Country (2021-2030) ($MN)
40 Europe Residential Solar (PV) Inverter Market Outlook, By Product (2021-2030) ($MN)
41 Europe Residential Solar (PV) Inverter Market Outlook, By String Inverter (2021-2030) ($MN)
42 Europe Residential Solar (PV) Inverter Market Outlook, By Micro-Inverter (2021-2030) ($MN)
43 Europe Residential Solar (PV) Inverter Market Outlook, By Central Inverter (2021-2030) ($MN)
44 Europe Residential Solar (PV) Inverter Market Outlook, By Other Products (2021-2030) ($MN)
45 Europe Residential Solar (PV) Inverter Market Outlook, By Phase (2021-2030) ($MN)
46 Europe Residential Solar (PV) Inverter Market Outlook, By Single Phase (2021-2030) ($MN)
47 Europe Residential Solar (PV) Inverter Market Outlook, By Three Phase (2021-2030) ($MN)
48 Europe Residential Solar (PV) Inverter Market Outlook, By Other Phases (2021-2030) ($MN)
49 Europe Residential Solar (PV) Inverter Market Outlook, By Connection (2021-2030) ($MN)
50 Europe Residential Solar (PV) Inverter Market Outlook, By On-grid (2021-2030) ($MN)
51 Europe Residential Solar (PV) Inverter Market Outlook, By Off-grid (2021-2030) ($MN)
52 Europe Residential Solar (PV) Inverter Market Outlook, By Other Connections (2021-2030) ($MN)
53 Europe Residential Solar (PV) Inverter Market Outlook, By End User (2021-2030) ($MN)
54 Europe Residential Solar (PV) Inverter Market Outlook, By Residential (2021-2030) ($MN)
55 Europe Residential Solar (PV) Inverter Market Outlook, By Commercial (2021-2030) ($MN)
56 Europe Residential Solar (PV) Inverter Market Outlook, By Utilities (2021-2030) ($MN)
57 Europe Residential Solar (PV) Inverter Market Outlook, By Other End Users (2021-2030) ($MN)
58 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Country (2021-2030) ($MN)
59 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Product (2021-2030) ($MN)
60 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By String Inverter (2021-2030) ($MN)
61 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Micro-Inverter (2021-2030) ($MN)
62 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Central Inverter (2021-2030) ($MN)
63 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Other Products (2021-2030) ($MN)
64 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Phase (2021-2030) ($MN)
65 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Single Phase (2021-2030) ($MN)
66 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Three Phase (2021-2030) ($MN)
67 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Other Phases (2021-2030) ($MN)
68 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Connection (2021-2030) ($MN)
69 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By On-grid (2021-2030) ($MN)
70 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Off-grid (2021-2030) ($MN)
71 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Other Connections (2021-2030) ($MN)
72 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By End User (2021-2030) ($MN)
73 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Residential (2021-2030) ($MN)
74 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Commercial (2021-2030) ($MN)
75 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Utilities (2021-2030) ($MN)
76 Asia Pacific Residential Solar (PV) Inverter Market Outlook, By Other End Users (2021-2030) ($MN)
77 South America Residential Solar (PV) Inverter Market Outlook, By Country (2021-2030) ($MN)
78 South America Residential Solar (PV) Inverter Market Outlook, By Product (2021-2030) ($MN)
79 South America Residential Solar (PV) Inverter Market Outlook, By String Inverter (2021-2030) ($MN)
80 South America Residential Solar (PV) Inverter Market Outlook, By Micro-Inverter (2021-2030) ($MN)
81 South America Residential Solar (PV) Inverter Market Outlook, By Central Inverter (2021-2030) ($MN)
82 South America Residential Solar (PV) Inverter Market Outlook, By Other Products (2021-2030) ($MN)
83 South America Residential Solar (PV) Inverter Market Outlook, By Phase (2021-2030) ($MN)
84 South America Residential Solar (PV) Inverter Market Outlook, By Single Phase (2021-2030) ($MN)
85 South America Residential Solar (PV) Inverter Market Outlook, By Three Phase (2021-2030) ($MN)
86 South America Residential Solar (PV) Inverter Market Outlook, By Other Phases (2021-2030) ($MN)
87 South America Residential Solar (PV) Inverter Market Outlook, By Connection (2021-2030) ($MN)
88 South America Residential Solar (PV) Inverter Market Outlook, By On-grid (2021-2030) ($MN)
89 South America Residential Solar (PV) Inverter Market Outlook, By Off-grid (2021-2030) ($MN)
90 South America Residential Solar (PV) Inverter Market Outlook, By Other Connections (2021-2030) ($MN)
91 South America Residential Solar (PV) Inverter Market Outlook, By End User (2021-2030) ($MN)
92 South America Residential Solar (PV) Inverter Market Outlook, By Residential (2021-2030) ($MN)
93 South America Residential Solar (PV) Inverter Market Outlook, By Commercial (2021-2030) ($MN)
94 South America Residential Solar (PV) Inverter Market Outlook, By Utilities (2021-2030) ($MN)
95 South America Residential Solar (PV) Inverter Market Outlook, By Other End Users (2021-2030) ($MN)
96 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Country (2021-2030) ($MN)
97 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Product (2021-2030) ($MN)
98 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By String Inverter (2021-2030) ($MN)
99 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Micro-Inverter (2021-2030) ($MN)
100 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Central Inverter (2021-2030) ($MN)
101 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Other Products (2021-2030) ($MN)
102 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Phase (2021-2030) ($MN)
103 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Single Phase (2021-2030) ($MN)
104 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Three Phase (2021-2030) ($MN)
105 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Other Phases (2021-2030) ($MN)
106 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Connection (2021-2030) ($MN)
107 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By On-grid (2021-2030) ($MN)
108 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Off-grid (2021-2030) ($MN)
109 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Other Connections (2021-2030) ($MN)
110 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By End User (2021-2030) ($MN)
111 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Residential (2021-2030) ($MN)
112 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Commercial (2021-2030) ($MN)
113 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Utilities (2021-2030) ($MN)
114 Middle East & Africa Residential Solar (PV) Inverter Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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