Turkey Solar Inverter Market
The Turkey solar inverter market is experiencing significant growth, driven by the country's increasing focus on renewable energy, particularly solar power. Turkey has abundant solar energy potential due to its geographical location, with an average of 2,640 hours of sunlight per year. This makes it an attractive market for solar power generation and, consequently, solar inverters, which are essential components of photovoltaic (PV) systems. In recent years, the Turkish government has launched various initiatives and incentive schemes to encourage the adoption of solar energy. For instance, the Renewable Energy Support Mechanism (YEKDEM) has helped boost the installation of solar power plants, increasing the demand for solar inverters.
Turkey's solar inverter market is highly competitive, with both domestic and international players offering a wide range of products. Inverters are available in different types, including central, string, and microinverters, to cater to varying project sizes, from residential installations to large-scale solar farms. Turkish manufacturers are increasingly focusing on producing high-efficiency and cost-effective inverters to meet local demand and export opportunities. The market is also influenced by the growing trend of hybrid inverters, which allow the integration of solar energy with other power sources like batteries.
The solar inverter market in Turkey is expected to grow further as the country moves towards achieving its renewable energy targets. The Turkish government has set ambitious goals to reach 10 GW of installed solar capacity by 2030, which will create a sustained demand for solar inverters. However, challenges such as fluctuating currency rates and regulatory uncertainties could impact market dynamics.
According to MRFR analysis, the Global Solar Inverter Market is expected to register a CAGR of~5.70% from 2024 to 2030 and hold a value of over USD 18.93 billion by 2030.
The Global Solar Inverter Market refers to the market for electronic devices that convert the direct current generated by solar panels into alternating current that can be used to power homes and businesses. Solar inverters are essential components of any solar power system, as they help to optimize the performance of solar panels by converting the DC electricity they generate into AC electricity that can be used to power electrical appliances, lighting, and other devices. The driven by factors such as increasing demand for renewable energy sources, government support for solar power installations, and declining costs of solar panels and inverters.
The COVID-19 pandemic had both positive and negative impacts on the global solar inverter market. Initially, the pandemic caused disruptions in the supply chain of solar inverter components, as well as delays in solar power project installations and maintenance activities. However, the pandemic also led to an increased focus on renewable energy sources, as governments and businesses sought to reduce their carbon footprint and promote sustainable practices.
Regional Analysis
The Asia-Pacific region is currently the largest market for solar inverters, accounting for a significant share of the global solar inverter market. The region is expected to continue to dominate the market in the coming years, driven by factors such as the increasing demand for renewable energy sources, supportive government policies and incentives, and declining costs of solar panel installations.
Countries such as China, India, Japan, and Australia are among the largest markets for solar inverters in the APAC region, with significant growth potential due to increasing solar power installations and favorable government policies promoting renewable energy.
Market Segmentation
The Global Solar Inverter Market has been segmented into type and application.
Based on the type, the market has been segmented into central inverter, micro inverter and string inverter.
Based on the application, the market has been segmented into residential, commercial and utilities.
Key Players
Some of the key market players are:
- SMA Solar Technology AG (Germany)
- Canadian Solar Inc. (Canada)
- ABB Ltd (Switzerland)
- SunPower Corporation (US)
- Delta Electronics (Taiwan)
- SolarEdge Technologies Inc. (Israel)
- Sineng Electric Co. Ltd. (China)
- Power Electronics (Spain)
- Solectria Renewables LLC (US)