Artificial Intelligence
Solar Inverter Market is likely to grow at a healthy 15.45% CAGR | Market Research Future (MRFR)
Pune, Feb. 10, 2021 (GLOBE NEWSWIRE) — The Market is to Witness Substantial Demand
Solar Inverters enjoy tremendous popularity and uptake worldwide due to their ability to rapidly convert DC power input into AC while staying connected to the on-grid system. Besides, the growing numbers of solar power plants connected with the grid through an on-grid solar inverter push the growth of the market. Growing off-grid solar panel installations for commercial, industrial, and residential uses drive the solar inverter market growth, creating substantial demand for reliable and safe power source converters.
As a result, the solar inverter market garners huge traction globally. Market Research Future (MRFR), in its recent solar inverter market analysis, asserts that the market is expected to grow at approximately 15.45% CAGR during the assessment period (2019 to 2025). Despite the COVID-19 outbreak, the solar inverter industries remained unaffected due to the reassuringly robust rise in the renewable energy market.
Due to the continually rising energy demand, primarily from the industrial sectors, the renewable energy market kept growing steadily throughout the year 2020. Also, the solar inverter market is rapidly returning to normal, witnessing the steadily increasing energy demand, especially from the industrial sectors. The solar inverter demand is projected to pick up further following the uplift of the lockdown in many countries.
Overview Solar inverters provide an efficient solution for reliable and safe power source converter in off-grid solar panels for commercial & industrial, and residential use. Resultantly, the rise in off-grid solar panel installations in commercial, industrial, and residential applications impacts the market growth positively.
Besides, rapid uptake of solar inverters in the solar rooftop, ground-mounted residential set-ups, and commercial as well as in utility-scale systems fosters the growth of the market. The solar inverter market outlook appears promising mainly due to the continually growing energy demand worldwide. Additionally, the growing installations and government initiatives & policies benefit the solar inverter market growth.
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Industry Trends Solar inverters present cost-effective solutions for energy conversion. Due to growing concerns over the environmental implication and energy consumption worldwide, the need for renewable/clean energy generation is rising continually. Emerging markets worldwide are estimated to present untapped opportunities for solar inverter uses. With their favorable government policies for solar inverter manufacturing, emerging countries offer significant opportunities to international players.
Digital technologies are at taking center stage in the solar inverter market. Substantial investments are poured into the development of Artificial Intelligence and digital technology. Solar inverter manufacturers are majorly investing in improving communication between the inverter and the environment, including the inverter’s communication systems, integrating protocol from Blockchain into inverters, and digital features in inverters to communicate with the smart environment and smart grid.
Despite significant growth prospects, the market witnesses major setbacks such as high initial investments required for the production, installation, and maintenance of solar inverters. Moreover, maintenance issues related to solar inverters act as a major challenge for market growth.
Segmentation
The solar inverter market analysis is segmented into type, system type, applications, and others. The type segment is sub-segmented into the central inverter, micro-inverter, and string inverter. Of these, the central inverter segment would lead the market share over the forecast period. The system type segment is sub-segmented into on-grid and off-grid. Of these, the on-grid segment would dominate the market share over the forecast period, witnessing vast adoption of on-grid system types in different applications. The application segment is sub-segmented into residential, commercial, and utilities. Of these, the commercial segment would spearhead the market share over the forecast period. The segment’s growth is driven by the rising solar installations across warehouses, hospitals, factories, offices, and educational institutes.
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Regional Segmentation
The regional segment is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), the Americas (Canada, Mexico, US, Rest-of-North America), and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), and Rest-of-the-World. It is observed that the APAC has been consistently dominating the global solar inverter market and is estimated to maintain its market position in the coming years as well. The region stands for the largest producer and consumer of power globally, accounting for over half of the total global population. Besides, the availability of ample renewable/ natural resources increases the region’s solar inverter markets share.
Additionally, the spurring rise in the industrial, commercial, and utility sectors, a massive demand for electricity, and government initiatives to promote renewable energy use increases the region’s solar inverter market value. Countries such as China, India, and Japan, are growing rapidly, and the solar inverter market size in these countries is projected to grow significantly, registering a healthy CAGR during the review period.
Europe holds the second-best position globally in terms of the solar inverter market revenue. Solar is a primary renewable energy source in most European countries. Over the past few years, several solar power projects have been erected in the region, and many are under construction. These factors are anticipated to contribute to the market growth, driving the primary energy production in the region.
Furthermore, increasing investments in solar energy and the shift towards minimizing the usages of fossil fuels led by the regulation to utilize the waste heat substantiate the the growth of the regional market. The solar inverter market in the European region is expected to grow at a CAGR of 19.14% throughout the forecast period.
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Competitive Analysis
Manufacturers strive to increase production capacities with improved cost efficiency and a leaner organization supported by new possibilities offered by digitalization. Many solar inverter manufacturers are exploring the possibility of developing electric vehicle charging and power systems after mastering their own inverter research and development.
Increasing strategic partnership deals and approaches, such as collaboration, mergers & acquisitions, expansion, and product launches, are expected to be seen during the next few years. Industry players are making strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on Feb. 04, 2021, Solarvest Holdings BHD announced entering into memorandums of understanding (MOUs) with Huawei Technologies SDN BHD and Sungrow Power Supply Co Ltd. to obtain inverters. Huawei is a foremost supplier supplying solar inverters globally, while Sungrow is a prominent solar inverters supplier in China. Under the MoUs, Solarvest would boost its competitiveness and quality of its services with a cumulative order capacity of about 200MW of solar inverters. Solarvest believes it is timely for the group to expand its inventories in view of the surge in solar energy demand.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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Artificial Intelligence
Darwinbox named as a Customers’ Choice in the 2024 Gartner® Peer Insights™ Voice of the Customer for Cloud HCM Suites Report for Enterprises with 1,000+ Employees
DUBAI, UAE, June 17, 2024 /PRNewswire/ — Darwinbox, a global leader in cloud-based HCM solutions, today announced that it has been distinguished as a Customers’ Choice in the 2024 Gartner® Peer Insights™ Voice of the Customer for Cloud HCM Suites for 1,000+ Employee Enterprises.
The Gartner® Peer Insights™ Customers’ Choice distinction is based on feedback and ratings from end-user professionals with experience using the product or service. As of 31 January 2024, Darwinbox received an overall rating of 4.8 out of 5 stars across 141 reviews.
“We believe this distinction, for the third consecutive year, reflects our unwavering commitment to our customers and their success, as well as our dedication to excellence and innovation in the HCM space,” says Jayant Paleti, co-founder, Darwinbox.
Darwinbox has been named a Customers’ Choice for both Large Enterprise (1B – 10B USD) and Midsize Enterprise (50M – 1B USD) segments, showcasing its robust capabilities in handling large-scale operations and its widespread appeal across various business sizes. This recognition underscores the platform’s popularity, driven by its powerful configurability, intuitive design, and agility. An impressive 98% of customers rated Darwinbox 4-stars or higher, highlighting the overwhelming satisfaction with the product.
Furthermore, Darwinbox is recognized as the most customer-friendly enterprise-grade HCM solution globally. The platform distinguishes itself through its ease of implementation and integration, prompt vendor responses, and exceptional technical support, demonstrating Darwinbox’s dedication to quick service and client satisfaction. Notably, 94% of its customers have expressed their willingness to recommend Darwinbox, demonstrating its significant impact and reliability in the enterprise tech landscape.
“What I love is when we need support, the customer service is top-notch – always responsive, solution makers, and always helpful,” HR Business Partner, Media Industry
“Darwinbox has been able to cater to our needs given our diverse business structures and differences in processes,” HR Lead, Manufacturing Sector
Read more reviews
About Darwinbox:
Darwinbox is a leading SaaS-based HR technology platform, empowering organisations to automate HR processes and elevate the employee experience. Rated the highest globally among HCM players on Gartner’s customer review platform, Peer Insights, Darwinbox is trusted by 900+ global enterprises with more than 2.5 million employees spread across 116+ countries.
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Artificial Intelligence
Find Your Perfect Domain with GoDaddy’s Innovative AI Technology
Leverage Artificial Intelligence (AI) to easily find the perfect domain name for your business
ISLAMABAD, June 17, 2024 /PRNewswire/ — As you embark on your online journey, choosing the right domain name plays a vital role in establishing your web presence. It is often one of the earliest decisions you will make as an entrepreneur or small business owner.
GoDaddy is harnessing the power of AI to help entrepreneurs and small business owners find the right domain name for their business, themselves, or their organization. GoDaddy AI Domain Search tool is designed to deliver personalized domain suggestions tailored to each user’s unique needs. Having a catchy and memorable domain name for your business helps to enhance branding and provides increased visibility for a business on the internet.
By simply entering a business description or keywords, users receive creative and unique domain name choices that can align with their brand identity and vision. GoDaddy uses generative AI to provide users with personalized and brandable domain name suggestions based on their business description, idea, product, or service.
GoDaddy AI Domain Search can simplify the process of finding the perfect domain name for a business. When a user enters information describing their business, project, or idea, including such details as business name if already chosen, location or industry, within seconds the AI tool makes suggestions by creating a list of available domain names with different variations and domain name extensions tailored to your needs.
Finding a domain name for a business idea is important as the name chosen will be reflective of your brand for many years to come. Here are some tips for finding available domain names:
Use specific keywords that describe your business, your products and services, your location, and your industry.Use keywords that people would enter when searching for your products or services.Try using variations of a word you want in your domain name to get more options.Mix up keyword combinations that can describe your business.Your aim is to create a name that is memorable, easy to pronounce, and stands out in your industry.In a world driven by AI, GoDaddy AI Domain Search tool simplifies the process of finding the perfect domain name, enabling you to effortlessly brainstorm and explore creative ideas that align with your vision. Within seconds, you can receive a selection of available domains, empowering you to bring your idea to life.
To experience the power of GoDaddy AI Domain Search visit: www.godaddy.com/en-ph/domains/domain-name-generator
About GoDaddy
GoDaddy helps millions of entrepreneurs around the world start, grow and expand their businesses. People turn to GoDaddy to name their idea, create a professional Web site, attract customers, sell their products and services, and accept online payments. GoDaddy’s easy-to-use tools help micro-entrepreneurs manage everything in one place, and its experts are available to provide 24/7 assistance. For more information about the company, visit www.GoDaddy.com.
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Artificial Intelligence
Metz, in Partnership with AI TECH, Introduces Advanced Interactive Flat Panel to Middle East Market
SHENZHEN, China, June 17, 2024 /PRNewswire/ — METZ Display, a sub-brand of SKYWORTH and a provider of innovative interactive displays for education and business. The announcement of Artificial Intelligence Technologies LLC Dubai as the authorized exclusive distributor for the UAE market as well as the Oman, Qatar, and Bahrain markets marks a significant expansion for METZ Display. By partnering with a trusted distributor like Artificial Intelligence Technologies, METZ is strategically positioning itself to deliver its full range of smart education and smart conference room applications across these regions. This move not only strengthens METZ’s presence in the Middle East but also underscores its commitment to providing innovative interactive displays tailored for both educational and business environments.
Based on the 16 years of R&D and business experience in the IFPD market from SKYWORTH, METZ Display fully inherited its technology and has introduced several interactive displays in the education and business sectors that provide a highly immersive environment and user-friendly experience since 2022, such as the all-in-one LCD.
Mr. Summer Deng METZ Sales & Marketing Head of MEA, said: ” The IFPD market in MEA is expected to see rapid growth over the next couple of years. The partnership with Artificial Intelligence Technologies LLC, a business entity to promote AI & AV Products, Tools, and services in the United Arab Emirates & Middle East Region will take METZ Display to another new level. We are confident to further develop our quality products and service!”
METZ Display is expanding its reach into the UAE market through Artificial Intelligence Technologies LLC Dubai as its authorized distributor.
The introduction of the METZ K Pro Series, particularly the EDLA Certified collaborative display, in the MEA Region highlights their commitment to providing innovative interactive display solutions for both education and business sectors. This move could potentially enhance learning and collaboration experiences in the region.
Mr. Harold Fernandes, the Managing Director of Artificial Intelligence Technologies, seems quite enthusiastic about the partnership with METZ Display. His emphasis on the versatility of METZ’s portfolio, applicable across various sectors such as education and business, reflects a keen understanding of the market’s needs. By highlighting the engaging experiences offered by METZ Display products, he’s underlining the potential benefits for resellers and end-users alike. This partnership seems poised to bring innovative solutions to the UAE market.
About METZ Display
With Skyworth, one of the world’s largest TV companies, and Metz, one of the oldest German manufacturers, METZ Display creates high-quality educational and business applications that make state-of-the-art screen technology available to everyone by combining their strengths and 80 years of experience.
About Artificial Intelligence Technologies LLC
Artificial Intelligence Technologies LLC, Is established as a business entity to promote AI & AV Products, and complete AV Solution, Tools & Services in the United Arab Emirates & Middle East Region. Visit the website at https://ai-tech.ai/
Phone: +971 4299 0544Email: [email protected]: www.ai-tech.ai
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