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.
List of Key Companies Profiled in the Solar Inverter Market Research Report are:
- SMA Solar Technology AG (Germany)
- Canadian Solar Inc. (Canada)
- ABB Ltd (Switzerland)
- SunPower Corporation (US)
- Delta Electronics, Inc. (Taiwan)
- SolarEdge Technologies Inc. (Israel)
- Sineng Electric Co., Ltd. (China)
- Power Electronics (Spain)
- Solectria Renewables, LLC (US), and
- Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), among others.
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About Market Research Future:
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.
Contact: Market Research Future Phone: +1 628 258 0071(US) +44 2035 002 764(UK) Email: [email protected] Website: https://www.marketresearchfuture.com
Artificial Intelligence
Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms
MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.
SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/enghouse-video-partners-with-sonifi-health-to-deliver-advanced-telehealth-solutions-in-hospital-rooms-302126882.html
Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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View original content:https://www.prnewswire.co.uk/news-releases/global-insurance-provider-selects-3clogic-to-streamline-ai-and-contact-center-capabilities-with-servicenow-302127739.html
Artificial Intelligence
ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO
Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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View original content:https://www.prnewswire.co.uk/news-releases/screenpoint-medical-leadership-transition-pieter-kroese-confirmed-as-ceo-302127719.html
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