Renewable energy boosts inverter market
A
Frost and Sullivan product story
Edited by the Engineeringtalk editorial team
Jun 13, 2008
The European inverter market for renewable energy systems earned revenues of Eur 654.4 million in 2007 and is predicted to reach Eur 3105 million in 2014.
Germany will become a backseat driver, as Spain, backed by solid growth in its solar energy industry, moves to the forefront of the European inverter market for renewable energy systems.
The future looks extremely promising for market participants, while also pitching them in direct confrontation with manufacturers of conventional energy systems.
A combination of technological innovations and proactive energy policies will take this industry through various challenges to emerge successful in the long term.
New analysis from Frost and Sullivan: "European inverter market for renewable energy systems", finds that the market earned revenues of Eur 654.4 million in 2007 and estimates this to reach Eur 3105 million in 2014.
"A booming market in Spain is rewriting market dynamics for renewable energy-based inverters".
"Moreover, new incentives for green electricity in Portugal and Greece are set to accelerate the pace of growth in the future", says Frost and Sullivan Research Analyst Chandni Raj.
"Across Europe, renewable energy-based inverters registered growth of 36.7% in 2007 as compared with 2006".
The adoption of highly attractive financial incentives for renewable energy alternatives in Spain, Portugal and Greece, based on the German model, has spurred the growth of such energy sources.
These markets are experiencing soaring sales and spiralling growth, and are potential hotspots for renewable energy inverters.
Lower energy efficiency and difficulty in obtaining planning permits are the key challenges facing the European inverter market for renewable energy systems.
Clean energies are still incapable of substituting oil and gas.
This is a major hurdle preventing any significant shift towards green energy.
Obtaining regulatory consents for alternative energy regulation is equally problematic.
These issues, which discourage and delay installations, are affecting revenue generation.
"Despite all their advantages, renewable energy systems are no match for oil and gas in terms of energy efficiency and energy density", notes Raj.
"As long as oil and gas remain superior to clean energies in this regard, the full potential of the renewable energy market and its inverter markets will remain untapped".
"Moreover, administrative hurdles and red-tapism are discouraging potential investors".
The key to market success will be to boost the energy efficiency of renewable energy systems and related inverters through intense R and D and technological innovation.
This will need to be a collaborative effort by clean energy players and inverter manufacturers.
Furthermore, increasing the appeal of green energy through widespread media coverage will also promote market expansion.
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