Drivers of the Clean Energy Market

According to the World Bank, due to population growth and economic expansion, global electricity demand is expected to increase significantly, reaching 34,454 TWh by 2035. wire Trade Fair 2024 has learned that, with advancements in climate change policies and technology, renewable energy sources such as solar, wind, and hydroelectric power are becoming increasingly popular.

In 2020, China and the USA together accounted for approximately 20% of global electricity capacity, with China's power capacity expected to grow by 3% by 2035, primarily in renewable energies. Governments around the world are promoting wind energy development through favorable policies such as Feed-in Tariffs (FiT) and auctions, encouraging competition and investments in grid infrastructure.

Renewable energies, particularly wind power, are gaining increasing popularity among users, reducing reliance on fossil fuels and helping countries achieve their carbon emission targets.

China is a leading region in the growth of offshore wind power generation. Droughts and severe weather changes have prompted the government to further diversify its energy mix, increasing investments in renewable energy infrastructure.

Due to the growth trend in renewable energy projects and the shift toward electric vehicles, the inverter market is experiencing significant growth. Automotive batteries and household electronics are major applications driving the demand for inverters. Manufacturing plants and factories are also purchasing inverters for uninterrupted power supply as a backup solution during outages.

Technological advancements in solar inverters, particularly in solar photovoltaic systems and solar modules, are largely driving sales, while government agencies are promoting clean energy and reducing dependence on fossil fuels like gasoline through incentives and regulations. Renewable sources such as wind and solar are becoming increasingly cost-effective, further driving the application of inverters for efficient conversion and storage.

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