The Solar Inverter Market size was valued at USD 7.7 billion in 2022 and is expected to reach USD 17.9 billion by 2030, at a CAGR of 8.8% from 2022 to 2030.
The Solar Inverter Market research reports 2022-2030. A detailed study accumulated to offer the Latest insights about acute features of the Global Solar Inverter market. This report provides a detailed overview of key factors in the Solar Inverter Market and factors such as driver, restraint, past, and current trends, regulatory scenarios, and technology development. This report elaborates the market size, revenue, and growth of the Solar Inverter industry, and breaks it down according to the type, application, and consumption area of Solar Inverter. The report also conducted a PESTEL analysis of the industry to study the industry’s main influencing factors and entry barriers.
Some of the key players profiled in the study are:
SMA Solar Technology AG (Germany), Siemens AG (Germany), GoodWe (Germany), Omron Corporation (Japan), TMEIC (Japan), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), HUAWEI (China), Sungrow (China), Growatt (China), Ginlong Technologies Co (China), Sineng Electric Co. (China), Solax Power (China), Zhejiang Benyi Electrical Co., Ltd. (China), SunPower Corporation (US), Power Electronics (US), Solectria Renewables LLC (US), Hitachi Hi-Rel Power Electronics Pvt. Ltd. (Inida), LENTO INDUSTRIES PRIVATE LIMITED (India), SolarEdge (Israel), LG Electronics (South Korea), Fronius (Austria), Delta Solar Solutions (Taiwan), Fimer (Italy), among others.
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Market Overview
String photovoltaic (PV) inverters are adopted by all sectors and utilities because they are effective and exhibit low failure rates during operation and maintenance in large buildings. String photovoltaic (PV) inverters are also less expensive than other types of photovoltaic (PV) inverters. The implementation of solar thermal (PV) inverters is inherently feasible as they have good power backup. Demand for photovoltaic (PV) inverters is increasing at a rapid pace due to infrastructure development and increase in construction and building projects. Another factor fueling the expansion of the global photovoltaic (PV) inverter market is the rising number of home loans and home improvement projects in both developed and developing countries. Additionally, the low cost and tax benefits offered by solar (PV) inverters are driving large-scale acceptance and adoption of solar (PV) inverters by business owners. Consequently, all these factors are driving the demand for photovoltaic (PV) inverters in the global market.
Market Segmentation
The Most important types of Solar Inverter covered in this report are:
- Central Solar Inverter
- String Solar Inverter
- Micro Solar Inverter
The Most widely used downstream fields of Solar Inverter market covered in this report are:
- Residential
- Commercial
- Utility
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Regional Insights
Asia Pacific is anticipated to account for the largest revenue share of over 44.0% during the forecast period. China is the major contributor to the rapid growth of the solar market in the region and is a major competitor globally. Increasing solar installations in developing countries are also contributing significantly to the market growth in these regions. North America accounted for a large revenue share in 2021, with the United States being the major contributor to the market growth. The United States is a major market for various types of PV inverters. Some of the country’s recent inverter trends include the dominance of three-phase string inverters with capacities above 60 kW and central inverters with capacities above 1.5 MW. Despite the strong growth of string inverters in North America, central solar inverters are expected to hold the largest market share during the forecast period.
Country Level Break-Up:
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- South America (Mexico, Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
Influence of the Solar Inverter market report:
-Comprehensive assessment of all opportunities and risks in the Solar Inverter market.
-Solar Inverter market recent innovations and major events.
-Detailed study of business strategies for growth of the Solar Inverter market-leading players.
-Conclusive study about the growth plot of the Solar Inverter market for forthcoming years.
-In-depth understanding of Solar Inverter market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Solar Inverter market.
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