The Solar Inverter Market research reports 2023-2030. 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.
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.
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)
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Solar Inverter Market Overview
The Solar Inverter is an important part of the solar system. It changes the straight current coming out of the solar panel into an alternating current. In addition to converting, solar inverters watch voltage, allow communication with the grid, and can turn off in an emergency. Unlike off-grid inverters, grid-connected solar inverters make pure sine wave AC power. Using more grid-connected solar inverters can help make sure that home items are safe and work well. Solar inverters are most often used in homes and utilities, but they are being used more and more in business and industrial projects around the world.
Market Segmentation
On the Basis of Type:
- Central Solar Inverter
- String Solar Inverter
- Micro Solar Inverter
On the Basis of Application:
- Residential
- Commercial
- Utility
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Regional Insights
During the period of the forecast, the Asia-Pacific region is projected to bring in the most money, more than 44% of it. The fast growth of the solar market in the region is mostly due to China, which is also a big competitor around the world. The growth of the market in this area has been helped a lot by the fact that more solar panels are being installed in developing countries. North America brought in a lot of money in 2021, and the U.S. was the biggest provider to the growth of the market. Different kinds of PV converters are mostly sold in the United States. Recent inverter trends in the country include the popularity of three-phase string inverters with capacities above 60 kW and central inverters with capacities above 1.5 MW. Even though string inverters are growing quickly in North America, central photovoltaic inverters are likely to have the biggest market share over the next few years.
Over the forecast period, Europe is predicted to have a high CAGR. This is because there are good government policies and subsidies, like residential feed-in tariffs (FITs), that encourage customers to invest in green energy.
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.
Reasons for Buying this Report:
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward-looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow.
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