IMARC Group’s latest research report, titled “Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the market. The solar PV inverter market outlook report also includes competitor and regional analysis, and contemporary advancements in the market. The global solar PV inverter market size reached US$ 7.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.
Solar PV Inverter Market Overview:
A solar inverter, also known as a PV inverter, is a device that plays a significant role in a solar electric power system. It converts direct current (DC) from solar panels to alternating current (AC). It also helps maximize electricity production by varying the resistance (load) and ensuring compliance with regulations about feeding electricity into the grid. In addition, it assists in managing temperature, optimizing power, and controlling and monitoring all parameters, yields, and operational data. Owing to these benefits, solar PV inverters are widely utilized in utilities and industrial sectors.
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Global Solar PV Inverter Market Trends:
The market is primarily driven by rising environmental concerns about greenhouse gas (GHG) emissions and the growing awareness among consumers regarding renewable energy sources. In addition, inflating fossil fuel prices across the globe represents another major growth-inducing factor. Besides this, the declining cost of solar inverters in both developed and developing economies is also contributing to market growth. Moreover, the market is further propelled by various technological advancements and the implementation of government policies to support the uptake of renewable energy sources. Furthermore, the surging need for rural electrification is anticipated to create a positive market outlook in the coming years.
Top Companies in Global Solar PV Inverter Market:
- ABB Ltd, Schneider Electric SE
- Siemens AG
- Mitsubishi Electric Corporation
- Omron Corporation
- General Electric Company
- SMA Solar Technology AG
- Delta Energy Systems Inc.
- Enphase Energy Inc.
- SolarEdge Technologies Inc.
- Huawei Technologies Co. Ltd
- Kstar New Energy Co. Ltd
- Sineng Electric Co. Ltd
- Sungrow Power Supply Co Ltd
- Tabuchi Electric Co. Ltd
- TBEA Sunoasis Co. Ltd
- Toshiba Corporation
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Key Market Segmentation:
Market Breakup by Technology:
- central inverter
- string inverter
- microinverter
- others
Market Breakup by Application:
- utility scale
- residential scale
- small commercial scale
- large commercial scale
- industrial scale
Market Breakup by voltage:
- 1,000 V
- 1,000 – 1,499 V
- 1,500 V
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other
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