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North America Solar PV Inverters Market Forecast to 2030 -Regional Analysis- Product Image
North America Solar PV Inverters Market Forecast to 2030 -Regional Analysis- Product Image
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North America Solar PV Inverters Market Forecast to 2030 -Regional Analysis

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    Report

  • 143 Pages
  • June 2023
  • Region: North America
  • The Insight Partners
  • ID: 5887966
UP TO OFF until Dec 31st 2024
Description Jump to:
The North America solar PV inverters market is expected to grow from US$ 1,357.63 million in 2023 to US$ 3,094.06 million by 2030; it is estimated to grow at a CAGR of 12.5% from 2023 to 2030.

Rising Number of Solar Installations Attributed to Government-led Incentives and Schemes

Installing solar rooftop systems help people generate electricity and use it for different purposes, including residential, commercial, and even industrial. A photograph of the installed system for the distribution utility is sufficient to qualify for benefits or subsidies under the government scheme. The Discom will credit the householder's account with the government subsidy, which is 40% for rooftop systems up to 3 KW in capacity and 20% for systems larger than that up to 10 KW, within 30 days of installation. According to a statement from the ministry, the decision to streamline the rooftop solar program was made at a review meeting on January 19, 2022, presided over by Union Minister of Power and New & Renewable Energy.

According to the Ministry of New & Renewable Energy, the central government pays 30% of the benchmarked installation cost for the photovoltaic rooftop system. Similarly, the US federal government in 2021 announced solar Investment Tax Credit (ITC) of 26% for all solar installation from 2020 to 2022.

Under this alliance, the commission aims to install 320 GW of solar photovoltaic grids by 2025 and approximately 600 GW by 2030. Thus, the rising number of solar installations attributed to government-led incentives and schemes propel the demand for solar inverters.

North America Solar PV Inverters Market Overview

The North America solar PV inverters market is segmented into the US, Canada, and Mexico. With an emphasis on promoting solar power as a primary energy source, governments of North American countries have taken various initiatives to encourage the domestic use of solar power. Rooftop solar systems generate electricity that can be used in different residential, commercial, and industrial applications. Thus, the rising number of solar installations owing to government-led incentives and schemes propels the demand for solar inverters, which drives the growth of the solar PV inverters market in North America.

Exhibit: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)

North America Solar PV Inverters Market Segmentation

The North America solar PV inverters market is segmented based on product type, phase, connectivity, application, capacity, and country. Based on product type, the North America solar PV inverters market is segmented into string, micro, and central. The central segment held the largest market share in 2023.

Based on phase, the North America solar PV inverters market is bifurcated into single phase and three phase. The three phase segment held a larger market share in 2023.

Based on connectivity, the North America solar PV inverters market is bifurcated into standalone and on-grid. The on-grid segment held a larger market share in 2023.

Based on application, the North America solar PV inverters market is segmented into residential and community, commercial and industrial, and utility. The utility segment held the largest market share in 2023.

Based on capacity, the North America solar PV inverters market is segmented into b5 kW, 5-15 kW, 15 -25 kW, 25 - 50 kW, and above 50 kW. The above 50 kW segment held the largest market share in 2023.

Based on country, the North America solar PV inverters market is segmented into the US, Canada, and Mexico. The US dominated the North America solar PV inverters market share in 2023.

Power Electronics SL; SMA Solar Technology AG; Solaredge Technologies Inc; Fimer SpA; Delta Electronics Inc.; EnerTech UPS Pvt Ltd; and GoodWe Technologies Co. Ltd are the leading companies operating in the North America solar PV inverters market.

Table of Contents

1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Solar PV inverters Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Solar Inverters Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Residential Solar Rooftop Installations
5.1.2 Rising Number of Solar Installations Attributed to Government-led Incentives and Schemes
5.2 Market Restraints
5.2.1 Safety Risks Associated with High DC Voltages in Solar Inverters
5.3 Market Opportunities
5.3.1 Increasing Investments in Renewable Energy Sector
5.4 Future Trends
5.4.1 Technological Innovations in Smart Inverters
5.5 Impact Analysis of Drivers and Restraints
6. Solar PV Inverters Market- North America Market Analysis
6.1 North America Solar PV Inverters Market Overview
6.2 North America Solar Inverters Market Revenue Forecast and Analysis
7. North America Solar PV Inverters Market Analysis - By Product Type
7.1 Overview
7.2 Solar PV Inverters Market Breakdown, By Product Type, 2022 and 2030
7.3 Central
7.3.1 Overview
7.3.2 Central: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
7.4 String
7.4.1 Overview
7.4.2 String: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
7.5 Micro
7.5.1 Overview
7.5.2 Micro: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
8. North America Solar PV Inverters Market Analysis - By Connectivity
8.1 Overview
8.2 Solar PV Inverters Market Breakdown, By Connectivity, 2022 and 2030
8.3 On-Grid
8.3.1 Overview
8.3.2 On-Grid: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
8.4 Standalone
8.4.1 Overview
8.4.2 Standalone: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
9. North America Solar PV Inverters Market Analysis - By Phase
9.1 Overview
9.2 Solar PV Inverters Market Breakdown, By Phase, 2022 and 2030
9.3 Single Phase
9.3.1 Overview
9.3.2 Single Phase: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
9.4 Three Phase
9.4.1 Overview
9.4.2 Three Phase: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
10. North America Solar PV Inverters Market Analysis - By Capacity
10.1 Overview
10.2 Solar PV Inverters Market Breakdown, By Capacity, 2022 and 2030
10.3 Below 5kW
10.3.1 Overview
10.3.2 Below 5kW: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
10.4 5-15 kW
10.4.1 Overview
10.4.2 5-15 kW: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
10.5-25 kW
10.5.1 Overview
10.5.2-25 kW: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
10.6-50 kW
10.6.1 Overview
10.6.2-50 kW: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
10.7 Above 50 kW
10.7.1 Overview
10.7.2 Above 50kW: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11. North America Solar PV Inverters Market Analysis - By Application
11.1 Overview
11.2 Solar PV Inverters Market Breakdown, By Application (2022 and 2030)
11.3 Residential and Community
11.3.1 Overview
11.3.2 Residential and Community: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.3.2.1 Below 5kW Market
11.3.2.1.1 Overview
11.3.2.1.2 Below 5kW Market: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.3.2.2 5-15 KW Market
11.3.2.2.1 Overview
11.3.2.2.2 5-15kW Market: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.4 Commercial and Industrial
11.4.1 Overview
11.4.2 Commercial and Industrial: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.4.2.1 Below 5kW Market
11.4.2.1.1 Overview
11.4.2.1.2 Below 5kW Market: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.4.2.2 5-15 KW Market
11.4.2.2.1 Overview
11.4.2.2.2 5-15 KW Market: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.4.2.3-25 kW Market
11.4.2.3.1 Overview
11.4.2.3.2-25 KW Market: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.4.2.4-50 kW Market
11.4.2.4.1 Overview
11.4.2.4.2-50 KW Market: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.4.2.5 Above 50kW Market
11.4.2.5.1 Overview
11.4.2.5.2 Above 50KW Market: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.5 Utility
11.5.1 Overview
11.5.2 Utility: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.5.2.1-50 kW Market
11.5.2.1.1 Overview
11.5.2.1.2-50 KW Market: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
11.5.2.2 Above 50kW Market
11.5.2.2.1 Overview
11.5.2.2.2 Above 50 KW Market: Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
12. North America Solar PV Inverters Market - by Country Analysis
12.1 North America: Solar PV Inverters Market
12.1.1 North America: Solar PV Inverters Market, by Key Country
12.1.1.1 US: Solar PV Inverters Market - Revenue and Forecast to 2030 (US$ Million)
12.1.1.1.1 US: Solar PV Inverters Market, By Product Type
12.1.1.1.2 US: Solar PV Inverters Market, By Phase
12.1.1.1.3 US: Solar PV Inverters Market, By Connectivity
12.1.1.1.4 US: Solar PV Inverters Market, By Application
12.1.1.1.5 US: Solar PV Inverters Market, By Capacity
12.1.1.2 Canada: Solar PV Inverters Market - Revenue and Forecast to 2030 (US$ Million)
12.1.1.2.1 Canada: Solar PV Inverters Market, By Product Type
12.1.1.2.2 Canada: Solar PV Inverters Market, By Phase
12.1.1.2.3 Canada: Solar PV Inverters Market, By Connectivity
12.1.1.2.4 Canada: Solar PV Inverters Market, By Application
12.1.1.2.5 Canada: Solar PV Inverters Market, By Capacity
12.1.1.3 Mexico: Solar PV Inverters Market - Revenue and Forecast to 2030 (US$ Million)
12.1.1.3.1 Mexico: Solar PV Inverters Market, By Product Type
12.1.1.3.2 Mexico: Solar PV Inverters Market, By Phase
12.1.1.3.3 Mexico: Solar PV Inverters Market, By Connectivity
12.1.1.3.4 Mexico: Solar PV Inverters Market, By Application
12.1.1.3.5 Mexico: Solar PV Inverters Market, By Capacity
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 Product Development
13.4 Mergers & Acquisitions
14. Company Profiles
14.1 Power Electronics SL
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 SMA Solar Technology AG
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Solaredge Technologies Inc
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Fimer SpA
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Delta Electronics Inc
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 EnerTech UPS Pvt Ltd
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 GoodWe Technologies Co Ltd
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
15. Appendix
15.1 About The Publisher
15.2 Word Index
List of Tables
Table 1. North America Solar Inverters Market Revenue Forecast and Forecast to 2030 (US$ Million)
Table 2. US: Solar PV Inverters Market, By Product Type - Revenue and Forecast to 2030 (US$ Million)
Table 3. US: Solar PV Inverters Market, By Phase - Revenue and Forecast to 2030 (US$ Million)
Table 4. US: Solar PV Inverters Market, By Connectivity - Revenue and Forecast to 2030 (US$ Million)
Table 5. US: Solar PV Inverters Market, By Application - Revenue and Forecast to 2030 (US$ Million)
Table 6. US: Solar PV Inverters Market, By Capacity - Revenue and Forecast to 2030 (US$ Million)
Table 7. Canada: Solar PV Inverters Market, By Product Type - Revenue and Forecast to 2030 (US$ Million)
Table 8. Canada: Solar PV Inverters Market, By Phase - Revenue and Forecast to 2030 (US$ Million)
Table 9. Canada: Solar PV Inverters Market, By Connectivity - Revenue and Forecast to 2030 (US$ Million)
Table 10. Canada: Solar PV Inverters Market, By Application - Revenue and Forecast to 2030 (US$ Million)
Table 11. Canada: Solar PV Inverters Market, By Capacity - Revenue and Forecast to 2030 (US$ Million)
Table 12. Mexico: Solar PV Inverters Market, By Product Type - Revenue and Forecast to 2030 (US$ Million)
Table 13. Mexico: Solar PV Inverters Market, By Phase - Revenue and Forecast to 2030 (US$ Million)
Table 14. Mexico: Solar PV Inverters Market, By Connectivity - Revenue and Forecast to 2030 (US$ Million)
Table 15. Mexico: Solar PV Inverters Market, By Application - Revenue and Forecast to 2030 (US$ Million)
Table 16. Mexico: Solar PV Inverters Market, By Capacity - Revenue and Forecast to 2030 (US$ Million)
Table 17. List of Abbreviation
List of Figure
Figure 1. North America Solar PV Inverters Market Segmentation
Figure 2. North America Solar PV Inverters Market Segmentation - By Country
Figure 3. North America Solar PV Inverters Market Overview
Figure 4. North America Solar PV Inverters Market, by Product Type
Figure 5. North America Solar PV Inverters Market, by Phase
Figure 6. North America Solar PV Inverters Market, by Country
Figure 7. North America: PEST Analysis
Figure 8. North America Solar Inverters Market- Ecosystem Analysis
Figure 9. North America Expert Opinion
Figure 10. North America Solar (PV) Inverter Market: Impact Analysis of Drivers and Restraints
Figure 11. North America Solar Inverters Market Revenue Forecast and Analysis (US$ Million)
Figure 12. North America Solar PV Inverters Market Revenue Share, By Product Type (2022 and 2030)
Figure 13. Central: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 14. String: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 15. Micro: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 16. North America Solar PV Inverters Market Revenue Share, By Connectivity (2022 and 2030)
Figure 17. On-Grid: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 18. Standalone: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 19. North America Solar PV Inverters Market Revenue Share, By Phase (2022 and 2030)
Figure 20. Single Phase: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 21. Three Phase: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 22. North America Solar PV Inverters Market Revenue Share, By Capacity (2022 and 2030)
Figure 23. Below 5kW: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 24. 5-15 Kw: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 25.-25 kW: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 26.-50 kW: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 27. Above 50kW: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 28. North America Solar PV Inverters Market Revenue Share, By Application (2022 and 2030)
Figure 29. Residential and Community: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 30. Below 5kW Market: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 31. 5-15kW Market: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 32. Commercial and Industrial: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 33. Below 5kW Market: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 34. 5-15kW Market: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 35.-25kW Market: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 36.-50KW Market: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 37. Above 50kW Market: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 38. Utility: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 39.-50KW Market: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 40. Above 50kW Market: North America Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)
Figure 41. North America: Solar PV Inverters Market, by Key Country - Revenue (2022) (US$ Million)
Figure 42. North America: Solar PV Inverters Market Revenue Share, by Key Country (2022 and 2030)
Figure 43. US: Solar PV Inverters Market - Revenue and Forecast to 2030 (US$ Million)
Figure 44. Canada: Solar PV Inverters Market - Revenue and Forecast to 2030 (US$ Million)
Figure 45. Mexico: Solar PV Inverters Market - Revenue and Forecast to 2030 (US$ Million)

Companies Mentioned

  • Power Electronics SL
  • SMA Solar Technology AG
  • Solaredge Technologies Inc
  • Fimer SpA
  • Delta Electronics Inc.
  • EnerTech UPS Pvt Ltd
  • GoodWe Technologies Co. Ltd

Table Information

Report AttributeDetails
No. of Pages143
PublishedJune 2023
Forecast Period2023 - 2030
Estimated Market Value ( USD ) in 2023 $ 1357.63 million
Forecasted Market Value ( USD ) by 2030 $ 3094.06 million
Compound Annual Growth Rate12.5%
Regions CoveredNorth America
No. of Companies Mentioned7

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About the Solar PV Inverter Market

The Solar PV Inverter market is an integral part of the Solar Power industry. Solar PV Inverters are devices that convert the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity, which is the type of electricity used in homes and businesses. Solar PV Inverters are essential for the efficient operation of solar power systems. The Solar PV Inverter market is highly competitive, with a wide range of products available from a variety of manufacturers. Inverters come in a range of sizes and power ratings, and can be used in both residential and commercial applications. Inverters are also available in both grid-tied and off-grid configurations. The Solar PV Inverter market is expected to continue to grow in the coming years, as more people turn to solar power as an alternative energy source. Some of the major companies in the Solar PV Inverter market include ABB, SMA Solar Technology, Schneider Electric, SolarEdge Technologies, and Fronius International. Show Less Read more

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