According to the report the global solar PV inverter market reached a value of approximately USD 8.05 billion in 2022. Aided by the rising demand for renewable energy and the increasing adoption of solar PV inverters in various application, the market is projected to further grow at a CAGR of 5% between 2023 and 2028 reaching a value of USD 10.8 billion by 2028.
Solar PV inverters, devices that convert the variable direct current (DC) output of a solar photovoltaic (PV) solar panel into alternating current (AC) that can be fed into a commercial grid or used by a local electrical network, are integral to the functionality of any solar power setup. They play a critical role in maximising the efficiency of the solar array by ensuring optimal power point tracking, thus aiding the solar PV inverter market growth. Besides their principal function, solar PV inverters also offer added features like data monitoring and system diagnosis, adding to their appeal in the rapidly growing renewable energy sector.
The surge in demand for renewable energy sources is primarily driving the global solar PV inverter market growth. With growing environmental concerns and the desire to reduce dependence on fossil fuels, there has been a significant transition towards renewable energy, thereby leading to an increase in the demand for solar PV inverters. Furthermore, governments worldwide are promoting solar energy through various incentives and subsidies, further accelerating the market growth.
In addition to the rising demand for renewable energy, the expanding applications of solar PV inverters across various sectors also contribute significantly to the solar PV inverter market development. Solar PV inverters are being increasingly deployed in residential, commercial, and utility-scale solar projects. Residential rooftops, commercial establishments like shopping malls and office buildings, and large-scale solar parks all utilise solar PV inverters to convert the solar power they generate into usable electrical energy.
Moreover, advancements in technology and continuous research and development activities have led to the production of more efficient and reliable solar PV inverters, further broadening their potential applications. Emerging trends such as the integration of artificial intelligence for performance optimisation and the introduction of solar hybrid inverters are expected to fuel the solar PV inverter market demand over the forecast period.
These high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Solar PV inverters, devices that convert the variable direct current (DC) output of a solar photovoltaic (PV) solar panel into alternating current (AC) that can be fed into a commercial grid or used by a local electrical network, are integral to the functionality of any solar power setup. They play a critical role in maximising the efficiency of the solar array by ensuring optimal power point tracking, thus aiding the solar PV inverter market growth. Besides their principal function, solar PV inverters also offer added features like data monitoring and system diagnosis, adding to their appeal in the rapidly growing renewable energy sector.
The surge in demand for renewable energy sources is primarily driving the global solar PV inverter market growth. With growing environmental concerns and the desire to reduce dependence on fossil fuels, there has been a significant transition towards renewable energy, thereby leading to an increase in the demand for solar PV inverters. Furthermore, governments worldwide are promoting solar energy through various incentives and subsidies, further accelerating the market growth.
In addition to the rising demand for renewable energy, the expanding applications of solar PV inverters across various sectors also contribute significantly to the solar PV inverter market development. Solar PV inverters are being increasingly deployed in residential, commercial, and utility-scale solar projects. Residential rooftops, commercial establishments like shopping malls and office buildings, and large-scale solar parks all utilise solar PV inverters to convert the solar power they generate into usable electrical energy.
Moreover, advancements in technology and continuous research and development activities have led to the production of more efficient and reliable solar PV inverters, further broadening their potential applications. Emerging trends such as the integration of artificial intelligence for performance optimisation and the introduction of solar hybrid inverters are expected to fuel the solar PV inverter market demand over the forecast period.
Market Segmentation
The market can be divided based on technology, voltage, application, and region.Market Segmentation
- Central Inverters
- String Inverters
- Microinverters
- Others
Market Segmentation
- < 1,000 V
- 1,000 - 1,499 V
- > 1,500 V
- Others
Market Segmentation
- Utility Scale
- Residential Scale
- Small Commercial Scale
- Large Commercial Scale
- Industrial Scale
- Others
Market Segmentation
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global solar PV inverter companies. Some of the major key players explored in the report are as follows:- Schneider Electric SE
- Siemens AG
- Mitsubishi Electric US, Inc.
- General Electric Company
- Huawei Technologies Co., Ltd
- FIMER Group
- SolarEdge Technologies Inc
- Toshiba International Corporation
- Others
About the Publisher
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.These high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of our these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Opportunities and Challenges in the Market15 Value Chain Analysis16 Price Analysis19 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
6 Snapshot
8 Global Solar PV Inverter Market Analysis
9 North America Solar PV Inverter Market Analysis
10 Europe Solar PV Inverter Market Analysis
11 Asia Pacific Solar PV Inverter Market Analysis
12 Latin America Solar PV Inverter Market Analysis
13 Middle East and Africa Solar PV Inverter Market Analysis
14 Market Dynamics
17 Manufacturing Process
18 Competitive Landscape
List of Key Figures and Tables
Companies Mentioned
- Schneider Electric SE
- Siemens AG
- Mitsubishi Electric US Inc.
- General Electric Company
- Huawei Technologies Co. Ltd
- FIMER Group
- SolarEdge Technologies Inc
- Toshiba International Corporation
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 150 |
Published | October 2023 |
Forecast Period | 2023 - 2028 |
Estimated Market Value ( USD | $ 8.46 Billion |
Forecasted Market Value ( USD | $ 10.8 Billion |
Compound Annual Growth Rate | 5.0% |
Regions Covered | Global |
No. of Companies Mentioned | 8 |