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Solar PV Inverter Market Report and Forecast 2023-2028

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    Report

  • 150 Pages
  • October 2023
  • Region: Global
  • Expert Market Research
  • ID: 5889193
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.

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

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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.

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Solar PV Inverter Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar PV Inverter Historical Market (2018-2022)
8.3 Global Solar PV Inverter Market Forecast (2023-2028)
8.4 Global Solar PV Inverter Market by Technology
8.4.1 Central Inverters
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 String Inverters
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Microinverters
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Others
8.5 Global Solar PV Inverter Market by Voltage
8.5.1< 1,000 V
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 1,000 - 1,499 V
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 > 1,500 V
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Solar PV Inverter Market by Application
8.6.1 Utility Scale
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Residential Scale
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Small Commercial Scale
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Large Commercial Scale
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Industrial Scale
8.6.5.1 Historical Trend (2018-2022)
8.6.5.2 Forecast Trend (2023-2028)
8.6.6 Others
8.7 Global Solar PV Inverter Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
9 North America Solar PV Inverter Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Solar PV Inverter Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Solar PV Inverter Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Solar PV Inverter Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Solar PV Inverter Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis16 Price Analysis
17 Manufacturing Process
17.1 Overview
17.2 Detailed Process Flow
17.3 Operation Involved
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Schneider Electric SE
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Siemens AG
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Mitsubishi Electric US, Inc.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 General Electric Company
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Huawei Technologies Co., Ltd
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 FIMER Group
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 SolarEdge Technologies Inc
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Toshiba International Corporation
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.3.9 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Solar PV Inverter Market: Key Industry Highlights, 2018 and 2028
2. Global Solar PV Inverter Historical Market: Breakup by Technology (USD Billion), 2018-2022
3. Global Solar PV Inverter Market Forecast: Breakup by Technology (USD Billion), 2023-2028
4. Global Solar PV Inverter Historical Market: Breakup by Voltage (USD Billion), 2018-2022
5. Global Solar PV Inverter Market Forecast: Breakup by Voltage (USD Billion), 2023-2028
6. Global Solar PV Inverter Historical Market: Breakup by Application (USD Billion), 2018-2022
7. Global Solar PV Inverter Market Forecast: Breakup by Application (USD Billion), 2023-2028
8. Global Solar PV Inverter Historical Market: Breakup by Region (USD Billion), 2018-2022
9. Global Solar PV Inverter Market Forecast: Breakup by Region (USD Billion), 2023-2028
10. North America Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
11. North America Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Europe Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Europe Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Asia Pacific Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Asia Pacific Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Latin America Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Latin America Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Middle East and Africa Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Middle East and Africa Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Global Solar PV Inverter Market Structure

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