Overview and Scope
A residential solar PV inverter is a device that converts direct current (DC) electricity generated by solar panels into alternating current (AC) electricity for use in homes, facilitating the integration of solar power into residential energy systems. Solar inverters play a crucial role in solar power systems by maximizing the available energy, communicating with the national grid, and providing feedback about power production.
Sizing and Forecast
The residential solar PV inverter market size has grown strongly in recent years. It will grow from $4.59 billion in 2023 to $5.0 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to electricity price trends, global economic conditions, consumer education initiatives, and market liberalization and competition.
The residential solar PV inverter market size is expected to see strong growth in the next few years. It will grow to $6.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising energy independence concerns, energy storage integration, consumer awareness and education, and smart home integration. Major trends in the forecast period include technological advancements, smart inverter technology, hybrid solar inverter systems, and increased system integration.
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Segmentation & Regional Insights
The residential solar PV inverter market covered in this report is segmented –
1) By Type: Central Inverter, String Inverter, Micro Inverter
2) By Connection: On-Grid, Off-Grid
3) By Application: Single Phase, Three Phase
4) By End-User: Residential, Commercial, Utilities
Asia-Pacific was the largest region in the residential solar PV inverter market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the residential solar pv inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for renewable energy is expected to propel the growth of the residential solar PV inverter market going forward. Renewable energy refers to sustainable and environmentally friendly sources of power, such as solar, wind, hydro, and geothermal, that are naturally replenished. Solar PV inverters are essential for renewable energy systems, converting DC electricity into AC electricity, maximizing energy production, ensuring system safety, and providing system monitoring and management capabilities. For instance, in January 2024, according to the International Energy Agency, a France-based government agency, renewable electricity capacity additions reached an estimated 507 GW in 2023, almost 50% higher than in 2022, with solar PV and wind accounting for a record 96% of it. Therefore, the rising demand for renewable energy is driving the growth of the residential solar PV inverter market.
Key Industry Players
Major companies operating in the residential solar pv inverter market are Huawei Technologies Co. Ltd., Siemens Aktiengesellschaft (AG), General Electric Company, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation, Emerson Electric Co., Delta Electronics Inc., Sungrow Power Supply Co. Ltd., Canadian Solar Inc., GoodWe Technologies Co. Ltd., Omron Corporation, Yaskawa Solectria Solar, Solar Edge Technologies Inc., Enphase Energy Inc., SunPower Corporation, Ginlong Technologies Co. Ltd., SMA Solar Technology AG, Darfon Electronics Corp., Power Electronics S.L, Fronius International GmbH, Hitachi Hi-Rel Power Electronics Private Limited, Altenergy Power System Inc., Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Sineng Electric Co. Ltd., Fimer Group S.p.A, Refu Elektronik GmbH
The residential solar pv inverter market report table of contents includes:
1. Executive Summary
2. Residential Solar PV Inverter Market Characteristics
3. Residential Solar PV Inverter Market Trends And Strategies
4. Residential Solar PV Inverter Market – Macro Economic Scenario
5. Global Residential Solar PV Inverter Market Size and Growth
………………………..
32. Global Residential Solar PV Inverter Market Competitive Benchmarking
33. Global Residential Solar PV Inverter Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Residential Solar PV Inverter Market
35. Residential Solar PV Inverter Market Future Outlook and Potential Analysis
36. Appendix
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