The market for solar PV inverters is expected to increase steadily, with a projected value of USD 9.57 billion in 2023. With a Compound Annual Growth Rate (CAGR) of 8.9% for the projection period from 2024 to 2033, the market is estimated to grow gradually and reach a value of USD 26.95 billion by 2033. The worldwide population is currently changing towards the use of renewable energy sources, such as solar power, due to the multiple benefits involved with this transition. Because of its sustainability, solar energy has garnered enormous investment and ambitious objectives from governments throughout the world, resulting in significant development in the global solar PV inverter industry.
There are many different kinds of solar PV inverters, such as string inverters for home and commercial systems, microinverters linked to individual solar panels, central inverters for large-scale installations, and power optimizers that improve the performance of solar panel strings. The type of inverter selected is determined by the particular needs and solar power system architecture.
Get a Free Sample Copy of the Report – https://wemarketresearch.com/sample-request/solar-pv-inverter-market/1425
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Players
- Huawei Technologies Co., Ltd.
- SMA Solar Technology AG
- ABB Group
- SolarEdge Technologies Inc.
- Fronius International GmbH
- Enphase Energy Inc.
- Schneider Electric SE
- Delta Electronics, Inc.
- Sungrow Power Supply Co., Ltd.
- KACO New Energy GmbH
Growth Driver
The market for solar PV inverters is driven by the worldwide movement towards cleaner and more sustainable energy sources, with a particular emphasis on renewables. Continuous technical developments in solar photovoltaics improve the performance and efficiency of solar PV inverters, drawing capital and propelling market growth. As part of a sustainable energy strategy, there is a rising awareness of climate change and the need to cut carbon emissions, which has led to greater investments in solar power solutions, including PV inverters.
Market Restrains
Depending on the size and sophistication of the system, the price of a solar inverter, panels, installation, and other parts can easily exceed several thousand dollars. For individuals and even small organizations, this substantial upfront commitment might be intimidating, particularly in areas where costs are tight. The adoption of solar power is hindered in Kenya by the high initial cost of equipment, particularly inverters, despite the country’s significant potential for off-grid areas. While many families are aware of the long-term advantages of solar energy, many are unable to make the initial expenditure. In contrast to a standard grid connection, which often just requires monthly electricity payments, solar energy might appear unreasonably expensive at first. The long-term savings on electricity costs and the potential revenue from selling extra power to the grid are frequently overlooked in this short-term financial comparison.
Regional Analysis
Asia-Pacific has a staggering 45% of the worldwide market share for solar PV inverters, making it the clear winner. The Asian behemoth is the biggest generator of solar energy in the world, and its aggressive goals for renewable energy translate into a huge market for inverters. Government initiatives that encourage solar installations, such as feed-in tariffs and subsidies, drive the demand for inverters. Numerous top inverter producers, renowned for their affordable prices and effective manufacturing techniques, are based in this area. The use of solar energy is rising dramatically throughout North America, especially in the United States.
Solar installations are being encouraged by heightened federal and state attention to green energy legislation. Technological developments in inverters, such as AI-powered MPPT and smart grid connectivity, are increasing the efficiency and appeal of solar power systems. The market for solar PV inverters is being driven by the rising prices of electricity, which are forcing companies and homeowners to look into other energy sources. Solar power is emerging as a viable choice in this regard. Europe continues to be a major market for solar PV inverters. The ambitious REPowerEU strategy of the European Union intends to expedite the shift to clean energy, with a particular emphasis on solar power. A solid basis for the integration and expansion of inverters is provided by developed grids and well-established solar markets. At the forefront of inverter technology development, European firms are driving global expansion with innovative solutions.
Scope of the Report
The Solar PV Inverter Market has been analyzed and forecasted for the past, present, and future in this study. The market estimations presented in the study are derived from a thorough research approach. Multiple research channels, including primary, secondary, and subject-related expert advice, are included in the research approach that is used. Based on the impact of numerous economic, social, and political aspects on the Seasonal Affective Disorder Market, as well as the current market dynamics, the market estimations are determined. The market data is further defined by a variety of laws, government expenditures, and advances in research and development. The market estimations take into account changes to the market that are both favorable and negative.
Buy Now Solar PV Inverter Market Report – https://wemarketresearch.com/purchase/solar-pv-inverter-market/1425?license=single
About We Market Research
We Market Research is a well-established market analytics and research organization with a diverse range of industry experience. We have been working on multi-county market research since our start. Throughout our history, we have earned accolades for our thorough market research and analytical analysis of many industry segments.
Our strategic market analysis and ability to appreciate the profound cultural, philosophical, and sociological components of many complex markets have helped us establish a name for ourselves in the business. We Market Research is a market leader in assisting several regional and worldwide firms in effectively achieving their business objectives via our in-depth market analysis. Furthermore, we may develop market strategies that ensure our clients have a consistent consumer base.
Contact Us
Mr. Robbin Joseph
Corporate Sales, USA
We Market Research
USA: +1-724-618-3925
Websites: https://wemarketresearch.com/
Email: [email protected]
