Overview and Scope
A solar PV (photovoltaic) inverter converts the fluctuating DC output from solar panels into a stable AC form, enabling its use in both commercial grid setups and independent, off-grid applications. It is a critical component in a solar energy system, allowing the electricity generated by solar panels to be used to power electrical devices and systems in homes and businesses. The inverter also optimizes the energy harvest from solar panels by matching the electrical characteristics of the grid or load.
Sizing and Forecast
The solar PV inverter market size has grown strongly in recent years. It will grow from $9.37 billion in 2023 to $10.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to rapid development in the renewable energy sector, easy installation of solar inverters, emerging government subsidies, the global push towards cleaner and more sustainable energy sources, declining costs of solar PV inverters.
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Segmentation & Regional Insights
The solar PV inverter market covered in this report is segmented –
1) By Type: Central Inverters, String Inverters, Micro Inverters
2) By Connection Type: On-Grid, Off-Grid
3) By Application: Residential, Commercial and Industrial, Utility-Scale
Asia-Pacific was the largest region in the solar PV inverter market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the 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
Rapid development in the renewable energy sector is expected to propel the growth of the solar PV inverter market going forward. Renewable energy refers to power derived from natural resources that replenish themselves over short periods, such as sunlight, wind, rain, tides, and geothermal heat. They are in demand as they offer a sustainable and environmentally friendly alternative to fossil fuels, reducing greenhouse gas emissions and dependency on finite resources. Solar PV inverters are useful for the utilization of renewable energy by converting the direct current (DC) electricity generated by photovoltaic panels into alternating current (AC) electricity, enabling its use in grid or home electrical systems. For instance, in December 2022, according to the International Energy Agency, a France-based intergovernmental agency, from 2021 to 2027, global electricity generation is projected to shift from coal (36.3% to 29.7%) and natural gas (23.4% to 21.3%) towards renewables, which are expected to increase significantly from 28% to 38.1%. Additionally, by 2027, solar PV is projected to exceed coal as the world’s largest power capacity, nearly tripling by adding around 1,500 GW, and surpassing natural gas in 2026. Therefore, the rise in renewable energy is driving the growth of the solar PV inverter market.
Key Industry Players
Major companies operating in the solar pv inverter market are Huawei Technologies Co. Ltd., Hitachi Limited, Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, Eaton Corporation , TBEA Sunoasis Co. Ltd., Emerson Electric Co., Omron Corporation, Sungrow Power Supply Co. Ltd., SolarEdge Technologies Inc., Enphase Energy Inc., SunPower Corporation, SMA Solar Technology AG, Fronius International GmbH, Kstar New Energy Co. Ltd., AEG Power Solutions B.V., KACO new energy GmbH, Fimer SpA, Sineng Electric Co. Ltd., Altenergy Power System Inc., Delta Energy Systems Inc.
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