Farmington, Jan. 26, 2023 (GLOBE NEWSWIRE) — The Solar Inverter Market size was valued at USD 7.7 Billion in 2022 and is expected to reach USD 17.9 Billion by 2030, at a CAGR of 8.8% from 2022 to 2030. The Solar Inverter is an important part of the solar system. It changes the direct current coming out of the solar panel into an alternating current. In addition to converting, solar inverters track voltage, allow communication with the grid, and can turn off in an emergency. Unlike off-grid inverters, grid-connected solar inverters make pure sine wave AC power. Using more grid-connected solar inverters can help make sure that home appliances are safe and work well. Solar inverters are most often used in homes and utilities, but they are being used more and more in commercial and industrial projects around the world.
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Solar Inverter Market Recent Developments:
- Deye Inverter Technology Co. Ltd, a leading producer of solar inverters and hybrid inverters will introduce its innovative hybrid inverter in Europe in December 2020. A three-phase hybrid inverter with an output of 8/10/12KW. High compatibility with diesel generators, smart loads, and grid peak shaving are just a few of its important features.
- Solarvest Holdings BHD announced in February 2021 that it had declared MOUs to procure inverters with Huawei Technologies SDN BHD and Sungrow Power Supply Co. Ltd.
Solar Inverter Market Segmentation Analysis:
With a 49.5% share of the market in 2021, the central inverter segment was the market leader. The central photovoltaic (PV) inverter can be used in many industries. This kind of inverter is used in factories and large buildings. Solar panels are put on the roofs of buildings, which allows for a steady flow of electricity. In 2021, the segment of the market for solar (PV) inverters with the fastest growth will be the segment for string inverters. String inverters are easy to install and don’t cost much. They can be used in both commercial and residential areas. This kind of solar (PV) inverter works well and is efficient.
In 2021, 44% of the market was made up of the utility segment. The growth of the segment is being driven by things like a rise in government initiatives and a rise in the demand for renewable energy. Also, the solar (PV) inverter is a cost-effective way for many utilities to get power. Over the next few years, the residential segment will grow the most quickly. A lot of home gadgets and appliances are used by people who live in neighborhoods. This means that people need more electricity to power these things. Because of this, there is a big need for electricity in residential areas. Because of this, it is likely that the segment will grow.
During the period of the forecast, the Asia-Pacific region is expected to bring in the most money, more than 44% of it. The fast growth of the solar market in the region is mostly due to China, which is also a major competitor around the world. The growth of the market in this region has been helped a lot by the fact that more solar panels are being installed in developing countries. North America brought in a lot of money in 2021, and the U.S. was the biggest contributor to the growth of the market. Different kinds of PV inverters are mostly sold in the United States. Recent inverter trends in the country include the popularity of three-phase string inverters with capacities above 60 kW and central inverters with capacities above 1.5 MW. Even though string inverters are growing quickly in North America, central photovoltaic inverters are expected to have the biggest market share over the next few years.
Over the forecast period, Europe is expected to have a high CAGR. This is because there are good government policies and subsidies, like residential feed-in tariffs (FITs), that encourage customers to invest in renewable energy. Germany is the leader in making solar inverters because they are made with high-tech parts. German solar companies have an advantage over other companies because of this.
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Scope of Report:
|Growth Rate||8.8% from 2023 to 2030|
|Market Size in 2022||USD 7.7 Billion|
|Revenue Forecast by 2030||USD 17.9 Billion|
|By Type||Central Solar Inverter, String Solar Inverter, Micro Solar Inverter|
|By Applications||Residential, Commercial, Utility|
|By Companies||SMA Solar Technology AG (Germany), Siemens AG (Germany), GoodWe (Germany), Omron Corporation (Japan), TMEIC (Japan), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), HUAWEI (China), Sungrow (China), Growatt (China), Ginlong Technologies Co (China), Sineng Electric Co. (China), Solax Power (China), Zhejiang Benyi Electrical Co., Ltd. (China), SunPower Corporation (US), Power Electronics (US), Solectria Renewables LLC (US), Hitachi Hi-Rel Power Electronics Pvt. Ltd. (Inida), LENTO INDUSTRIES PRIVATE LIMITED (India), SolarEdge (Israel), LG Electronics (South Korea), Fronius (Austria), Delta Solar Solutions (Taiwan), Fimer (Italy), and others|
|Historical Year||2017 to 2021|
|Forecast Year||2023 to 2030|
Solar Inverter Market Growth Factor:
The solar inverter helps to get electricity to places like businesses, homes, and factories. The solar inverter can be used with or without the power grid. There are three kinds of solar inverters: central, string, and micro. Due to the fast growth of the renewable energy sector, the market for solar inverters is growing around the world. The growth and development of the global solar inverter market over the next few years will be driven by the growing demand and need for green and clean energy. Carbon emissions and greenhouse gas emissions are having a negative effect on the environment, so governments in developed and developing regions are taking steps to reduce their effects.
The string solar inverter is used in all areas and utilities because it works well and has a low rate of failure when running and maintaining large buildings. Compared to other types of solar inverters, the string solar inverter is also inexpensive. A solar inverter is possible to use because it has a good backup power source. Solar inverters are in high demand because infrastructure is getting better and there are more construction and building projects. The rising number of home loans and home improvement projects in both developed and developing regions is another thing that is helping the global solar inverter market grow. Solar inverters are also popular with business owners because they are inexpensive and can save them money on their taxes. Because of all of these things, the global market for solar inverters is growing.
Solar Inverter Market Key Segments Covered:
Top Market Players:
SMA Solar Technology AG (Germany), Siemens AG (Germany), GoodWe (Germany), Omron Corporation (Japan), TMEIC (Japan), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), HUAWEI (China), Sungrow (China), Growatt (China), Ginlong Technologies Co (China), Sineng Electric Co. (China), Solax Power (China), Zhejiang Benyi Electrical Co., Ltd. (China), SunPower Corporation (US), Power Electronics (US), Solectria Renewables LLC (US), Hitachi Hi-Rel Power Electronics Pvt. Ltd. (Inida), LENTO INDUSTRIES PRIVATE LIMITED (India), SolarEdge (Israel), LG Electronics (South Korea), Fronius (Austria), Delta Solar Solutions (Taiwan), Fimer (Italy), and others.
On the Basis of Type:
- Central Solar Inverter
- String Solar Inverter
- Micro Solar Inverter
On the Basis of Application:
Regions and Countries Covered
- North America: (US, Canada, Mexico, and Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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