New York, United States, Jan. 22, 2024 (GLOBE NEWSWIRE) — The Global Solar PV Inverter Market Size is to Grow from USD 7.7 Billion in 2022 to USD 16.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.1% during the projected period. Solar PV inverters are an integral component of any solar system. These inverters, which convert direct power to alternating current, thus determine the overall effectiveness of the solar system. The many types of solar PV inverters available take into account numerous aspects influencing the output of solar systems.
The renewable energy industry has been fiercely competitive with other sources of electricity. These energy resources are expected to grow by an order of magnitude over the next 30 years, according to the International Renewable Energy Agency (IRENA). The falling prices of solar components, which will allow more solar and wind power to be built, and the economic factors related to solar power during forecast period are the two major reasons for this statement.Based on the product, the global solar PV inverter market is segmented into string PV inverters and central PV inverters. Among these, the string PV Inverter segment is dominating the market with the largest revenue share over the forecast period. These inverters are highly reliable, require little maintenance, and can be installed in a secure location. The inverters are integrated with large arrays installed on field installations, industrial facilities, and buildings, converting DC power from all PV panels to AC power and serving as a centralized distribution point. Two of the primary factors driving segment growth are lower initial costs and ease of installation. These inverters are long-lasting, have a high degree of design flexibility, are efficient, have three-phase design variations, and are well-supported (by reputable brands). Remote system monitoring is also supported by these inverters.Based on phase, the global solar PV inverter market is segmented into single-phase and three-phase. Among these, the three-phase segment is witnessing significant CAGR growth over the forecast period. The growing importance of the power generation, distribution, and transmission sectors can be attributed to this expansion. Furthermore, the transition from 1,000-volt to 1,500-volt solar arrays resulted in larger PV power plants in large commercial, industrial, and utility installations, propelling the three-phase solar (PV) inverter market during the forecast period.Based on the end-use, the global Solar PV Inverter market is classified into commercial & industrial, utilities. Among these, the utilities segment is expected to hold the largest share of the Solar PV Inverter market during the forecast period. The most common PV inverter in the utility sector is the central and string inverter. The main drivers of the utility sector’s growth are rising renewable energy demand, falling solar power and equipment costs, and emerging government subsidies. The presence of key players driving the segment’s growth is the presence of key players who offer consumers industry-leading utility-scale solutions that provide higher efficiency and lower balance-of-system costs with their pre-integrated power stations.This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global solar PV inverter market based on the below-mentioned segments:
(GlobeNewsWire)