PV Inverter Market Size to Reach USD 29.3 Billion by 2032
The PV Inverter market, valued at USD 13.2 Billion in 2023, is projected to surpass USD 29.3 Billion by 2032, indicating a robust CAGR of 9.5%
PV inverters, also known as photovoltaic inverters, are critical components of solar power systems that convert the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity that is consumed by household appliances and fed into the electrical grid. Because most gadgets and appliances use alternating current electricity, these inverters ensure that the energy generated by solar panels is used efficiently.
They also include technology such as Maximum Power Point Tracking (MPPT), which optimizes energy extraction from solar panels and improves system performance. PV inverters exist in a variety of configurations, including string inverters, microinverters, and central inverters, each designed for a specific type of installation. The key reasons for their utilization include improving the stability of solar systems, assuring grid connectivity, and maximizing energy production.
PV Inverter Market Statistics
- The global PV inverter market, valued at USD 13.2 billion in 2023, is expected to grow at a robust CAGR of over 9.5% from 2024 to 2032
- Asia-Pacific leads the market with significant revenue of USD 5.7 billion in 2023
- North America is set for impressive growth, with a projected CAGR of 10.3%
- In terms of product type, string inverters dominate, capturing 47% of the market share in 2023
- A discernible trend in the PV inverter market is increasing adoption of hybrid inverters for energy storage integration
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PV Inverter Market Dynamics
Government Incentives and Supportive Policies for Solar Energy Adoption Fuels the PV Inverter Market Value
Government subsidies and supporting policies play an important role in encouraging the growth of the PV inverter market by lowering the initial costs of solar energy adoption. Tax credits, rebates, and subsidies help make solar power systems more affordable for both residential and business customers. Furthermore, several governments have established ambitious renewable energy objectives to promote investment in solar infrastructure and technology, such as PV inverters. Additionally, SunPower (NASDAQ: SPWR), a leading residential solar technology and energy services provider, made progress toward its diversity, equity, and inclusion (DE&I) goals in September 2022, giving historically marginalized families, job seekers, and businesses greater access to the many benefits of solar and energy storage. As a result, demand for PV inverters increases, contributing to the growth of the worldwide solar energy industry.
Expanding Rooftop Solar Installations in Residential and Commercial Sectors Offer Significant PV Inverter Market Opportunity
The growing popularity of rooftop solar installations in both residential and commercial settings creates a considerable opportunity for the PV inverter market. As individuals and companies attempt to minimize their energy expenses and carbon footprints, the need for efficient and dependable PV inverters grows. Rooftop solar systems frequently require inverters that can improve energy conversion while also ensuring a seamless grid connection, which drives inverter innovation and sales. Furthermore, government incentives and laws that encourage solar installations help to fuel the expansion of this industry. The scalability and versatility of rooftop solar systems also provide a consistent market for PV inverters, with more expansion projected as more countries embrace solar energy.
PV Inverter Market Segmentation
The global market for PV inverter has been segmented into product, phase, connectivity, nominal output power, nominal output voltage, application, and region.
- Product is classified into string, micro, central, and others
- Phase are divided single phase, and three phase
- Connectivity segment is sub segmented into standalone, and on grid
- Nominal output power categorized into ≤ 0.8 kW, 0.8 - 3 kW, >3 - 33 kW, >33 - 110 kW, and > 110 kW
- Nominal output voltage sub segmented into ≤ 230 V, 230 - 400 V, >400 - 600 V, and > 600 V
- Application is divided into residential, commercial & industrial, and utility
- The PV inverter market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa
PV Inverter Market Regional Outlook
In terms of PV inverter market analysis, Asia-Pacific dominates the PV inverter market due to large-scale solar installations, led by nations such as China and India, which are early adopters of solar energy. The region benefits from favorable government regulations, subsidies, and a high solar energy potential, making it the greatest market for home and commercial solar installations. Furthermore, rapidly increasing industrial and commercial sectors in countries such as Japan and Australia help to drive market expansion. In the Asia-Pacific area, important factors include rising demand for renewable energy and a trend toward sustainable power generation.
North America's PV inverter market is rising rapidly, owing to the growing usage of solar energy in the United States and Canada. Government incentives, tax credits, and a strong push for sustainable energy solutions in both residential and utility-scale projects are driving this expansion. The growing knowledge of the benefits of solar power, combined with developments in inverter technology, drives higher demand for PV inverters.
PV Inverter Market Players
PV Inverter companies profiled in the report include Fimer Group, Omron Corporation, Emerson Electric Co., SMA Solar Technology AG, Delta Electronics, Inc, Siemens Energy, Hitachi Hi-Rel Power Electronics Private Limited, Power Electronics S.L., Eaton, and SunPower Corporation.
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