The market for solar inverter is expected to grow at a CAGR of around 15.6% from 2020 to 2027 and expected to reach the market value of around US$ 27.6 Bn by 2027.
Solar Inverter or photovoltaic (PV) inverter is a type of electrical inverter used to convert the variable direct current (DC) output of a photovoltaic (PV) solar panel into alternating 240V current (AC). It’s the most important element of the solar electric power system. Additionally, the lifetime of a solar inverter is about ten years and most of them are needed to be replaced after 11 years of service. The life expectancy is also depended on the environment and its usage. For instance, low-quality inverters have failed in the Australian climate. Moreover, long-lasting solar power systems require a high-quality inverter with a robust convection cooling system.
Market Dynamics
The increasing prevalence of alternative energy sources and a growing number of technological innovations in the solar power industry is supporting the growth of the solar inverters market across sectors including commercial, residential, and industrial. Favorable government support, rising concern towards environmental pollution is further bolstering the demand in the market. Increasing consumption of solar power worldwide along with the growing investments in the renewable energy sector is additionally boosting the demand and usage in the global market. Furthermore, the introductions of module-level power electronics in solar inverters, which supports reduced requirements of maintenance, lower installation costs, and high solar power production, are projected to create potential opportunities over the forecast timeframe from 2020 to 2027.
On the other side, high maintenance, installation, and operation cost associated with the solar inverters are anticipated to limit the growth to an extent over the forecast period from 2020 to 2027.
Segment Instance of Global Solar Inverter Market
Asia Pacific is estimated to experience fastest growth in near future
The major economies of the region including Japan, Australia, China, and India are exhibiting major growth in the solar system market. The increasing environmental concern is supporting the regional market value. Favorable government support and increasing investment in the solar energy market is further bolstering market growth. For instance, the National Bank for Agriculture and Rural Development (NABARD) is providing a 40% subsidy to those who are purchasing solar inverters. Furthermore, the developing infrastructure of the region is primarily supporting the fastest growth with a major CAGR (%) in the regional market. The Asia Pacific region is also projected to lead the market with maximum revenue share (%) in a possible future. The initiatives like India’s National Solar Mission are anticipated to create demand for solar inverter in near future. The expansion of Chinese manufacturers into the overseas market in recent years with cost-effective solutions is further projected to create potential growth over the forecast timeframe from 2020 to 2027.
Europe is projected to experience major demand for the replacement of existing systems as the region has the presence of solar inverters for more than 10 years. The life expectancy of the system is likely to expire and will create a positive demand owing to the need for replacement. Additionally, the region is experiencing a reduction in the price of equipment in most areas. On the basis of the mentioned information, the region is projected to experience slower growth over the forecast timeframe.
Key Market Players
The players profiled in the report include ABB Ltd., Canadian Solar Inc, Delta Energy Systems, Emerson Electric Co., Hitachi Hi-Rel Electronics Pvt. Ltd., Huawei, Sungrow Power Supply, KACO New Energy GmbH, Power-One, Inc., Schneider Electric, Sineng Electric Co., Ltd, SMA Solar Application AG, SolarEdge Technologies Inc., Solectria Renewables, LLC, SunPower Corporation, and others.
Market Segmentation
Market By Type
Central Solar Inverter
String Solar Inverter
Micro Solar Inverter
Market By System Type
On-Grid
Off-Grid
Market By Application
Residential
Commercial
Industrial
Utility
Market By Geography
North America
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
CHAPTER 1. Industry Overview of Solar Inverter
1.1. Definition and Scope
1.1.1. Definition of Solar Inverter
1.1.2. Market Segmentation
1.1.3. Years Considered for the Study
1.1.4. Assumptions and Acronyms Used
1.1.4.1. Market Assumptions and Market Forecast
1.1.4.2. Acronyms Used in Global Solar Inverter Market
1.2. Summary
1.2.1. Executive Summary
1.2.2. Solar Inverter Market By Type
1.2.3. Solar Inverter Market By System Type
1.2.4. Solar Inverter Market By Application
1.2.5. Solar Inverter Market by Regions
CHAPTER 2. Research Approach
2.1. Methodology
2.1.1. Research Programs
2.1.2. Market Size Estimation
2.1.3. Market Breakdown and Data Triangulation
2.2. Data Source
2.2.1. Secondary Sources
2.2.2. Primary Sources
CHAPTER 3. Market Dynamics And Competition Analysis
3.1. Market Drivers
3.1.1. Driver 1
3.1.2. Driver 2
3.2. Restraints and Challenges
3.2.1. Restrain 1
3.2.2. Restrain 2
3.3. Growth Opportunities
3.3.1. Opportunity 1
3.3.2. Opportunity 2
3.4. Porter’s Five Forces Analysis
3.4.1. Bargaining Power of Suppliers
3.4.2. Bargaining Power of Buyers
3.4.3. Threat of Substitute
3.4.4. Threat of New Entrants
3.4.5. Degree of Competition
3.5. Market Concentration Ratio and Market Maturity Analysis of Solar Inverter Market
3.5.1. Go To Market Strategy
3.5.1.1. Introduction
3.5.1.2. Growth
3.5.1.3. Maturity
3.5.1.4. Saturation
3.5.1.5. Possible Development
3.6. Technological Roadmap for Solar Inverter Market
3.7. Value Chain Analysis
3.7.1. List of Key Manufacturers
3.7.2. List of Customers
3.7.3. Level of Integration
3.8. Cost Structure Analysis
3.8.1. Price Trend of Key Raw Materials
3.8.2. Raw Material Suppliers
3.8.3. Proportion of Manufacturing Cost Structure
3.8.3.1. Raw Material
3.8.3.2. Labor Cost
3.8.3.3. Manufacturing Expense
3.9. Regulatory Compliance
3.10. Competitive Landscape, 2019
3.10.1. Player Positioning Analysis
3.10.2. Key Strategies Adopted By Leading Players
CHAPTER 4. Manufacturing Plant Analysis
4.1. Manufacturing Plant Location and Establish Date of Major Manufacturers in 2019
4.2. R&D Status and Application Source of Solar Inverter Major Manufacturers in 2019
CHAPTER 5. Solar Inverter Market By Type
5.1. Introduction
5.2. Solar Inverter Revenue By Type
5.2.1. Solar Inverter Revenue (US$ Mn) and Forecast, By Type, 2016-2027
5.2.2. Central Solar Inverter
5.2.2.1. Central Solar Inverter Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.3. String Solar Inverter
5.2.3.1. String Solar Inverter Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
5.2.4. Micro Solar Inverter
5.2.4.1. Micro Solar Inverter Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 6. Solar Inverter Market Revenue By System Type
6.1. Introduction
6.2. Solar Inverter Revenue (US$ Mn) By System Type
6.2.1. Solar Inverter Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
6.2.2. On-Grid
6.2.2.1. On-Grid Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
6.2.3. Off-Grid
6.2.3.1. Off-Grid Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 7. Solar Inverter Market By Application
7.1. Introduction
7.2. Solar Inverter Revenue (US$ Mn) By Application
7.2.1. Solar Inverter Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
7.2.2. Residential
7.2.2.1. Residential Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.2.3. Commercial
7.2.3.1. Commercial
7.2.4. Industrial
7.2.4.1. Industrial Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
7.2.5. Utility
7.2.5.1. Utility Market Revenue (US$ Mn) and Growth Rate (%), 2016-2027
CHAPTER 8. North America Solar Inverter Market By Country
8.1. North America Solar Inverter Overview
8.2. U.S.
8.2.1. U.S. Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
8.2.2. U.S. Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016-2027
8.2.3. U.S. Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.3. Canada
8.3.1. Canada Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
8.3.2. Canada Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016-2027
8.3.3. Canada Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
8.4. North America PEST Analysis
CHAPTER 9. Europe Solar Inverter Market By Country
9.1. Europe Solar Inverter Market Overview
9.2. U.K.
9.2.1. U.K. Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.2.2. U.K. Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016-2027
9.2.3. U.K. Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.3. Germany
9.3.1. Germany Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.3.2. Germany Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016-2027
9.3.3. Germany Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.4. France
9.4.1. France Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.4.2. France Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016-2027
9.4.3. France Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.5. Spain
9.5.1. Spain Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.5.2. Spain Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016-2027
9.5.3. Spain Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.6. Rest of Europe
9.6.1. Rest of Europe Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016-2027
9.6.2. Rest of Europe Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016-2027
9.6.3. Rest of Europe Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016-2027
9.7. Europe PEST Analysis
CHAPTER 10. Asia Pacific Solar Inverter Market By Country
10.1. Asia Pacific Solar Inverter Market Overview
10.2. China
10.2.1. China Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.2.2. China Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
10.2.3. China Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.3. Japan
10.3.1. Japan Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.3.2. Japan Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
10.3.3. Japan Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.4. India
10.4.1. India Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.4.2. India Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
10.4.3. India Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.5. Australia
10.5.1. Australia Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.5.2. Australia Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
10.5.3. Australia Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.6. South Korea
10.6.1. South Korea Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.6.2. South Korea Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
10.6.3. South Korea Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.7. Rest of Asia-Pacific
10.7.1. Rest of Asia-Pacific Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
10.7.2. Rest of Asia-Pacific Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
10.7.3. Rest of Asia-Pacific Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
10.8. Asia Pacific PEST Analysis
CHAPTER 11. Latin America Solar Inverter Market By Country
11.1. Latin America Solar Inverter Market Overview
11.2. Brazil
11.2.1. Brazil Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
11.2.2. Brazil Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
11.2.3. Brazil Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.3. Mexico
11.3.1. Mexico Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
11.3.2. Mexico Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
11.3.3. Mexico Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
11.4. Rest of Latin America
11.4.1. Rest of Latin America Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
11.4.2. Rest of Latin America Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
CHAPTER 12. Middle East & Africa Solar Inverter Market By Country
12.1. Middle East & Africa Solar Inverter Market Overview
12.2. Saudi Arabia
12.2.1. Saudi Arabia Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
12.2.2. Saudi Arabia Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
12.2.3. Saudi Arabia Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
12.3. UAE
12.3.1. UAE Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
12.3.2. UAE Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
12.3.3. UAE Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
12.4. Rest of Middle East & Africa
12.4.1. Rest of Middle East & Africa Solar Inverter Market Revenue (US$ Mn) and Forecast By Type, 2016 - 2027
12.4.2. Rest of Middle East & Africa Solar Inverter Market Revenue (US$ Mn) and Forecast By System Type, 2016 - 2027
12.4.3. Rest of Middle East & Africa Solar Inverter Market Revenue (US$ Mn) and Forecast By Application, 2016 - 2027
CHAPTER 13. Player Analysis Of Solar Inverter
13.1. Solar Inverter Market Company Share Analysis
13.2. Competition Matrix
13.2.1. Competitive Benchmarking of key players by price, presence, market share, and R&D investment
13.2.2. New Product Launches and Product Enhancements
13.2.3. Mergers And Acquisition In Global Solar Inverter Market
13.2.4. Partnership, Joint Ventures and Strategic Alliances/ Sales Agreements
CHAPTER 14. COMPANY PROFILE
14.1. ABB Ltd.
14.1.1. Company Snapshot
14.1.2. Business Overview
14.1.3. Financial Overview
14.1.3.1. Revenue (US$ Mn), 2019
14.1.3.2. ABB Ltd. 2019 Solar Inverter Business Regional Distribution
14.1.4. Product/ Service and Specification
14.1.5. Recent Developments & Business Strategy
14.1.6. Manufacturing Plant Footprint Analysis
14.2. Canadian Solar Inc
14.3. Delta Energy Systems
14.4. Emerson Electric Co.
14.5. Hitachi Hi-Rel Electronics Private Limited
14.6. Huawei
14.7. Sungrow Power Supply
14.8. KACO New Energy Inc.
14.9. Power-One, Inc.
14.10. Schneider Electric
14.11. Sineng Electric Co., Ltd
14.12. SMA Solar Application AG
14.13. SolarEdge Technologies Inc.
14.14. Solectria Renewables, LLC
14.15. SunPower Corporation
14.16. Others
