The solar pv inverter global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Solar PV Inverter Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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.
The solar PV inverter market size is expected to see strong growth in the next few years. It will grow to $13.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing investments and ambitious solar energy targets, increasingly usage in the commercial & industrial projects, increasing energy demand across the globe, the growing demand for solar power, increase in demand for reliable and continuous power supply. Major trends in the forecast period include increased adoption of microinverters and string inverters, growing demand for high-power inverters, development of smart inverters, development of new inverter technologies, product innovation and adaptation of the latest technologies in solar PV inverters.
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Scope Of Solar PV Inverter Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Solar PV Inverter Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the solar PV inverter market are developing new products, such as Solsmart, to boost their profitability in the market. This on-grid PV inverter boasts an impressive 98.4% efficiency, and advanced safety features like an integrated DC switch, and is designed for both rooftop and traditional solar panels. For instance, in June 2022, V-Guard Industries Ltd., an India-based consumer electronics company, launched Solsmart. It offers a comprehensive 10-year warranty, with innovative features such as real-time solar analytics, maintenance reminders, and a battery gravity builder, all controllable via an app. Designed for durability, it includes protection against short circuits, overloading, and surges and is available in both single- and three-phase models.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Solar PV Inverter Market Report Structure
3. Solar PV Inverter Market Trends And Strategies
4. Solar PV Inverter Market – Macro Economic Scenario
5. Solar PV Inverter Market Size And Growth
…..
27. Solar PV Inverter Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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