IMARC Group’s latest research report, titled “Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on the solar PV inverter market statistics. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global solar PV inverter market size reached US$ 8.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.
Solar PV Inverter Market Overview:
A Solar Photovoltaic (PV) Inverter is a pivotal device in solar energy systems, transforming the variable direct current (DC) output of solar panels into a utility frequency alternating current (AC) that can be fed into the commercial electrical grid or used by a local, off-grid electrical network. These inverters come in various types, including central inverters, string inverters, and microinverters, each catering to different requirements and scales of solar installations. Central inverters are ideal for large-scale solar farms, string inverters are suitable for medium-sized installations, and microinverters offer optimized performance for small-scale residential solar systems. Key aspects of these inverters include their efficiency in energy conversion, reliability, and lifespan. The advantages of Solar PV Inverters encompass their ability to maximize electricity production, ensure operational safety, and enable smart energy management through technological integrations such as remote monitoring and control systems.
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Global Solar PV Inverter Market Trends:
The global solar PV inverter market is majorly driven by increasing global demand for renewable energy sources and technological advancements in solar energy systems. This can be supported by supportive government policies and incentives promoting the adoption of solar energy across various sectors. Along with this, the ongoing transition towards sustainable energy to mitigate climate change impacts is positively influencing the market. Additionally, the declining cost of solar PV systems, including inverters, due to advancements in manufacturing processes and economies of scale is making solar energy more accessible and affordable.
Therefore, this is significantly supporting the market. In addition, innovations in inverter technology, such as the development of smart inverters with capabilities such as energy storage, grid support, and advanced monitoring, are contributing to the market. Apart from this, the rise in residential solar installations and large-scale solar projects in emerging economies is propelling the market. In confluence with this, the increasing integration of IoT and AI technologies in solar PV inverters for enhanced performance analytics and predictive maintenance is favoring the market. Furthermore, technological evolution, coupled with growing environmental consciousness and the need for energy independence, is creating a positive market outlook. Some of the other factors driving the market include rapid urbanization, changing consumer preferences, and inflating disposable income levels of individuals.
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Competitive Landscape with Key Players:
- ABB Ltd, Schneider Electric SE
- Siemens AG
- Mitsubishi Electric Corporation
- Omron Corporation
- General Electric Company
- SMA Solar Technology AG
- Delta Energy Systems Inc.
- Enphase Energy Inc.
- SolarEdge Technologies Inc.
- Huawei Technologies Co. Ltd
- Kstar New Energy Co. Ltd
- Sineng Electric Co. Ltd
- Sungrow Power Supply Co Ltd
- Tabuchi Electric Co. Ltd
- TBEA Sunoasis Co. Ltd
- Toshiba Corporation
Key Market Segmentation:
Breakup by Technology:
- central inverter
- string inverter
- microinverter
- others
Breakup by Application:
- utility scale
- residential scale
- small commercial scale
- large commercial scale
- industrial scale
Breakup by voltage:
- < 1,000 V
- 1,000 – 1,499 V
- > 1,500 V
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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