Report Id: SNS/SEMI/1336 | May 2022 | Region: Global | 125 Pages
Report Scope & Overview:
PV Inverters Market size was valued at USD 9.88 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. It will be valued at 15.99 billion by 2030.
Demand for electricity continues to grow year by year, further enhancing the demand for various renewable resources such as solar power and machinery. Since the fall in gas prices in 2014, different energy sources, especially wind and solar, have been placed on the back burner and this trend has changed in many industries.
By Product-In terms of revenue, the central inverter had a larger revenue share of more than 49.0% by 2021. These converters are very reliable with timely repairs and are stored in a secure place for installation. Inverters combined with large arrays installed in stadium installations, industrial facilities, and buildings, take DC power across all PV panels and convert it into AC power into a single power distribution point.
Part of the string inverter took its second-largest market share in 2021. The string inverter is widely used in the commercial and residential sectors. Low initial cost and easy installation are among the key factors responsible for partial growth. These inverters are robust, allow for high design flexibility, deliver high efficiency, offer three-phase variability, are well supported (with reliable products), and have the ability to monitor remote systems.
Part of the micro PV inverters is expected to witness a significant growth rate during the forecast period. Micro PV inverters are module-level electronics and have become popular in the commercial and industrial sectors. These inverters have the advantage of high reliability, increased efficiency and performance with Maximum Power Point Tracker (MPPT), easy installation, no space constraints, and cost savings.
By Applications-In position of revenue generated, the utility segment led the PV inverter market by 2021, accounting for a budget of about 44.0%. The most widely used PV Inverter in the service sector is the central & string inverter. Increased demand for renewable energy, lowering the cost of solar energy and equipment, and government subsidies are the main reasons for the growth of the resource sector. The presence of key players, providing consumers with industry-leading service rating solutions to achieve high efficiency and reducing system balance costs through their pre-assembled power stations drives partial growth.
Based on end-use, the market is divided into commercial, residential and industrial, and services. The residential sector has seen growth due to the growing demand for renewable solar energy among consumers for electrical purposes. Governments in various countries have taken practical steps through policies and financing to promote the grip of power-gripped power generation with renewable resources such as residential power. Commercial buildings include supermarkets, shops, offices, hospitals, and schools that install solar panels for use in captivity. These sectors require continuous power supply in order to operate without interruption.
IMPACT OF COVID-19:
The outbreak of COVID-19 has severely hampered the growth of the PV inverter market. The virus has affected large countries, thus curbing the growth of businesses. However, it is expected that the industry will renew its capacity to measure these impacts in the coming years.
The market is very competitive and compact due to the presence of a large number of market players. A key practice in the operation of these solar companies involves direct integration that protects market power and reduces competition. Acquisition of technology, skilled workers, and strong R&D are among the key factors that control the competitiveness of the PV inverters industry. In March 2020, the Fimer team acquired the ABB solar switching business, making the company the 4th largest manufacturer of solar inverter worldwide. This acquisition strategy will help the company grow its global presence.
Companies include Delta Electronics Inc, Eaton, Emerson Electric Co, Omron Corporation, Hitachi Hi-Rel Power Electronics Pvt Ltd, Power Electronics, Siemens AG, SMA Solar Technolgy AG and SunPower Corporation., Siemens Energy, Fimer Group, SMA Solar, Technology AG, Delta Electronics, Inc, SunPower Corporation, Eaton.
Central PV inverter
String PV inverter
Micro PV inverter
Other PV inverters
Commercial & Industrial
The Asia Pacific is expected to have a higher revenue share of more than 43.0% over the forecast period. China plays a major role in the rapid growth of the region's solar market and is a major global competitor. The growing number of solar installations in developing countries has also contributed significantly to regional market growth.
North America captured the largest share of revenue in 2021, and the US played a major role in market growth. The U.S. is a leading market for different types of PV inverter. Some of the latest inverter systems in the world include 60 kW plus power for three phase unit inverters and 1.5 MW and medium capacity inverters. Although North America has seen strong growth of cable inverters, central PV inverters are expected to maintain the largest market share in the forecast period.
Europe is expected to see an important CAGR in the forecast period due to the existence of favorable government policies and the provision of subsidies such as residential taxes (FITs) that encourage consumers to invest in renewable energy. Germany holds a leading position in the production of solar inverters in line with the hi-tech nature of inverters. So German solar companies make more competitive profit than other players.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 9.88 Billion|
|Market Size by 2030||US$ 15.99 Billion|
|CAGR||CAGR of 6.2% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by type(Central, String, Micro, Others)
• by Product (Central PV inverter, String PV inverter, Micro PV inverter, Others)
• by Application (Residential, Commercial & industrial, Utilities)
• by Connectivity (Standalone, On-grid)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Delta Electronics Inc, Eaton, Emerson Electric Co, Omron Corporation, Hitachi Hi-Rel Power Electronics Pvt Ltd, Power Electronics, Siemens AG, SMA Solar Technolgy AG|
Frequently Asked Questions (FAQ) :
PV Inverters market size was valued at 9.31 billion in 2021 at a CAGR of 6.2%.
North America has the PV Inverters greatest market share in terms of revenue and region market.
The residential sector of the PV inverter market is the fastest-growing market.
Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGOs, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
18.104.22.168 United Kingdom
22.214.171.124 South Korea
126.96.36.199 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. The SNS Graph
9. Global PV Inverters Market Segmentation, by type
10. Global PV Inverters Market Segmentation, by Product
10.2Central PV inverter
10.3 String PV inverter
10.4 Micro PV inverter
10.5 Other PV inverters
11. Global PV Inverters Market Segmentation, By Application
11.3 Commercial & industrial
12. Global PV Inverters Market Segmentation, By connectivity
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14. Company Profiles
14.1 Delta Electronics Inc.
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.3 Emerson Electric Co
14.4 Hitachi Hi-Rel Power Electronics Pvt Ltd
14.5 Omron Corporation
14.6 Power Electronics
14.7 Siemens AG
14.8 SMA Solar Technolgy AG and SunPower Corporation.
14.9 Siemens Energy
14.10 Fimer Group
14.11 SMA Solar Technology AG
14.12 Delta Electronics, Inc
14.13 SunPower Corporation
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share analysis
15.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.