Solar Inverter Market was valued at USD 10.55 billion in 2022 and is expected to expand at a CAGR of 5.4% from 2023 to 2030 and it will reach USD 16.06 billion in 2030
The solar inverter is a crucial part of the solar panels. They transform the global solar panels' DC power into AC power. The solar inverters are also used for voltage tracking, grid connection, and emergency shutdown. On-grid solar inverters improve household appliance efficiency and safety.
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These solar inverters are employed in a wide range of industrial and commercial projects, in addition to many residential and utility applications. In recent years, this has raised the demand for solar inverters.
DRIVERS Globally, there is rapid progress in the field of renewable energy and solar energy is the most widely used renewable energy source. Solar inverters are simple to set up. All of these factors will enhance the continued growth of the Solar Inverter Market during forecasting.
RESTRAINTS High input costs, high heat loss on large solar inverters, and lack of monitoring panels are key factors that can prevent Solar Inverter Industry from having steady growth.
OPPORTUNITIES Increased demand, adoption of new technologies, and business expansion by key players will open up more Solar Inverter Market Opportunities during the forecasted session. The increase in government programs for a variety of renewable energy sources will also contribute to the growth of the Solar Inverter Market in the coming years.
CHALLENGES The High Operating and Repairing costs of solar inverter are major challenges to the growth of the Solar Inverter Market in the coming years. A detailed Solar Inverter Market analysis revealed that high installation costs, large installation space, and general availability of sunlight are challenges that could hinder global market growth.
The global Solar Inverter market is categorized based on type, system, end users, and region.
Based on the type of product, the market is further divided into the categories of Central Inverter, String Inverter, and Micro Inverter. As predicted by the Solar Inverter Market, the central inverter component is expected to hold the highest revenue share. Central Inverters are in great demand from the industrial and resource sectors.
In addition, rapid industrial development and the development of renewable energy infrastructure in developing countries such as India, China, Japan, and others can contribute to the growth of the sector.
Based on end users, the market is divided into residential, commercial and industrial sectors, and services. A large portion of Solar Inverter Market Revenue is occupied by the resources sector. By 2030, the sector is expected to have continued growth due to the construction of solar parks, solar power plants, and other solar structures. In addition, the proliferation of various types of construction projects such as commercial buildings, home electrification projects, solar power plants, and water features will enhance the growth of the Solar Inverter Market.
Based on the system, the market for solar inverters is divided into on-grid and off-grid sectors. The grid system holds the largest market share of Solar Inverter. There is an increase in investment in the supply of direct electricity compared to battery storage areas. This will contribute to the growth of the on-grid sector.
The COVID-19 pandemic has slowed the expansion of the solar inverter industry since 2020. Solar inverter demand was lower as residential, commercial, and industrial construction projects were stalled for several months. These issues have a detrimental impact on the solar inverter market. The Solar Inverter Market is predicted to grow rapidly in the next years due to an increase in demand for solar inverters.
COMPETITIVE LANDSCAPE
By Type
Central Inverter
Micro Inverter
String Inverter
Power Optimizers
By Application
Industrial
Residential
Commercial
Utilities
By System
On-grid
Off-grid
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Based on the region, the global Solar Inverter Market is divided into Europe, North America, Asia-Pacific and worldwide. The Asia-Pacific region is expected to capture the largest share of the global Solar Inverter Market Share during the forecast period. Increased demand for solar energy, increased investment in housing and commercial projects, and investment in the field of solar energy will boost the growth of Solar Inverter Industry in the Asia-Pacific region. Governments in many Asia-Pacific countries are taking steps to encourage the use of alternative energy sources. Government-backed measures will help boost Solar Inverter Market Growth in the region.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The 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
Hitachi Hi-Rel Power Electronics Pvt. Ltd, Schneider Electric Co, Power-one Inc, SMA Solar Technology AG, KACO New Energy inc, Canadian Solar Inc, ABB Ltd, SunPower Corporation, Delta Electronics, SolarEdge Technologies Inc, Sineng Electric, Power Electronics, Solectria Renewables, Hitachi Hi-Rel Power Electronics Pvt. Ltd.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 10.55 Billion |
| Market Size by 2030 | US$ 16.06 Billion |
| CAGR | CAGR of 5.4% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Type (Central Inverter, Micro Inverter, String Inverter, Power Optimizers) • by Application ( Industrial, Residential, Commercial, Utilities) • by system (On-grid, Off-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 | Hitachi Hi-Rel Power Electronics Pvt. Ltd, Schneider Electric Co, Power-one Inc, SMA Solar Technology AG, KACO New Energy inc, Canadian Solar Inc, ABB Ltd, SunPower Corporation |
| Key Drivers | • Globally, there is rapid progress in the field of renewable energy |
| RESTRAINTS | • High input costs, high heat loss on large solar inverters |
Solar Inverter Market size was valued at 10.01 billion in 2021 at a CAGR of 5.4%.
High operating and repairing costs are the challenges for the solar inverter market.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. The SNS Graph
9. Global Solar Inverter Market Segmentation, by type
9.1 Introduction
9.2 Central Inverter
9.3 Micro Inverter
9.4 String Inverter
9.5 Power Optimizers
9.6 Other
10. Global Solar Inverter Market Segmentation, by application
10.1 Introduction
10.2 Industrial
10.3 Residential
10.4 Commercial
10.5 Utilities
10.6 Other
11. Global Solar Inverter Market Segmentation, By system
11.1Introduction
11.2On-grid
11.3Off-grid
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Hitachi Hi-Rel Power Electronics Pvt. Ltd
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Schneider Electric Co
13.3 Power-one Inc
13.4 SMA Solar Technology AG
13.5 KACO New Energy inc
13.6 Canadian Solar Inc,
13.7 ABB Ltd,
13.8 SunPower Corporation
13.9 Delta Electronics
13.10 SolarEdge Technologies Inc
13.11 Sineng Electric
13.12 Power Electronics
13.13 Solectria Renewables
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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