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Solar Inverter Market

Solar Inverter Market Size, Share & Segment by Type (Central Inverter, Micro Inverter, String Inverter, Power Optimizers), by Application ( Industrial, Residential, Commercial, Utilities), by system (On-grid, Off-grid), by Regions | Global Market Forecast 2021-2028

Report Id: SNS/SEMI/1343 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Solar Inverter Market was valued at USD 10.01 billion in 2021 and is expected to expand at a CAGR of 5.4% from 2021 to 2028 and it will reach USD 14.46 billion in 2028.

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.

Solar Inverter Market Revenue Graph

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.

MARKET DYNAMICS

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.

ESTIMATION OF GLOBAL SOLAR INVERTERS:

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 2028, 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.

IMPACT OF COVID-19

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

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.

MARKET SEGMENTATION:

BY TYPE

  • Central Inverter

  • Micro Inverter

  • String Inverter

  • Power Optimizers

BY APPLICATION

  • Industrial

  • Residential

  • Commercial

  • Utilities

BY SYSTEM

  • On-grid

  • Off-grid

Solar Inverter Market Segment Pie Chart

REGIONAL ANALYSIS

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

 

Solar Inverter Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 10.01 Billion
Market Size by 2028 US$ 14.46 Billion
CAGR CAGR of 5.4% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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


Frequently Asked Questions (FAQ) :

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

 

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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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.

Secondary Research

Step 2: Primary Research

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