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Solar Inverter Market is to surpass USD 16.06 billion by 2030 owing to rapid progress in the field of renewable energy and solar energy is the most widely used renewable energy source

The Solar Inverter Market having soared to a value of USD 10.55 billion in 2022, continues its upward trajectory with an anticipated expansion at a commendable CAGR of 5.4% from 2023 to 2030. This steady growth, driven by increasing awareness and adoption of renewable energy solutions, promises a radiant future. By 2030, the market is forecasted to illuminate with a luminous value of USD 16.06 billion, casting a bright spotlight on the pivotal role of solar technology in shaping our sustainable energy landscape.

Based on SNS Insider’s research, a number of initiatives and campaigns have been launched by governments in different countries to support the use of inverters for industrial applications. For example, as part of the 14th Five Year Plan, the National Energy Agency of China set a target for renewable energy to represent more than 50% of the total installed capacity by 2025.

Solar Inverter Market
Solar Inverter Market

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Major Key Players Included are:

  • 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 Size-

The SNS Insider report indicates that the Solar Inverter Market was valued at USD 10.55 billion in 2022, and is expected to reach market size of USD 16.06 billion by 2030, with a compound annual growth rate (CAGR) of 5.4% expected over the forecast period from 2023 to 2030.

Market Report Scope –

Solar string PV inverters are also used in all areas and utilities because they’re efficient, have low failure rates while operating and maintaining large buildings. Compared to different types of solar PV Inverters, the Solar StringPV inverter also has a low cost. In principle, it is possible to install solar PV Inverters, as they have a good power supply. The demand for Solar PV Inverters is growing rapidly, owing to the development of infrastructure and an increasing number of construction projects.

Market Growth Factors–

The installation of solar inverters is easy and the market’s growth will be driven by rapid developments in wind energy over the forecast period. However, high heat loss in large solar inverters, higher costs and a lack of monitoring at the panel level are major obstacles to market growth over the next few years. On the other hand, major players in the solar inverter market are expected to benefit from increased government efforts and investments in the electrification of remote and rural areas.

Segmentation Analysis –

Central inverters, micro inverters, and string inverters are included in the segmentation of the solar inverter market based on the fusion type. In respect of the revenue generated on the Solar Inverter market, the Central Inverter segment accounted for a majority share in 2021, amounting to around 4853%. This is due to an increase in demand for central inverters from a number of important industry and utility applications worldwide.

The data on the solar inverter market has been divided into residential, commercial and utility applications. The Utilities segment held the majority share in 2022 contribution to around ~40-45% in respect to the solar inverter market revenue. The expansion of the utility sector is mainly due to increased demand for renewables, a decrease in solar costs and government support.

Sub Market segmentation

By Type

  • Central Inverter
  • Micro Inverter
  • String Inverter
  • Power Optimizers

By Application

  • Industrial
  • Residential
  • Commercial
  • Utilities

By System

  • On-grid
  • Off-grid

Key Regional Development –

Asia-Pacific Solar Inverter market is anticipated to account for the largest market revenue share of 40%-45% during the forecast period. In this region, the market for photovoltaics is rapidly developing with China being a major competitor as well as its largest provider. The increasing number of solar installations in developing countries has also been a major driver for the region’s industry growth.

The North American solar inverter market accounted for a substantial revenue share, with the United States accounting for its major growth driver. The United States is a major market for various types of solar converters. Moreover, the North American market for string inverters is expected to grow strongly over the forecast period and Central PV Inverters are also expected to retain their dominant position.

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Key Takeaway from Solar Inverter Market Study

The development of more efficient and reliable inverters, the improvement of grid integration capabilities, and the emergence of smart and connected inverters that improve system performance and monitoring are key trends in the market. Furthermore, market growth is driven by legislative incentives and government initiatives promoting clean energy solutions.

Recent Development Related to Solar Inverter Market

March 2022: to integrate smart PV and energy storage into the 1 GW utility Solar Power Plant in Africa, as well as a 500 MW Energy Storage System that Meienergy is developing there, Huawei Technologies entered into a partnership agreement with MSTTech Co. Ltd.

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Table of Contents – Major Key Points

  1. Introduction
  2. Research Methodology
  3. Market Dynamics
  4. Impact Analysis
    • COVID-19 Impact Analysis
    • Impact of Ukraine- Russia war
    • Impact of ongoing Recession
  5. Value Chain Analysis
  6. Porter’s 5 Forces Model
  7. PEST Analysis
  8. Global Solar Inverter Market Segmentation, by type
  9. Global Solar Inverter Market Segmentation, by application
  10. Global Solar Inverter Market Segmentation, By system
  11. Regional Analysis
  12. Company Profiles
  13. Competitive Landscape
  14. Conclusion

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