Global Solar PV Inverter Market Overview:
IMARC Group’s latest research report, titled “Solar PV Inverter Market Share: Global Industry Trends, Share, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios. The global solar PV inverter market reached a value of US$ 7.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.7 Billion by 2027, exhibiting a CAGR of 4.83% during 2022-2027.
A solar inverter converts the direct current (DC) of a photovoltaic (PV) solar panel into a utility frequency alternating current (AC). The PV cells present in the inverter convert the solar energy into electrical energy, which is then stored in batteries for future purposes. Consequently, it finds extensive applications across the commercial, industrial and residential sectors.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by technology, voltage and application.
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Solar PV Inverter Market
- Strategies of major players and product offerings
Global Solar PV Inverter Market Trends:
The global market is majorly driven by an enhanced focus on sustainable development. This, along with the increasing environmental concerns regarding greenhouse gas emissions, is significantly contributing to the market growth.
Furthermore, the widespread product adoption in the residential sector for electrification purposes is providing a boost to the market growth. Moreover, the increasing demand for uninterrupted power supply is also catalyzing the market growth.
Besides this, inflating fossil fuel prices across developed and developing economies and increasing government support to promote renewable energy sources are further providing an impetus to the market growth across the globe.
Top Companies in Global Solar PV Inverter Market:
- 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
COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Key Market Segmentation:
Market Breakup by Technology:
- Central Inverters
- String Inverters
Based on the technology, the market has been segmented into central, string, micro and other inverters. At present, string inverters dominate the market, holding the largest share.
Market Breakup by Application:
- Utility Scale
- Residential Scale
- Small Commercial Scale
- Large Commercial Scale
- Industrial Scale
The market has been analyzed on the basis of the application into utility, residential, small commercial, large commercial and industrial scale. Presently, the utility scale segment exhibits dominance in the market.
Market Breakup by voltage:
- < 1,000 V
- 1,000 – 1,499 V
- > 1,500 V
On the basis of the voltage, the market has been divided into < 1000 V, 1000 – 1499 V and > 1500 V. Currently, the > 1500 V solar PV inverter accounts for the majority of the total market share.
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
TOC for the Solar PV Inverter Market Research Report:
- Scope and Methodology
- Executive Summary
- Global Solar PV Inverter Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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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