"Increasing Adoption of Renewable Source of Energy Ensure Rapid Growth for Solar Inverter Market"

Globally, the solar inverter market is expected to grow with a CAGR of 5.5% during the forecast period from 2021 to 2029, starting from US$6.9 Bn in 2020.

The solar inverter or Photovoltaic (PV) inverter are used to convert the direct current (DC) produced from the solar panels into alternative current (AC) which can be used for commercial, residential and industrial purposes.  The rising demand for energy and power is an essential factor for the growth of the solar inverter globally, as the prices for non-renewable source of energy. Moreover, increasing the pollution due to burning of fuels, and concerns related to greenhouse emission is a major factor for driving the solar inverter market.

One of the major benefit of the solar inverter is that the energy produced through it is pollution free and environmental friendly. Additionally, the technological advancement and investments made by the companies and organization are also fueling the growth of the market. During 2019, A total of 99.1GWof grid-connected solar was installed. In several countries, the government is also supporting the production of electricity from solar energy by providing subsidy and other benefits to the individuals. 

"By Technology, the Central Inverters Dominates the Solar Inverter Market"

Based on technology, the solar inverter has been segmented as central inverter, string inverter, micro inverter, others. The central inverters hold the largest market share. In central inverters, the solar panel of the whole systems is connected in series, through which the DC power is converted in AC with the help of solar converters. The central inverters have main application in large scale industries. The investment for the central inverter low per watt on comparing it with string and microcomputer. Further, the rising demand of energy from various industries is also boosting the growth of the market.

"Asia Pacific to Register the Fastest Growth"

Solar inverter market is led by Asia-Pacific region due to presence of various countries such as China, India, Japan and others and investments made by the players in the region. The rising regulations and rising demand for the power in the region boosts the growth in the market. The Asia-Pacific holds more than 50% of the market share in solar inverter. During 2019, the China had installed more than half of the world’s solar capacity compared worldwide. The low cost of the power generated is an another factor for the growth of the market in the region.

Some of the prominent players operating in the solar inverter market include Huawei Technologies Co. Ltd, TBEA Sunoasis Co. Ltd, ABB Ltd., Schneider Electric SE, Sungrow Power Supply Co Ltd, Omron Corporation, Siemens AG, General Electric Company, Enphase Energy Inc., SMA Solar Technology AG, SolarEdge Technologies Inc., Sineng Electric Co. Ltd, Kstar New Energy Co. Ltd, Mitsubishi Electric Corporation, Tabuchi Electric Co. Ltd, TMEIC Corporation, and Delta Energy Systems Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Solar Inverter market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Solar Inverter market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Solar Inverter market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Solar Inverter market?
• Which is the largest regional market for Solar Inverter market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Solar Inverter market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Solar Inverter market worldwide?