Tokyo, April 25, 2022 (GLOBE NEWSWIRE) — Globally, technical improvements and innovation are driving growth and development opportunities for the solar (PV) inverter industry. Solar (PV) inverters are getting new and improved functionality. This aids end users in meeting the rising demand for electricity. The installation of a solar (PV) inverter in a hot prone location is deemed significant and beneficial. As a result, the global solar (PV) inverter market is expected to grow and develop over the forecast period.
String solar (PV) inverters are used in all sectors and utilities since they are efficient and have low failure rates when operating and maintaining massive structures. In comparison to other forms of solar (PV) inverters, string solar (PV) inverters are also affordable. In nature, the use of a solar (PV) inverter is viable due to the availability of sufficient power. The demand for solar (PV) inverters is rapidly increasing as a result of infrastructure development and a growing number of constructions and building projects.
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Another factor driving the worldwide solar (PV) inverter market is the rising number of house loans and renovation projects in both developed and developing countries. Furthermore, business owners are accepting and implementing solar (PV) inverters on a broad scale due to the low cost and tax benefits provided by solar (PV) inverter. All of these factors are contributing towards the growth of the global solar (PV) inverter market.
The major market players are adopting the key marketing strategies for the growth and expansion of the worldwide solar (PV) inverter market. These strategies include collaboration, merger, acquisition, and agreement. Some of the key market players have also started collaborating with government and agencies for increasing its revenue share in the global solar (PV) inverter market. The government has also started providing subsidies and incentives for setting up the production plants of solar (PV) inverters in underdeveloped or developing regions all over the globe.
Scope of the Solar Inverter Market
|Market size in 2021||USD 8.12 trillion|
|CAGR||8.5% from 2022 to 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||NorthAmerica|
|forecast data||2022 to 2030|
|Companies Covered||Omron Corporation, Siemens AG, ABB Ltd, Mitsubishi Electric Corporation, Hitachi Hi-Rel Power Electronics Pvt. Ltd, Schneider Electric SE, SMA Solar Technology AG, Delta Electronics Inc., SunPower, Power Electronics SL|
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- Based on the product type, the central inverter segment dominated the global solar (PV) inverter market in 2021 with largest market share. The central solar (PV) inverter is considered as effective and efficient in nature. This kind of solar (PV) inverter helps is sufficient for huge buildings and industrial centers.
- On the basis of connection typethe on-grid segment holds the largest market share the global solar (PV) inverter market in 2021. The on-grid solar (PV) inverter benefits the end users in several ways such as on-grid solar (PV) inverter does not require any kind of backup system.
- Based on the end user, the utilities segment led the market in 2021 with largest market share of 44%. The solar (PV) inverter is used in all types of areas and sectors which fall under the category of utility.
- NorthAmerica is the fastest growing region in the solar (PV) inverter market. The factors such as increasing importance of zero voltage inverters, stringent government regulations to curb the greenhouse gas emissions, and growing awareness regarding solar (PV) inverter gases is boosting the growth of the solar (PV) inverter market in North America region.
- Asia Pacific region is the largest segment for solar (PV) inverter market in 2021 with market share 43%. The solar (PV) inverter market in Asia-Pacific region is being driven by the rising investments in development projects, rapid urbanization and industrialization, and benefits provided by government such as tax incentives and rebates.
Future of Solar (PV) inverters Market
The global solar (PV) inverter market is expected to grow due to growing need for energy. The demand for renewable energy is rising due to favorable guidelines and policies provided by government of developed regions all over the world. The key market players are continuously striving for the growth and development of the global solar (PV) inverter market. As a result, the global solar (PV) inverter market is expected to expand in the near future.
COVID-19 Impact Analysis:
- The COVID-19 pandemic had adverse effects on the growth of the global solar (PV) inverter market.
- The supply chain disruption and shut down of manufacturing units resulted in negative impact on the global energy industry.
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Key Developments in the Marketplace:
- Tesla released its own solar inverter in January 2021. The Tesla solar photovoltaic (PV) inverter comes in 2 power outputs 7.6 KW and 3.8 KW with 2 and 4 maximum power point trackers respectively MPPTs.
- The centralized inverters and string inverters were launched by Sungrow Power Supply Co. Ltd in February 2021. The 210 ultra-high-power modules are fully compatible with the new investors.
By Product Type
- Central inverters
- String inverters
By End User
By nominal power output
- ≤ 0.5kW
- 0.5 – 3kW
- 3 – 33kW
- 33 – 110kW
By nominal output voltage
- ≤ 230V
- 230 – 400V
- 400 – 600V
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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