Solar Inverter Market Overview:
Solar Inverter Market is projected to be worth USD 18.97 Billion by 2030, registering a CAGR of 5.78% during the forecast period (2022 - 2030). The market was valued at USD 9.7 Billion in 2020.
From the time covid 19 outbreaks happened in the year 2020, the market of the solar inverter industry had to pause. The solar inverters demand was quite less as the commercial, residential and industrial buildings along with construction projects got halted after a lot of many months. Such factors affected the market for the solar inverter in a negative manner. Because of the increase in the solar inverters demand, the market growth of the solar inverter has been happening at a faster pace in the coming years. However but the rate at which now the progress is happening there are high chances that the market soon shall have a better pace in the coming years.
The solar inverter is one of the crucial solar panel components. It manages to convert the DC power of the solar panels into AC power. Also, the solar inverter can further be used to trace down the voltage, connection of the grid and emergency shutdown. The on-grid solar inverter offers better efficiency and good safety for home appliances.
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CAGR
5.78% CAGR (2022-2030)
Base Year
2021
Forecast Period
2022-2030
Historical Data
2019 & 2020
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type, System Type and Application
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Other than getting used in different utility and residential applications, such solar inverter is also getting used in a wide range of commercial and industrial projects. This further has increased the market demand for solar inverters in recent times. Across the world, there seems to be a huge development in the renewable energy sector and also solar energy which is well used renewable energy.
The solar inverters can be installed easily. All such factors would drive the steady solar inverter market growth during the forecast timeline. Also, the increased demand, new technologies adoption and expansion of the business are some of the key players which shall open up different solar inverter market scopes within the forecast timeline. The rise in the initiatives set by the government for different renewable energy sources will further help the solar inverter market growth in the coming years.
Market Segmentation:
There is a significant market categorization that has been done as per the type, system, geography and end users
As per the System
- Off-grid
- On-grid
As per the Type
- Micro-Inverter
- Central Inverter
- String Inverter
As per the End-Users
- Commercial & Industrial
- Residential
- Utilities
As per the Region
- North America
- Rest of the World
- Europe
- Asia Pacific
Regional Classification:
As per the regional classification that has been done, the market is categorized into Europe, North America, Asia-Pacific, and the Rest of the world. Presently, Asia pacific region is showing good growth while holding a notable share of the market in the solar energy sector. Followed by it North America and Europe are also showing a good improvement in this field and soon shall reach the share of the market.
Industry News:
Fronius International GmbH in March 2021 launched Primo GEN24 Plus which is a single-phase hybrid inverter with features like flexibility, ease to use, and maximum yield.
Competitive Analysis
SolarEdge Technologies Inc. (Israel), Solectria Renewables, LLC (US), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), SunPower Corporation (US), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), Sineng Electric Co., Ltd. (China), Power Electronics (Spain), Delta Electronics, Inc. (Taiwan), and SMA Solar Technology AG (Germany) are key players in the global solar inverter market.
