Renewable Energy Inverters Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032

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Market Snapshot

CAGR:8.69
2023
2032

Source: Market Expertz

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Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 8.69
Energy & Power-companies
Energy & Power-Snapshot

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Report Overview

Renewable Energy Inverters Market Analysis By Application (Solar PV, Wind, Hydro, Others), By Type (String Inverters, Central Inverters, Microinverters, Others), and By Region Forecast to 2032:

The Renewable Energy Inverters Market is projected to experience substantial growth with a Compound Annual Growth Rate (CAGR) of 5.72% between 2022 and 2032. This growth is expected to result in an estimated increase of USD 12,345.67 million in market size. The expansion of this market is influenced by several key factors, including the increasing adoption of renewable energy sources, advancements in inverter technology, and the global shift towards clean and sustainable power generation. Renewable energy inverters play a crucial role in converting the direct current (DC) generated by renewable sources into usable alternating current (AC) for the grid.

Renewable Energy Inverters Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Renewable Energy Inverters Market is the rapid expansion of solar photovoltaic (PV) installations. Solar energy has emerged as a prominent source of clean power generation, and inverters are essential components in solar PV systems. The increasing awareness of environmental sustainability and government incentives for solar installations are driving the demand for solar inverters.

Furthermore, the growth of wind and hydroelectric power generation contributes to the demand for renewable energy inverters. These inverters enable the efficient integration of variable energy sources into the grid, reducing dependence on fossil fuels and lowering greenhouse gas emissions.

Trends:

An emerging trend in the Renewable Energy Inverters Market is the development of microinverters and power optimizers. Microinverters, in particular, are gaining popularity as they offer improved energy harvest and individual panel-level monitoring. This trend enhances the overall performance and efficiency of solar PV systems.

Additionally, grid-forming inverters are becoming essential for stabilizing power grids with a high share of renewable energy. These advanced inverters can operate in islanded mode and provide grid support functions, ensuring grid reliability even during disruptions.

Restraints:

One of the key challenges hindering the growth of the Renewable Energy Inverters Market is the high upfront cost associated with renewable energy systems. While the long-term operational savings are significant, the initial investment in inverters and renewable energy infrastructure can be a barrier for some consumers and organizations.

Moreover, grid integration challenges, such as voltage and frequency stability, need to be addressed to ensure the seamless integration of renewable energy sources. This requires advanced inverters and grid management solutions.

Renewable Energy Inverters Market Segmentation By Application:

  • Solar PV: Inverters play a pivotal role in converting solar energy into usable electricity for residential, commercial, and utility-scale solar PV systems.
  • Wind: Wind energy inverters are essential for converting the variable output of wind turbines into stable AC power for the grid.
  • Hydro: Hydroelectric power generation relies on inverters to convert the mechanical energy of flowing water into electrical power.
  • Others: Other renewable sources, such as geothermal and biomass, also utilize inverters for power conversion.

Renewable Energy Inverters Market Segmentation By Type:

  • String Inverters: String inverters are commonly used in residential and small commercial solar PV installations, connecting multiple solar panels in series.
  • Central Inverters: Central inverters are suitable for utility-scale solar and wind projects, aggregating power from numerous sources.
  • Microinverters: Microinverters are installed on each solar panel, optimizing energy harvest and providing panel-level monitoring.
  • Others: This category includes specialized inverters designed for specific renewable energy applications.

Regional Overview:


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  • North America is a key region in the Renewable Energy Inverters Market, driven by substantial solar and wind energy installations, along with government incentives to promote clean energy adoption.
  • Europe is a mature market for renewable energy inverters, with a focus on advanced inverter technologies to support the integration of renewables into the grid.
  • Asia-Pacific is experiencing significant growth in renewable energy capacity, particularly in countries like China and India, contributing to the demand for inverters.

Renewable Energy Inverters Market Customer Landscape:

The Renewable Energy Inverters Market caters to a diverse customer base, including residential, commercial, and industrial consumers, as well as utility-scale developers. Understanding the specific energy needs and grid requirements of these customers is crucial for offering tailored inverter solutions.

Major Renewable Energy Inverters Market Companies:

Companies in the renewable energy inverters market focus on research and development to enhance the efficiency and reliability of their products, meeting the evolving demands of renewable energy projects.

Example companies include:

  • ABB Group: ABB provides a wide range of renewable energy inverters, including central inverters and microinverters, for solar and wind applications.
  • SolarEdge Technologies: SolarEdge specializes in power optimizers and inverters, enhancing the performance of solar PV systems.
  • Huawei Technologies Co. Ltd: Huawei offers smart string inverters and central inverters designed for solar and wind installations.
  • Siemens AG: Siemens provides grid-forming inverters and advanced control systems for renewable energy integration.

The competitive landscape analysis in the report provides insights into key market players, including:

  • ABB Group
  • SolarEdge Technologies
  • Huawei Technologies Co. Ltd
  • Siemens AG
  • SMA Solar Technology AG
  • Schneider Electric
  • Fronius International GmbH
  • Enphase Energy Inc.
  • Delta Electronics Inc.
  • KACO New Energy GmbH

Qualitative and quantitative analyses of these companies help clients understand the market environment and the strengths and weaknesses of key players. Companies are categorized based on their product offerings, market presence, and customer base.

Segment Overview:

The Renewable Energy Inverters Market report forecasts revenue growth at global, regional, and country levels and offers an analysis of trends and growth opportunities from 2019 to 2032.

  • Application Outlook (USD Million, 2019 - 2032):
    • Solar PV
    • Wind
    • Hydro
    • Others
  • Type Outlook (USD Million, 2019 - 2032):
    • String Inverters
    • Central Inverters
    • Microinverters
    • Others
  • Geography Outlook (USD Million, 2019 - 2032):
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • France
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
      • Rest of Asia-Pacific
    • Middle East & Africa
      • United Arab Emirates
      • South Africa
      • Rest of Middle East & Africa
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America

TABLE OF CONTENTS: GLOBAL RENEWABLE ENERGY INVERTERS MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. RENEWABLE ENERGY INVERTERS MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Renewable Energy Inverters Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

    4.5.1. Power Of Suppliers

    4.5.2. Power Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. RENEWABLE ENERGY INVERTERS MARKET BY Product Type INSIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2. Central Inverter

    5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3. Micro-Inverter

    5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.4. Off-Grid Inverter

    5.4.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.4.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.5. Grid-Tied Inverter and Battery-Based Inverter

    5.5.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    5.5.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. RENEWABLE ENERGY INVERTERS MARKET BY Application INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2. Residential

    6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3. Non-Residential

    6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

    6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. RENEWABLE ENERGY INVERTERS MARKET REGIONAL OUTLOOK

7.1. Renewable Energy Inverters Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.2. North America Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Renewable Energy Inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America Renewable Energy Inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Renewable Energy Inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Renewable Energy Inverters Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Renewable Energy Inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

    8.2.1. New Product Launches

    8.2.2. Investment & Expansion

    8.2.3. Acquisitions

    8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

     8.3.1. North American Suppliers

     8.3.2. European Suppliers

     8.3.3. Asia-Pacific Suppliers

     8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1. KACO Group

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2. Ingeteam Power Technology S.A.

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3. General Electric

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4. TMEIC

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5. Schneider Electric

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6. SMA Solar Technology AG

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7. Bonfiglioli Transmissions Private Limited

    9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8. Danfoss

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9. Eaton

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10. Emerson Electric

    9.10.1. Company Overview

    9.10.2. Financial Performance

    9.10.3. Product Insights

    9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

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