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

  • Report ID: ME_00126911
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  • Number of Pages: 250
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Market Snapshot

CAGR:7.41
2023
2032

Source: Market Expertz

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Study Period 2019-2032
Base Year 2023
Forcast Year 2023-2032
CAGR 7.41
Energy & Power-companies
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Report Overview

Solar PV Inverters Market Analysis By Application (Residential, Commercial & Industrial, Utilities), By Type (Central Inverters, String Inverters, Microinverters), and By Region Forecast to 2032:

The Solar PV 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 solar photovoltaic (PV) systems, advancements in inverter technology, and the transition towards renewable energy sources. Solar PV inverters are a critical component of solar energy systems, converting DC power generated by solar panels into AC power for use in residential, commercial, and utility-scale applications.

Solar PV Inverters Market Overview:

Drivers:

One of the primary drivers fueling the growth of the Solar PV Inverters Market is the rising adoption of solar PV systems for electricity generation. Solar energy is becoming increasingly popular due to its environmental benefits and cost-effectiveness. Solar PV inverters play a vital role in efficiently converting solar energy into electricity for various applications.

Furthermore, advancements in inverter technology, including the development of high-efficiency and smart inverters, are driving market growth. These innovations enhance the performance and reliability of solar PV systems, making them more attractive to consumers and businesses.

Trends:

An emerging trend in the Solar PV Inverters Market is the integration of smart features and communication capabilities in inverters. Smart inverters enable remote monitoring, control, and optimization of solar PV systems, enhancing their overall efficiency and allowing grid operators to manage distributed energy resources more effectively.

Additionally, the adoption of microinverters is on the rise, especially in residential applications. Microinverters offer advantages such as individual panel-level optimization, improved system performance, and simplified installation.

Restraints:

One of the key challenges hindering the growth of the Solar PV Inverters Market is the intermittency of solar power generation. Solar energy production is dependent on weather conditions and daylight hours, which can result in variable power output. Inverters need to adapt to these fluctuations to ensure a stable supply of electricity.

Moreover, the initial cost of solar PV systems and inverters can be a barrier to adoption for some consumers and businesses. Although the long-term cost savings from solar energy are significant, the upfront investment can be a restraint, especially in regions with limited incentives and subsidies.

Solar PV Inverters Market Segmentation By Application:

  • Residential: Solar PV systems for residential applications continue to gain popularity as homeowners seek to reduce energy costs and environmental impact.
  • Commercial & Industrial: Businesses and industrial facilities are installing solar PV systems to reduce electricity expenses and meet sustainability goals.
  • Utilities: Utility-scale solar PV projects contribute to the transition to renewable energy sources and provide electricity to the grid.

Solar PV Inverters Market Segmentation By Type:

  • Central Inverters: Central inverters are commonly used in utility-scale solar PV projects and large commercial installations, offering high efficiency and reliability.
  • String Inverters: String inverters are suitable for residential and commercial applications, offering flexibility and ease of installation.
  • Microinverters: Microinverters are ideal for residential use, providing individual panel-level optimization and improved system performance.

Regional Overview:


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  • North America is poised to be a key contributor to the global Solar PV Inverters Market, accounting for approximately 35% of the market's growth during the forecast period. The region's supportive policies, renewable energy incentives, and growing awareness of solar energy's benefits drive market demand.
  • Asia-Pacific is another significant market, with countries like China, India, and Japan investing heavily in solar PV installations for residential, commercial, and utility-scale projects.

Solar PV Inverters Market Customer Landscape:

The Solar PV Inverters Market report encompasses the customer adoption lifecycle, ranging from early adopters to mainstream users. It delves into adoption rates across different regions based on penetration and includes key purchase criteria and price sensitivity drivers to assist companies in formulating effective growth strategies.

Major Solar PV Inverters Market Companies:

Companies in the solar PV inverters market are dedicated to providing advanced solutions for solar energy conversion and management.

Example companies include:

  • ABB Group: ABB offers a range of solar inverters, including central inverters and string inverters, known for their reliability and efficiency.
  • SMA Solar Technology AG: SMA provides high-quality inverters and integrated solutions for residential, commercial, and utility-scale solar PV systems.
  • Enphase Energy: Enphase Energy specializes in microinverters and energy management systems, optimizing the performance of solar PV installations.

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

  • Huawei Technologies Co., Ltd.
  • Fronius International GmbH
  • SolarEdge Technologies Inc.
  • Sungrow Power Supply Co., Ltd.
  • Schneider Electric SE
  • Delta Electronics, Inc.
  • KACO new energy GmbH
  • Ginlong Technologies
  • Sineng Electric Co., Ltd.
  • Chint Group Corporation

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 focus, dominance, and strength.

Segment Overview:

The Solar PV 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):
    • Residential
    • Commercial & Industrial
    • Utilities
  • Type Outlook (USD Million, 2019 - 2032):
    • Central Inverters
    • String Inverters
    • Microinverters
  • Geography Outlook (USD Million, 2019 - 2032):
    • North America
      • United States
      • Canada
    • Europe
      • United Kingdom
      • Germany
      • Rest of Europe
    • Asia-Pacific
      • China
      • Japan
      • India
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa
      • South Africa
      • Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL Solar PV 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. Solar PV inverters MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Solar PV 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. Solar PV inverters Of Suppliers

    4.5.2. Solar PV inverters Of Buyers

    4.5.3. Threat Of Substitutes

    4.5.4. Threat Of New Entrants

    4.5.5. Competitive Rivalry

Chapter 5. Solar PV inverters MARKET BY Invertor type landscape

SIGHTS & TRENDS                                                               

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

5.2 Central Inverters

    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 String Inverters

    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 Micro Inverters

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

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

Chapter 6. Solar PV 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 Commercial and Industrial

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

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

6.4 Utility-scale

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

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

Chapter 7. Solar PV inverters MARKET REGIONAL OUTLOOK

7.1. Solar PV inverters Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

    7.2.1. North America Solar PV inverters Market Estimates And Forecast, 2016 – 2027 (USD Million)

    7.2.2. North America Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.3. North America Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.4. North America Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

    7.2.5.1. U.S. Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.5.2. U.S. Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.5.3. U.S. Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.5.4. U.S. Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

    7.2.6.1. Canada Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.2.6.2. Canada Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.2.6.3. Canada Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.2.6.4. Canada Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

    7.3.1. Europe Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.2. Europe Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.3. Europe Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.4. Europe Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

    7.3.5.1. Germany Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.5.2. Germany Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.5.3. Germany Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.5.4. Germany Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

    7.3.6.1. France Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.6.2. France Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.6.3. France Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.6.4. France Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

    7.3.7.1. U.K. Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.3.7.2. U.K. Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.3.7.3. U.K. Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.3.7.4. U.K. Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

    7.4.1. Asia Pacific Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.2. Asia Pacific Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.3. Asia Pacific Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.4. Asia Pacific Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

 7.4.5. CHINA

     7.4.5.1. China Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.5.2. China Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.5.3. China Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.5.4. China Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

     7.4.6.1. India Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.6.2. India Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.6.3. India Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

     7.4.6.4. India Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

     7.4.7.1. Japan Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

     7.4.7.2. Japan Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.4.7.3. Japan Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.7.4. Japan Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

    7.4.8.1. Australia Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.4.8.2. Australia Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

     7.4.8.3. Australia Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.4.8.4. Australia Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

    7.5.1. Mea Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.5.2. Mea Solar PV inverters Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.5.3. Mea Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.5.4. Mea Solar PV inverters Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

     7.6.1. Latin America Solar PV inverters Market Estimates And Forecast, 2016 – 2027, (USD Million)

    7.6.2. Latin America SOLAR PV INVERTERS Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

    7.6.3. Latin America Solar PV inverters Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

    7.6.4. Latin America Solar PV inverters Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

    7.6.5. Latin America Solar PV 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 ABB Ltd

    9.1.1. Company Overview

    9.1.2. Financial Performance

    9.1.3. Product Insights

    9.1.4. Strategic Initiatives

9.2 Schneider Electric SE

    9.2.1. Company Overview

    9.2.2. Financial Performance

    9.2.3. Product Insights

    9.2.4. Strategic Initiatives

9.3 Siemens AG

    9.3.1. Company Overview

    9.3.2. Financial Performance

    9.3.3. Product Insights

    9.3.4. Strategic Initiatives

9.4 Mitsubishi Electric Corporation

    9.4.1. Company Overview

    9.4.2. Financial Performance

    9.4.3. Product Insights

    9.4.4. Strategic Initiatives

9.5 Omron Corporation

    9.5.1. Company Overview

    9.5.2. Financial Performance

    9.5.3. Product Insights

    9.5.4. Strategic Initiatives

9.6 Company 6

    9.6.1. Company Overview

    9.6.2. Financial Performance

    9.6.3. Product Insights

    9.6.4. Strategic Initiatives

9.7 Company 7

   9.7.1. Company Overview

    9.7.2. Financial Performance

    9.7.3. Product Insights

    9.7.4. Strategic Initiatives

9.8 Company 8

    9.8.1. Company Overview

    9.8.2. Financial Performance

    9.8.3. Product Insights

    9.8.4. Strategic Initiatives

9.9 Company 9

    9.9.1. Company Overview

    9.9.2. Financial Performance

    9.9.3. Product Insights

    9.9.4. Strategic Initiatives

9.10 Company 10

    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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