Solar Photovoltaic Inverter Market
Solar Photovoltaic Inverter Market Forecasts to 2030 - Global Analysis By Product (Central Inverters, String Inverters, Micro Inverters, Power Optimizers and Other Products), Connectivity (Standalone Inverters and Grid-Tied Inverters), Phase, Power Rating, Sales Channel, End User and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $14.28 BN |
|
Projected Year Value (2030) |
US $18.94 BN |
|
CAGR (2024 - 2030) |
6.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Solar Photovoltaic Inverter Market is accounted for $14.28 billion in 2024 and is expected to reach $18.94 billion by 2030 growing at a CAGR of 6.8% during the forecast period. A solar photovoltaic inverter is an essential component in a photovoltaic (PV) system that converts the direct current (DC) generated by solar panels into alternating current (AC), which can be used by standard electrical grids and appliances. Inverters also perform functions such as maximizing energy output through maximum power point tracking (MPPT) and ensuring safe system operation. Solar PV inverters enable efficient energy utilization from solar power for residential, commercial, and industrial applications.
According to the Energy Information Administration (EIA), in 2021, solar and wind combined generated 12% of China’s electricity.
Market Dynamics:
Driver:
Growing global focus on renewable energy
Governments and organizations worldwide are setting ambitious carbon reduction goals, transitioning to cleaner energy sources. Solar energy, being abundant and sustainable, is a key part of this transition. Policies such as tax credits, subsidies, and renewable energy mandates encourage solar adoption, creating a surge in PV installations. Solar PV inverters, essential for converting solar power into usable electricity, become increasingly in demand, propelling market growth as more consumers and industries turn to solar energy solutions.
Restraint:
Grid compatibility issues
Grid compatibility issues in solar photovoltaic (PV) inverters arise because solar energy is intermittent and fluctuates due to changes in sunlight. Inverters must synchronize the variable DC power from solar panels with the stable AC grid supply, which can be challenging during voltage surges or grid disturbances. Poor grid integration can lead to inefficiencies, power losses, or system shutdowns, requiring advanced technologies for stability. These compatibility issues hamper market growth by increasing costs for grid upgrades.
Opportunity:
Rising demand for decentralized power systems
Decentralized systems, such as residential rooftop solar or microgrids, rely on inverters to convert DC power from solar panels into usable AC power for homes and businesses. This shift encourages the use of grid-tied and off-grid solar systems, which require efficient inverters to convert DC power into usable AC power. Additionally, decentralized systems often leverage smart inverters that enhance grid stability, integrate energy storage, and allow for real-time monitoring and management. As a result, the growing preference for localized energy solutions drives up demand for innovative solar inverters, supporting the overall expansion of the market.
Threat:
Availability of alternative energy sources
The availability of alternative energy sources, such as wind, hydropower, and geothermal energy provides consumers with more diverse and potentially cost-effective options for renewable energy. These alternatives offer advantages such as higher efficiency, lower operational costs, or less reliance on weather conditions. As governments and businesses increasingly invest in a variety of renewable technologies, the competition can divert investments and interest away from solar PV systems, thereby limiting the market potential for solar PV inverters.
Covid-19 Impact
The covid-19 pandemic significantly impacted the solar photovoltaic inverter market, causing disruptions in supply chains, project delays, and reduced demand due to economic uncertainty. Lockdowns hindered manufacturing and installation processes, leading to slower growth in renewable energy adoption. However, the shift towards sustainable energy solutions and government incentives for clean energy post-pandemic helped the market recover, fostering innovation and investment in advanced inverter technologies, ultimately driving a rebound in the sector as economies reopened.
The grid-tied inverters segment is expected to be the largest during the forecast period
The grid-tied inverters segment is projected to account for the largest market share during the projection period. Grid-tied inverters are crucial components in solar energy systems, connecting photovoltaic panels to the electrical grid. These inverters synchronize with grid power, ensuring efficient energy flow and enabling net metering, where excess energy can be sold back to the grid. Their advantages include high efficiency, reliability, and reduced system costs, making them popular for residential and commercial solar installations worldwide.
The residential segment is expected to have the highest CAGR during the forecast period
The residential segment is anticipated to witness the highest CAGR during the forecast period. Solar photovoltaic inverters play a vital role in residential solar energy systems, converting the DC electricity generated by solar panels into AC electricity for home use. These inverters optimize energy production, enhance system efficiency, and allow for grid connection, enabling homeowners to feed excess energy back into the grid. With growing interest in renewable energy, PV inverters are increasingly popular in residential installations, promoting energy independence and sustainability.
Region with largest share:
Asia Pacific is expected to have the largest market share during the forecast period driven by increasing investments in renewable energy, government initiatives, and rising electricity demand. Countries like China, India, and Japan are leading the market, supported by favourable policies and a focus on energy security. Furthermore, the integration of smart grid solutions and energy storage systems is fostering innovation, positioning the Asia-Pacific as a key player in the global PV inverter landscape.
Region with highest CAGR:
North America is projected to witness the highest CAGR over the forecast period, owing to increasing adoption of solar energy and favourable government incentives. The United States and Canada are at the forefront, with states like California leading in solar installations. Additionally, growing environmental awareness and corporate sustainability initiatives are boosting demand. As solar energy becomes more cost-competitive, the North American PV inverter market is poised for robust growth, attracting investments and fostering innovation in renewable energy solutions.
Key players in the market
Some of the key players profiled in the Solar Photovoltaic Inverter Market include ABB Limited, Toshiba Corporation, Schneider Electric SE, Siemens AG, Enphase Energy Inc., Fronius International GmbH, GE Vernova Inc., Allgemeine Elektricitäts-Gesellschaft, Delta Electronics Inc., Huawei Technologies Corporation, Ginlong Technologies, Growatt New Energy, SMA Solar Technology AG, SolarEdge Technologies Inc., KACO New Energy GmbH and Sungrow Power Supply Corporation.
Key Developments:
In September 2024, GE Vernova Inc. launched its new 6 MVA, 2000-volt direct current utility-scale inverter, with a multi-megawatt pilot installation in North America. This initiative is aimed at further reducing solar energy costs and accelerating the transition to renewable energy and decarbonization.
In July 2024, Germany's AEG has launched new three-phase hybrid inverters for applications in high-voltage rooftop PV systems. There are five versions of the new products, with power outputs ranging from 6 kW to 15 kW, and the maximum output current ranging from 8.7 A to 21.7 A. The new product also features natural convection cooling and IP66-rated protection.
Products Covered:
• Central Inverters
• String Inverters
• Micro Inverters
• Power Optimizers
• Other Products
Connectivities Covered:
• Standalone Inverters
• Grid-Tied Inverters
Phases Covered:
• Single Phase
• Three Phase
Power Ratings Covered:
• < 10 kW
• 10 kW to 100 kW
• 100 kW to 500 kW
• 500 kW
Sales Channels Covered:
• Direct Sales
• Wholesalers
• Online Channels
• Other Sales Channels
End Users Covered:
• Residential
• Commercial
• Industrial
• Utility-Scale
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Solar Photovoltaic Inverter Market, By Product
5.1 Introduction
5.2 Central Inverters
5.3 String Inverters
5.4 Micro Inverters
5.5 Power Optimizers
5.6 Other Products
6 Global Solar Photovoltaic Inverter Market, By Connectivity
6.1 Introduction
6.2 Standalone Inverters
6.3 Grid-Tied Inverters
7 Global Solar Photovoltaic Inverter Market, By Phase
7.1 Introduction
7.2 Single Phase
7.3 Three Phase
8 Global Solar Photovoltaic Inverter Market, By Power Rating
8.1 Introduction
8.2 < 10 kW
8.3 10 kW to 100 kW
8.4 100 kW to 500 kW
8.5 > 500 kW
9 Global Solar Photovoltaic Inverter Market, By Sales Channel
9.1 Introduction
9.2 Direct Sales
9.3 Wholesalers
9.4 Online Channels
9.5 Other Sales Channels
10 Global Solar Photovoltaic Inverter Market, By End User
10.1 Introduction
10.2 Residential
10.3 Commercial
10.4 Industrial
10.5 Utility-Scale
10.6 Other End Users
11 Global Solar Photovoltaic Inverter Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 ABB Limited
13.2 Toshiba Corporation
13.3 Schneider Electric SE
13.4 Siemens AG
13.5 Enphase Energy Inc.
13.6 Fronius International GmbH
13.7 GE Vernova Inc.
13.8 Allgemeine Elektricitäts-Gesellschaft
13.9 Delta Electronics Inc.
13.10 Huawei Technologies Corporation
13.11 Ginlong Technologies
13.12 Growatt New Energy
13.13 SMA Solar Technology AG
13.14 SolarEdge Technologies Inc.
13.15 KACO New Energy GmbH
13.16 Sungrow Power Supply Corporation
List of Tables
1 Global Solar Photovoltaic Inverter Market Outlook, By Region (2022-2030) ($MN)
2 Global Solar Photovoltaic Inverter Market Outlook, By Product (2022-2030) ($MN)
3 Global Solar Photovoltaic Inverter Market Outlook, By Central Inverters (2022-2030) ($MN)
4 Global Solar Photovoltaic Inverter Market Outlook, By String Inverters (2022-2030) ($MN)
5 Global Solar Photovoltaic Inverter Market Outlook, By Micro Inverters (2022-2030) ($MN)
6 Global Solar Photovoltaic Inverter Market Outlook, By Power Optimizers (2022-2030) ($MN)
7 Global Solar Photovoltaic Inverter Market Outlook, By Other Products (2022-2030) ($MN)
8 Global Solar Photovoltaic Inverter Market Outlook, By Connectivity (2022-2030) ($MN)
9 Global Solar Photovoltaic Inverter Market Outlook, By Standalone Inverters (2022-2030) ($MN)
10 Global Solar Photovoltaic Inverter Market Outlook, By Grid-Tied Inverters (2022-2030) ($MN)
11 Global Solar Photovoltaic Inverter Market Outlook, By Phase (2022-2030) ($MN)
12 Global Solar Photovoltaic Inverter Market Outlook, By Single Phase (2022-2030) ($MN)
13 Global Solar Photovoltaic Inverter Market Outlook, By Three Phase (2022-2030) ($MN)
14 Global Solar Photovoltaic Inverter Market Outlook, By Power Rating (2022-2030) ($MN)
15 Global Solar Photovoltaic Inverter Market Outlook, By < 10 kW (2022-2030) ($MN)
16 Global Solar Photovoltaic Inverter Market Outlook, By 10 kW to 100 kW (2022-2030) ($MN)
17 Global Solar Photovoltaic Inverter Market Outlook, By 100 kW to 500 kW (2022-2030) ($MN)
18 Global Solar Photovoltaic Inverter Market Outlook, By > 500 kW (2022-2030) ($MN)
19 Global Solar Photovoltaic Inverter Market Outlook, By Sales Channel (2022-2030) ($MN)
20 Global Solar Photovoltaic Inverter Market Outlook, By Direct Sales (2022-2030) ($MN)
21 Global Solar Photovoltaic Inverter Market Outlook, By Wholesalers (2022-2030) ($MN)
22 Global Solar Photovoltaic Inverter Market Outlook, By Online Channels (2022-2030) ($MN)
23 Global Solar Photovoltaic Inverter Market Outlook, By Other Sales Channels (2022-2030) ($MN)
24 Global Solar Photovoltaic Inverter Market Outlook, By End User (2022-2030) ($MN)
25 Global Solar Photovoltaic Inverter Market Outlook, By Residential (2022-2030) ($MN)
26 Global Solar Photovoltaic Inverter Market Outlook, By Commercial (2022-2030) ($MN)
27 Global Solar Photovoltaic Inverter Market Outlook, By Industrial (2022-2030) ($MN)
28 Global Solar Photovoltaic Inverter Market Outlook, By Utility-Scale (2022-2030) ($MN)
29 Global Solar Photovoltaic Inverter Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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