The Solar Inverter Market size was valued at USD 7.7 billion in 2022 and is expected to reach USD 17.9 billion by 2030, at a CAGR of 8.8% from 2022 to 2030.
Solar Inverter Market Overview
The Solar Inverter is an important device in the solar system, which converts the direct current flowing out of the solar panel into an alternating current. In addition to conversion, solar inverters track voltage, allow grid-tie communication, and shut down in emergency situations. Compared with off-grid inverters, grid-connected solar inverters generate pure sine wave AC power; therefore, increasing the use of grid-connected solar inverters can ensure the safety and efficiency of home appliances. Most commonly used in residential and utility applications, solar inverters are increasingly used in commercial and industrial projects around the world.
Contrive Datum Insights has recently published the Solar Inverter Market to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static and dynamic aspects of the global Solar Inverter market.
Some of the key players profiled in the study are:
Different leading key players have been profiled to get better insights into the businesses. It offers detailed elaboration on different top-level industries functioning in global regions. It includes informative data such as company overview, contact information, and some significant strategies followed by key players: SMA Solar Technology AG (Germany), Siemens AG (Germany), GoodWe (Germany), Omron Corporation (Japan), TMEIC (Japan), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), HUAWEI (China), Sungrow (China), Growatt (China), Ginlong Technologies Co (China), Sineng Electric Co. (China), Solax Power (China), Zhejiang Benyi Electrical Co., Ltd. (China), SunPower Corporation (US), Power Electronics (US), Solectria Renewables LLC (US), Hitachi Hi-Rel Power Electronics Pvt. Ltd. (Inida), LENTO INDUSTRIES PRIVATE LIMITED (India), SolarEdge (Israel), LG Electronics (South Korea), Fronius (Austria), Delta Solar Solutions (Taiwan), Fimer (Italy), and others.
- Deye Inverter Technology Co. Ltd, a leading producer of solar inverters and hybrid inverters will introduce its innovative hybrid inverter in Europe in December 2020. A three-phase hybrid inverter with an output of 8/10/12KW. High compatibility with diesel generators, smart loads, and grid peak shaving are just a few of its important features.
- Solarvest Holdings BHD announced in February 2021 that it had declared MOUs to procure inverters with Huawei Technologies SDN BHD and Sungrow Power Supply Co. Ltd.
What are the major Applications, Types, and Regions for the Solar Inverter Market?
On the Basis of Type:
- Central Solar Inverter
- String Solar Inverter
- Micro Solar Inverter
On the Basis of Application:
Solar Inverter Market Regional Insights:
The Asia-Pacific region is expected to account for the largest revenue share at more than 44% during the forecast period. China is the largest contributor to the rapid growth of the solar market in the region and is a major competitor globally. Increasing solar installations in developing countries are also contributing to the growth of the market in this region has contributed significantly. North America accounted for a large revenue share in 2021, with the U.S. being the major contributor to the market growth. The United States is the main market for different types of PV inverters. Some of the recent inverter trends in the country include the dominance of three-phase string inverters with capacities above 60 kW and central inverters with capacities above 1.5 MW. Despite the strong growth of string inverters in North America, central photovoltaic inverters are expected to hold the largest market share during the forecast period.
Europe is expected to witness a significant CAGR over the forecast period owing to the presence of favorable government policies and subsidies such as residential feed-in tariffs (FITs) that provide incentives for customers to invest in renewable energy. Thanks to the high-tech nature of inverters, Germany is a leader in the manufacture of solar inverters. Therefore, German solar companies have a competitive advantage over other companies.
Geographically, the global Solar Inverter market has been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. The global region is dominating this market in the upcoming future.
Solar Inverter Market Report Scope:
||Value (USD Billion)
||CAGR of 8.8% from 2023 to 2030
- Central Solar Inverter
- String Solar Inverter
- Micro Solar Inverter
SMA Solar Technology AG (Germany), Siemens AG (Germany), GoodWe (Germany), Omron Corporation (Japan), TMEIC (Japan), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), HUAWEI (China), Sungrow (China), Growatt (China), Ginlong Technologies Co (China), Sineng Electric Co. (China), Solax Power (China), Zhejiang Benyi Electrical Co., Ltd. (China), SunPower Corporation (US), Power Electronics (US), Solectria Renewables LLC (US), Hitachi Hi-Rel Power Electronics Pvt. Ltd. (Inida), LENTO INDUSTRIES PRIVATE LIMITED (India), SolarEdge (Israel), LG Electronics (South Korea), Fronius (Austria), Delta Solar Solutions (Taiwan), Fimer (Italy), and others.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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- Qualitative and quantitative analysis of the market based on segmentation involving both economic and non-economic factors;
- Provision of market value (USD Billion) data for each segment and sub-segment;
- Indicates the region and segment that is expected to witness the fastest growth and dominate the market;
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the market's dominance by region;
- Analysis by product/service type
- A competitive landscape that includes the market ranking of the top competitors, as well as new service/product launches, collaborations, business expansions, and acquisitions of companies featured during the previous five years
- Extensive company profiles with business overview, company insights, product benchmarking, and SWOT analysis for the leading market players
- The current and future market outlook of the industry in light of recent developments (which include growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions)
- Includes in-depth analysis of the market from multiple perspectives using Porter's five forces analysis Provides market insight across the Value Chain
- Market dynamics situation, as well as development potential for the market in the coming years
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