Solar PV Inverters Market by Product (Central Inverter, Micro Inverter, String Inverter), Connection (Off-Grid, On-Grid), Phase, End-user - Global Forecast 2024-2030

Solar PV Inverters Market by Product (Central Inverter, Micro Inverter, String Inverter), Connection (Off-Grid, On-Grid), Phase, End-user - Global Forecast 2024-2030

The Solar PV Inverters Market size was estimated at USD 9.11 billion in 2023 and expected to reach USD 9.94 billion in 2024, at a CAGR 10.36% to reach USD 18.17 billion by 2030.

A solar photovoltaic (PV) Inverter is a critical component in a solar energy system utilized to transform the variable direct current (DC) output of the solar panels into a utility frequency alternating current (AC) that can be provided into a commercial or local electrical grid network. This conversion process is essential because most household appliances and the broader electrical grid operate on AC electricity, whereas solar panels generate DC electricity. Solar PV inverters also perform several other pivotal roles in the solar energy system, including optimizing the power output from the solar panels, system diagnostics, and providing grid management functionalities. Growing awareness about sustainable and clean energy sources among consumers and corporations, coupled with subsidies, rebates, and policies supporting solar energy adoption, significantly boost the solar PV inverter market. However, integrating solar PV systems with existing electrical grids can pose technical challenges, requiring advanced inverter solutions and impeding market growth. Nevertheless, the advent of smart inverters that can communicate with the grid to provide advanced energy management features with continuous improvement in inverter technology, including efficiency and reliability, is expected to create opportunities for the growth of the solar PV inverters market.

Regional Insights

The demand for solar PV inverters has grown substantially in the Americas due to increasing environmental awareness and government incentives. Innovations and investments in the sector are highly focused on increasing efficiency and reliability. Notable trends include a surge in residential installations and an expansion of utility-scale solar projects. Furthermore, in American countries, the solar PV inverter market is driven by regional policies supporting renewable energy and the goal of reducing carbon footprint. Asia-Pacific countries manufacture and export solar PV inverters due to innovations and aggressive expansion. With substantial government backing, the focus is on high-capacity, grid-scale projects. Patent filings and investments in research are prolific, reflecting China's commitment to maintaining its leadership position. Furthermore, in certain Asia-Pacific countries, the market is price-sensitive and quality-conscious, with a growing preference for inverters offering grid support services and remote monitoring features. EU countries strongly demand solar PV inverters, backed by robust regulatory frameworks promoting renewable energy. The market is inclined towards products offering high efficiency, durability, and smart-grid compatibility. Consumer awareness and the pursuit of energy independence are significant drivers. The Middle East is witnessing a burgeoning interest in solar PV installations, supported by the region's vast solar potential and increasing economic diversification efforts. Investment in utility-scale projects is growing, with a keen interest in inverters that can withstand harsh environmental conditions. Africa's solar PV inverter market is nascent; however, it is poised for rapid growth due to the vast untapped solar potential and urgent need for electrification. The demand is skewed towards off-grid and micro-grid solutions, emphasizing affordable and durable inverters.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Solar PV Inverters Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rising Power Outages and Need for Sustainable Power Generation Solutions
    • Increasing Demand and Investments in Solar Power Generation
    • Growing Adoption of Solar PV Inverters in Commercial and Residential Buildings
    • Market Restraints
      • High Cost of Solar PV Inverters
      • Market Opportunities
        • Latest Technological Advancements in Solar PV Inverters
        • Proliferation of Smart Solar PV Inverters
        • Market Challenges
          • High Heat Loss in Large Inverters
          • Market Segmentation Analysis
            • Product: Burgeoning adoption of central inverters for utility-scale projects due to their high capacity and efficiency
            • End-user: Evolving utilization of Solar PV Inverters in commercial and industrial end-user sector
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Solar PV Inverters Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Solar PV Inverters Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • SAJ launches new microinverters with 4 MPPT channels
              
              SAJ unveiled its advanced M2 microinverter series, designed to enhance solar panel efficiency with a sophisticated configuration of four Maximum Power Point Tracking (MPPT) channels. These microinverters are engineered to support solar panels ranging from 400W to 700W, delivering a maximum output of up to 2,250 VA. They boast a peak efficiency of 97%, demonstrating SAJ's commitment to high-performance solar technology.
              
              FSP Group Launches New LightUp Series PV Inverters and EnerX 3000 Energy Storage System
              
              FSP Group unveiled its latest advancements in green energy: the LightUp off-grid PV Inverter series and the EnerX 3000 energy storage system. These products underscore our commitment to combating global climate change by reducing reliance on fossil fuels through renewable energy innovations. The LightUp series offers a range of off-grid solar PV inverters tailored for energy self-consumption in remote or rural areas lacking conventional power infrastructure.
              
              CECC launches 42 GW inverter tender for the year 2024
              
              China Energy Construction Corporation (CECC) announced the initiation of a 42 GW solar inverter tender for the year 2024, ambitiously segmenting the tender into four categories. This strategic tender includes procuring 10 GW worth of large-scale inverters exceeding 3.125 MW, 27 GW dedicated to string inverters with a capacity exceeding 300 KW, and an additional 5 GW for smaller string inverters ranging between 10 kW and 150 kW.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Solar PV Inverters Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Solar PV Inverters Market, highlighting leading vendors and their innovative profiles. These include Canadian Solar Inc., Charge Solar Renewables Inc., Darfon Electronics Corp., Delta Electronics, Inc., Eaton Corporation Plc, Emerson Electric Co., Enphase Energy, Inc., Fimer S.p.A, Fronius International GmbH, General Electric Company, Ginlong Technologies Co., Ltd., Hitachi, Ltd., Huawei Technologies Co., Ltd., INGETEAM, S.A., Larson Electronics LLC, Loom Solar Pvt. Ltd., Maxeon Solar Technologies, Ltd., OMRON Corporation, Power-One Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, SL Power Electronics by Advanced Energy Industries, Inc., SMA Solar Technology AG, Sol New Energy (Shenzhen) Co., Ltd., Solaredge Technologies, Inc., and Sungrow Power Supply Co., Ltd..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Solar PV Inverters Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Product
              • Central Inverter
              • Micro Inverter
              • String Inverter
              • Connection
                • Off-Grid
                • On-Grid
                • Phase
                  • Single-Phase
                  • Three-Phase
                  • End-user
                    • Commercial & Industrial
                    • Residential
                    • Utilities
                    • Region
                      • Americas
                        • Argentina
                        • Brazil
                        • Canada
                        • Mexico
                        • United States
                          • California
                          • Florida
                          • Illinois
                          • New York
                          • Ohio
                          • Pennsylvania
                          • Texas
                          • Asia-Pacific
                            • Australia
                            • China
                            • India
                            • Indonesia
                            • Japan
                            • Malaysia
                            • Philippines
                            • Singapore
                            • South Korea
                            • Taiwan
                            • Thailand
                            • Vietnam
                            • Europe, Middle East & Africa
                              • Denmark
                              • Egypt
                              • Finland
                              • France
                              • Germany
                              • Israel
                              • Italy
                              • Netherlands
                              • Nigeria
                              • Norway
                              • Poland
                              • Qatar
                              • Russia
                              • Saudi Arabia
                              • South Africa
                              • Spain
                              • Sweden
                              • Switzerland
                              • Turkey
                              • United Arab Emirates
                              • United Kingdom
                              
                              
                              Please Note: PDF & Excel + Online Access - 1 Year