PV Inverter Market Size, Share & Trends Analysis Report By Product (Central, String, Micro), By End-use (Residential, Commercial & Industrial, Utilities), And Segment Forecasts, 2022 - 2030

PV Inverter Market Size, Share & Trends Analysis Report By Product (Central, String, Micro), By End-use (Residential, Commercial & Industrial, Utilities), And Segment Forecasts, 2022 - 2030

PV Inverter Market Growth & Trends

The global PV inverter market size is expected to reach USD 15.85 billion by 2030, registering a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for solar energy-generated clean electricity across several end-use markets along with a reduction in renewable power generation costs is likely to strengthen market growth over the forecast period.

Increasing demand for steady power supply in harsh climatic conditions or remote locations has led to the enhanced deployment of off-grid solar PV systems, thereby propelling the PV inverter product demand across such locations. In addition, favorable government policies and initiatives regarding the clean fuel usage agenda are expected to further bolster industry growth.

The market is consolidated and highly competitive in terms of huge demand and vertically integrated market players. Technological advancements due to extensive R&D investments have led to more competitiveness in the industry. Some of the key competitive factors for the market include product quality, brand, maintenance, and distribution network.

Persistent pressure on equipment suppliers due to anti-dumping tariffs is anticipated to hinder the market growth over the forecast period. Such duties have been levied by several countries on account of price deterioration that has hampered the domestic market for solar equipment. The tremendous price declines have forced nations such as the U.S. to levy anti-dumping duties on the inflow of cheaper equipment from countries such as China.

Governments in some of the major countries such as the U.S., Germany, and India have taken steps to extend the deadline for new and under construction solar power projects to be eligible for incentives and tax credits. These factors are expected to make an impact on COVID-19 in the market to be at a medium level owing to supportive steps taken by the government which would result in sales growth in the PV inverters soon.

PV Inverter Market Report Highlights

• In 2021, the central PV inverter emerged as the largest segment and accounted for a revenue share of 49.81% owing to its enhanced efficiency, easy installation, and availability of three-phase variations
• The U.S. emerged as the largest market in North America in 2021. The electricity sector is the second-largest source of greenhouse gas emissions owing to the combustion of fossil fuels in power plants. Thus, the U.S. government has taken subsequent steps to reduce carbon emissions from the power sector and is making continuous efforts to curb the greenhouse gas emission from the power plant
• The residential end-use segment is expected to witness significant growth over the forecast period on account of increased demand for solar renewable energy among consumers for electrification purposes, home appliances, and other applications
• The Asia Pacific accounted for the largest market revenue share in 2020, with China being the largest contributor to the regional market growth. A growing number of solar installations in the developing nations are attributed to the market expansion in the Asia Pacific