PV Inverter Market Size, Share & Trends Analysis Report By Product (String PV Inverter, Central PV Inverter), By End-use (Commercial & Industrial, Utilities), By Region, And Segment Forecasts, 2024 - 2030

PV Inverter Market Size, Share & Trends Analysis Report By Product (String PV Inverter, Central PV Inverter), By End-use (Commercial & Industrial, Utilities), By Region, And Segment Forecasts, 2024 - 2030

PV Inverter Market Growth & Trends

The global PV inverter market size is expected to reach USD 41.87 billion by 2030, registering a CAGR of 18.3% during the forecast period, according to a new report by Grand View Research, Inc. The increasing renewable energy demand globally is driving the need for various equipment such as PV inverters. According to the International Energy Agency (IEA), renewable energy supply from hydro, solar, geothermal, wind, and ocean use rose by 8% in 2022. According to the same source, net renewable electricity capacity additions by PV-utility reached 112.6 GW in 2022 compared to 89.5 GW in the previous year. With increased utilization of solar energy, there is an increased manufacturing of solar equipment such as solar PV inverters, solar panels, and other solar devices. Thus, all these factors are expected to drive the market growth.

Given the critical juncture of our civilization, the adoption of clean energy is at an unprecedented scale, making renewable energy a predominantly feasible alternative. Presently, constructing a new solar or wind plant comes at a lower cost compared to the continued operation of natural gas or coal plants.

The declines in the prices of solar plant establishments and equipment installations have conceded the growth of the market. Moreover, rising private and government subsidies to promote solar power generation in emerging economies have also fueled the growth of the market worldwide. For instance, according to Energy Efficiency & Renewable Energy in August 2022, installed solar PV inverters in the U.S. were eligible for up to 30% tax credits offered by the U.S. government.

PV Inverter Market Report Highlights

• Based on product, the string PV inverter dominated the market and accounted for the largest market share of 47.10% in 2023. This is due to its numerous advantages such as efficient energy conversion, grid integration, enhanced performance and monitoring, adaptability and scalability, and cost-effectiveness
• Based on end-use, the residential segment is expected to grow at the fastest CAGR over the forecast period. The increasing adoption of solar PV in the residential sector is driving the demand for PV inverters. According to the Solar Energy Industries Association (SEIA), annual solar PV installation in the residential sector in California, U.S., was recorded at 2,000 MW in 2022, up by over 40% compared to the previous year
• Asia Pacific dominated the market in 2023, owing to the increasing adoption of renewable energy in the residential, commercial and industrial sector. In addition, favorable government policies such as Pradhan Mantri Kisan Urja Suraksha Evam Uttham Mahabhiyan, Development of Solar Parks and Ultra Mega Solar Power Projects in India are further propelling the market growth
• The strengthening of market presence by major players is primarily driven by strategies such as mergers, acquisitions, and product launches. For instance, in March 2023, Semiconductor Components Industries, LLC collaborated with Sineng Electric Co., Ltd. to develop next-generation solar PV inverters to meet the growing demand for solar energy systems by end-users.

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