Global Solar Inverter Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Solar Inverter Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Solar inverters are an essential part of photovoltaic systems. The main function of the photovoltaic inverter is to convert the direct current generated by the solar panel into the alternating current used by home appliances. All the electricity generated by the solar panel must be processed by the inverter before it can be output. With the inverter, DC storage batteries can be used to provide AC power to electrical appliances.

Market Overview:

The latest research study on the global Solar Inverter market finds that the global Solar Inverter market reached a value of USD 3774.28 million in 2022. It’s expected that the market will achieve USD 4586.01 million by 2028, exhibiting a CAGR of 3.3% during the forecast period.

By 2020, the epidemic caused by the coronavirus will quickly sweep the world, and the epidemic is still spreading in the United States. The impact of COVID-19 on the solar carport industry will involve all entities in the industry chain. The company’s management efficiency has declined, commuting has been severely hindered, project plans have been severely hindered, network expansion has been delayed, marketing has been delayed, and company and employee income has fallen.

First, the epidemic caused the suspension or delay of the project, which affected the normal operation of the solar inverter industry. During the epidemic, people are isolated from each other, production efficiency is reduced, project installation is difficult, and project delivery is delayed. Secondly, for the downstream market, the impact of the epidemic will delay the demand for solar inverters.

Rising prices of alternative energy sources and falling costs of solar inverters will provide market opportunities

The rising prices of fossil fuels will provide rich opportunities for the solar market in the near future. The cost of generating electricity from renewable energy sources has dropped sharply, and new demands can now be met. Solar photovoltaics have led to a significant reduction in the average cost of electricity (LCOE). The drop in the price of power generation is accompanied by a drop in the installation cost of solar modules, inverters and related equipment. The drop in the cost of solar inverters may also promote market growth.

High maintenance, installation and operating costs

Solar inverters require high installation costs and high operating and maintenance costs, which may hinder the growth of solar inverters in the market.

Diversified intelligent applications and expansion

With the continuous development of technology, the inverter, while assuming its own function of converting direct current into alternating current, will also undertake the needs of more intelligent applications such as data collection and manual interaction. The photovoltaic inverter can detect, record and upload all various fault information about the grid and photovoltaic system, such as grid voltage is too high, grid voltage is too low, grid frequency is too high, grid frequency is too low, grid voltage imbalance, DC voltage Over high, photovoltaic grid-connected inverter overload, photovoltaic grid-connected inverter overheating, photovoltaic grid-connected inverter islanding, DSP failure, communication failure, insulation failure, leakage protection, DC arc protection, voltage distortion rate over-standard protection, etc. All can be recorded by the photovoltaic inverter and uploaded to the user's monitoring equipment.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Asia Pacific (53.89% in 2021).

Company Overview:

Huawei is one of the major players operating in the Solar Inverter market, holding a share of 12.26% in 2022.

Huawei

Huawei Technologies Co., Ltd. provides networking products and telecommunication solutions. The Company researches and develops internet access, transmission network, servers, storage, security, and other networking products. Huawei Technologies also offers business consulting, network integration, assurance, managed, learning, and global delivery services.

SolarEdge Technologies

SolarEdge Technologies Inc. provides solar power optimization and photovoltaic monitoring solutions. The Company offers optimizers, inverters, monitoring equipment, tools, and accessories for power harvesting, conversion, and efficiency. SolarEdge Technologies serves customers worldwide.

Segmentation Overview:

As for product types, the String Inverters segment held the largest market share in 2021.

Application Overview:

By application, the Commercial & Industrial segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Solar Inverter market covered in Chapter 3:

Fimer Group
Yaskawa Solectria Solar
Sineng
TMEIC
Power Electronics
GoodWe
SolarEdge Technologies
Ginlong Solis
KACO new energy
Delta
HIQ Solar
Canadian Solar
Ingeteam
TBEA SunOasis
SMA
Fronius
Huawei
Schneider Electric

In Chapter 4 and Chapter 14.2, on the basis of types, the Solar Inverter market from 2018 to 2029 is primarily split into:

Central Inverters
String Inverters
Power Optimizers

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Solar Inverter market from 2018 to 2029 covers:

Commercial & Industrial
Utility

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)