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Solar Inverters Market Size Worth $16,327.06 million By 2028 | CAGR 8.9%: The Insight Partners

07-01-2022 04:32 PM CET | Energy & Environment

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

According to The Insight Partners' research, the Solar Inverters Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, System Type, and End User," the market is projected to reach US$ 16,327.06 million by 2028 from US$ 9,806.67 million in 2022. It is expected to grow at a CAGR of 8.9% from 2022 to 202

Investment in solar energy has improved significantly along with economic growth. However, there are significant country-by-country variations. According to the International Energy Agency (IEA), global energy demand increased by 4.6% in 2021, offsetting the 4% contraction in 2020. The anticipated investment growth in 2021 was a mixture of a cyclical response to economic recovery and a structural shift in capital flows toward cleaner technologies. After staying flat in 2020, global power sector investment increased by around 5% in 2021 to more than US$ 820 billion, according to the IEA estimates. The Renewables energy sector dominates investment in new power generation. In 2021, it was estimated to account for 70% of the total of US$ 530 billion spent on all new generation capacity. Investment in the renewable energy sector has increased due to well-established supply chains and the presence of lenders and financiers who understand that these sectors are seeking sustainable projects.

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Further, investment in the renewable energy sector in India surged more than 125% year-on-year (Y-o-Y) to touch a record US$ 14.5 billion in the financial year 2021-22 (FY22), a report released by the Institute for Energy Economics and Financial Analysis (IEEFA) in June 2022. Conglomerates such as Reliance Industries (RIL) and the Adani group have ambitious plans to ramp up their renewable energy capacity.

Thus, the increasing investment in the renewable energy sector helps create opportunities for market players because, with the rapid development of the renewable energy sector, the solar inverters market will also grow over the next few years.

Based on type, the solar inverters market is segmented into central, string, and micro. The central segment led the market with the largest share in 2021. Based on system type, the market is bifurcated into on-grid and off-grid. The on-grid segment led the market with a larger share in 2021. Based on end user, the market is segmented into residential, commercial, and utility. The utility segment led the market with the largest share in 2021. By geography, the solar inverters market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). The APAC segment led the solar inverters market with the largest share in 2021.

Solar inverters are essential devices in a photovoltaic (PV) system, which convert direct current (DC) power flowing from solar panels to alternating current (AC) power. Besides the conversion, solar inverters track voltage, allow grid connecting communication, and shut down during emergencies.

Solar inverters are used in residential and utility applications and are increasingly used in commercial and industrial projects worldwide. Further, solar PV inverters are available with distinct characteristics and features and consider different factors affecting solar system production. Critical factors include roof orientation, shading, roof inclination, tilting panels, and summer vs. winter production resulting in the required output.

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The economic aspect is the biggest incentive for installing home rooftop solar panels. Solar energy has emerged as one of the most promising and widely accepted renewable energy sources. Residential solar solutions can provide free, uninterrupted electricity for the years while simultaneously contributing to a greener environment.

In the US, as per Solar Energy Industries Association in June 2022, the US installed 3.9 gigawatts (GW) of solar photovoltaic (PV) capacity in Q1 2022 to reach 126.1 GW of total installed capacity, enough to power 22 million American homes. Solar accounted for 50% of all new electricity-generating capacity added in the U.S. in Q1. Residential solar had its largest quarter in history with 1.2 GW installed, a 30% increase year-over-year. Further, the government of India has a target of 40 GW by 2022 for rooftop solar installations in the country, per the article published by Mercom India in August 2021. However, the cumulative installations as of March 31, 2021, are only about 5.4 GW. Rooftop solar accounts for around 13% of cumulative solar installation in India. Also, businesses realize the financial and environmental benefits of going solar, and the COVID-19 pandemic has increased its adoption. Furthermore, Tata Power Solar company has been India's leading rooftop solar installer. The company emerged as the top solar rooftop installer in India in the year 2020, according to Mercom's India Solar Market Leaderboard 2021, accounting for 20% of the total rooftop installations in the country.

The List of Companies - Solar Inverters Market

ABB Ltd; Delta Electronics, Inc.; Enertechups; GOODWE; Power Electronics S.L.; Powerone Micro Systems Pvt.Ltd; Sineng Electric; SMA Solar Technology AG; Solaredge Technologies Inc.; and Hitachi Hi-Rel Power Electronics Pvt Ltd. are a few essential market players operating in the global solar inverters market. Several other market players have also been analyzed to understand the solar inverters market.

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Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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