Solar Inverters Market is Slated to Witness Tremendous Revenue Growth of US$ 16,327.06 million by 2028- The Insight Partners

According to our latest market study, titled "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 2028.

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.

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Competitive Landscape: 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.

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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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.

Impact of COVID-19 Pandemic on Europe Solar Inverters Market
In 2020, a halt in the construction of new housing projects in urban areas hampered Europe's real estate industry growth. This has inflated real estate prices and unfair competition among licensed accommodation providers. Furthermore, in 2020, France and Spain experienced a decline in housing permits. Therefore, the solar inverters market had experienced a slowdown in 2020. During the COVID-19 pandemic in 2020, multiple supply chain disruptions occurred across various industries. The solar inverters market was adversely affected due to the discontinuation of operations of several industries, including process and discrete industries.

According to the World Manufacturing Production Statistics by the United Nations Industrial Development Organization (UNIDO), for the second quarter (April-June) of 2020, the manufacturing outcome of Europe decreased by 19.3%, making it the worst-affected industrialized region. Most manufacturing companies temporarily closed their factories or minimized production operations, which resulted in global trade loss. These factors hindered the solar inverters market in Europe in 2020.

In Market Segmentation by Geographical Regions, the report has analyzed the following regions-
• North America (USA, Canada and Mexico)
• Europe(Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Columbia etc.)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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