Solar Inverters Market Size Worth $16,327.06 million By 2028 | CAGR 8.9%: 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$ 9,153.73 million in 2021. It is expected to grow at a CAGR of 8.9% from 2022 to 2028.

With the worldwide governments working toward establishing solar power as a primary energy source, various schemes have been introduced for domestic use of solar power. Installing solar rooftop systems can help people generate electricity and use it for different purposes-residential, commercial, and even industrial. While this is a great option, there are few takers for rooftop solar panels due to their substantial installation costs. To make it easier, Indian central and state governments have launched various schemes to encourage the implementation of rooftop solar panels.

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For instance, in January 2022, the Ministry of New and Renewable Energy in India mentioned that households will get rooftop solar panels for free and can be installed by anyone and requires a snap of the installed system is sufficient to get benefits or subsidies under the government scheme. The Union Minister of Power and New & Renewable Energy decided to simplify the rooftop solar scheme on January 19, 2022, as per a statement by the ministry. The subsidy to be given by the Indian government, which is 40% for the rooftop of up to 3 kilowatts (KW) capacity and 20% beyond that up to 10 KW, would be credited to the householder's account by the Discom within 30 days of the installation.

Thus, the rising number of solar installations attributed to government-led incentives and schemes is propelling the demand for solar inverters, driving the market.

Impact of COVID-19 Pandemic on APAC Solar Inverters Market

The prolonged lockdown periods resulted in a considerable decline in the growth of the construction industry in APAC in 2020. Raw material companies discontinued their production activities across various countries in the starting phase of the COVID-19 pandemic to restrict the spread of further disease. Halt in the production led to reduced supplies in several APAC countries, including India and China. Moreover, maintaining the project quality is one of the most critical challenges faced by construction players in the region, as each nation imposes a different regulatory framework. Therefore, the overall impact of the COVID-19 pandemic on the solar inverters market in APAC was negative in 2020.

Further, the relaxation in lockdown restrictions and the ongoing vaccination process support the steady raw material shipment and industrial activities, which boosted the growth of the construction industry in APAC in 2021. Moreover, governments of multiple countries in the region are taking initiatives to combat the issues generated by the pandemic. For instance, the government of Malaysia announced several initiatives in its 2021 budget in terms of incentives to encourage homeownership in the country. These provisions included a total stamp duty exemption for first-time house buyers and those willing to purchase postponed housing projects in the area. Such discounts are expected to invite market players to continue half-completed projects previously abandoned due to the rise in costs and supply chain challenges. These initiatives are expected to raise the real estate industry in the APAC region. Furthermore, the Asian Development Bank (ADB) estimates that developing Asia will need US$ 26 trillion between 2016 and 2030, or US$ 1.7 trillion a year, in infrastructure investments to continue growing at the current rate. Hence, the increasing construction, real estate, and infrastructure industries will positively impact APAC's solar inverters market during the forecast period.

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Based on type, the solar inverters market is segmented into central, string, and micro. The central segment led the solar inverters market with the largest share in 2021. Based on system type, the solar inverters market is bifurcated into on-grid and off-grid. The on-grid segment led the solar inverters market with a larger share in 2021. Based on end user, the solar inverters market is segmented into residential, commercial, and utility. The utility segment led the solar inverters 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.

Key Findings of Study:

The global solar inverters market includes companies operating in a wide range of product portfolios. Each category has some well-established key players. Due to the different markets in which they operate and compete, it is not feasible to determine the key 5 players in the overall solar inverters market. However, based on parameters, such as overall revenue, current solar inverters product portfolio, brand image, geographic reach, technology adoption and integration, customer base, new product/service/feature launches, mergers and acquisitions, partnerships, and other market-related activities, which have listed above 5 key players operating at a global level.

The List of Companies - Solar Inverters Market

SMA Solar Technology AG, SolarEdge Technologies Inc., Fimer Group, GOODWE, and Power Electronics SL are the five key market players operating in the global solar inverters market. ABB Ltd; Delta Electronics, Inc.; Enertechups; Powerone Micro Systems Pvt.Ltd; Sineng Electric; and Hitachi Hi-Rel Power Electronics Pvt Ltd. are a few other notable players profiled in this market study. In addition to these players, regional and local market players, market disruptors, multiple other leading global, emerging companies, and niche market players were studied and analyzed during the course of this study to gather a holistic view of the global solar inverters market.

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