(2023-2028) Solar PV Inverter Market, Business Plan, Growth Rate, Top Manufacturers Share, Size and Investment Opportunity

IMARC Group's latest research report, titled "Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," The global solar PV inverter market size reached US$ 7.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.

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Solar PV Inverter Market Overview:

A solar PV inverter is an electronic device that converts the direct current (DC) electricity induced by solar panels into alternating (AC) electricity suitable for homes or businesses. It is crucial in converting the sun's energy into usable electricity for homes and businesses. It is an essential component of a solar power system as it ensures that the power generated by the solar panels is compatible with the electrical grid. The inverter also manages the power flow and protects against overvoltage and other electrical faults. Some inverters can offer additional features like data monitoring and remote control capabilities.

Global Solar PV Inverter Market Trends:

The global market is majorly driven by the increasing demand for renewable energy sources. In line with this, the declining cost of solar technology is significantly contributing to product demand. Furthermore, supportive government policies and heavy investments in solar energy projects are positively influencing the market. Apart from this, the rising adoption of solar power as a reliable and cost-effective energy source is catalyzing the market. Moreover, the escalating installations of solar power systems worldwide are propelling the market. Besides, the increasing demand for off-grid solar power systems, especially in remote areas, is accelerating the demand for solar PV inverters. Additionally, the rising awareness about the benefits of solar power and the growing requirement for energy security and independence are providing a boost to the market.

Top Companies in Global Solar PV Inverter Market:

• ABB Ltd, Schneider Electric SE
• Siemens AG
• Mitsubishi Electric Corporation
• Omron Corporation
• General Electric Company
• SMA Solar Technology AG
• Delta Energy Systems Inc.
• Enphase Energy Inc.
• SolarEdge Technologies Inc.
• Huawei Technologies Co. Ltd
• Kstar New Energy Co. Ltd
• Sineng Electric Co. Ltd
• Sungrow Power Supply Co Ltd
• Tabuchi Electric Co. Ltd
• TBEA Sunoasis Co. Ltd
• Toshiba Corporation

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Key Market Segmentation:

Market Breakup by Technology:

• central inverter
• string inverter
• microinverter
• others

Market Breakup by Application:

• utility scale
• residential scale
• small commercial scale
• large commercial scale
• industrial scale

Breakup by voltage:

• < 1,000 V
• 1,000 - 1,499 V
• > 1,500 V

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other

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