Press release
Solar Inverter Market 2023 : Analysis, Size, In Depth Insights, Growth And Forecast To 2032 | ABB, Sma Solar Technology AG, Canadian Solar, Solaredge Technologies Inc., Delta Electronics Inc.
Solar Inverter Market Trends
The Business Research Company's Solar Inverter Global Market Report 2023 identifies rapid development in the renewable energy sector as the major driver for the Solar Inverter market's growth in the forecast period. Solar power's rapid growth in recent years has given new life to global efforts to reduce greenhouse gas emissions and mitigate the worst effects of climate change. Solar inverters are the engines of renewable energy growth. For instance, according to the International Energy Agency (an intergovernmental organization), global renewable electricity capacity is expected to increase by more than 60% from 2020 levels to over 4,800 gigawatts (GW) by 2026, equalling the total global power capacity of fossil fuels and nuclear power combined.
The global solar inverter market size grew from $13.9 billion in 2022 to $16.09 billion in 2023 at a compound annual growth rate (CAGR) of 15.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The solar inverter market size is expected to grow to $32.07 billion in 2027 at a CAGR of 18.8%.
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Major competitors in the Solar Inverter market are ABB, Sma Solar Technology AG, Canadian Solar, Solaredge Technologies Inc., Delta Electronics Inc., Solectria Renewables LLC, Omron Corporation, Hitachi Hi-rel Power Electronics Private Limited, Power Electronics S.L, Schneider Electric, Sunpower, Fimer S.p.A, Fronius International GmbH, Tabuchi Electric Co. Ltd., General Electric Company, and Enphase Energy Inc.
A key trend in the Solar Inverter market includes technological advancement. The key players in the solar inverter market are focusing on developing new technological solutions to strengthen their position in the market. For instance, in March 2021, Fronius, an Austrian solar inverter manufacturer, launched the Primo GEN24 Plus hybrid inverter for residential use. The single-phase, 230 V device comes in six power classes ranging from 3 to 6 kilowatts (kW) and a DC input voltage range of 65 to 600 V. This inverter has a feature called PV Point, which acts as a backup power socket, providing backup power without the use of a battery. This can be used to power essential household items such as laptops, smartphones, and small freezers.
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The Solar Inverter market is segmented -
By Type: Central Inverter, Micro Inverter, String Inverter
By System-Type: On-Grid, Off-Grid
By End-Use: Residential, Comercial, Utilities
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Solar Inverter market.
The Business Research Company's "Global Solar Inverter Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Solar Inverter Market Include:
1. Executive Summary
2. Solar Inverter Market Characteristics
3. Solar Inverter Market Trends And Strategies
4. Solar Inverter Market - Macro Economic Scenario
5. Solar Inverter Market Size And Growth
……
26. Africa Solar Inverter Market
27. Solar Inverter Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Solar Inverter Market
29. Solar Inverter Market Future Outlook and Potential Analysis
30. Appendix
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