Global Solar Inverter Market to Reach US$ 18.9 Billion Valuation in 2032, Fueled by 6% CAGR Growth

The global solar inverter market is poised to witness a year-on-year growth of 5.0% in 2022, reaching an estimated value of approximately US$ 11 billion. The escalating adoption of renewable energy sources for residential and commercial purposes is set to propel solar inverter sales with a projected Compound Annual Growth Rate (CAGR) of 6% throughout the forecast period.

Notably, between 2017 and 2021, the solar inverter market experienced a notable CAGR of 3.8%. According to the report, sales are forecasted to exhibit a robust 6% CAGR during the evaluation timeframe.

Among the various types of solar inverters, string inverters are recognized for their ease of maintenance and are often installed in accessible locations such as basements and garages.

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- Driving Forces and Government Initiatives Shaping the Solar Inverter Market

Solar inverters are influenced by critical factors such as roof orientation, shading, and roof inclination. Among renewable energy sources, solar photovoltaics have demonstrated significant cost reductions of around 72% for Levelized Cost of Electricity (LCOE), surpassing reductions seen in other sources like wind energy. This reduction stands as a major catalyst for the future growth of the solar inverter market.

Governments worldwide are taking proactive measures to promote solar inverters in industrial applications. For instance, China's National Energy Administration (NEA) has set a target as part of its 14th Five-year Plan to account for over 50% of all installed capacities by 2025.

- Notable Insights from the Solar Inverter Market:

North America commands the largest share of the market, largely due to the higher adoption rate of solar energy, particularly in the US.

The Asia-Pacific region is poised for rapid growth in the solar inverter market, with Japan and India taking the lead.

Favorable policies and incentives in Europe, including residential feed-in-tariffs (FITs), are expected to drive growth. Germany is leading the way, followed by the UK.

- Recent Developments in Solar Inverter Industry:

In March 2022, Huawei Technologies forged a collaboration with Meienergy Technology Co., Ltd. to integrate smart energy storage into a 1 GW utility solar plant in Africa, incorporating a 500 MWh energy storage system developed by Meienergy.

SMA Solar Technology AG teamed up with LG Chem to blend SUNNY BOY Battery storage inverters with RESU 10M batteries, introducing innovative home storage solutions. This strategic alliance aims to develop integrated DC/DC converters to enhance the operational voltage of the batteries.

Canadian Solar Inc. unveiled its utility-scale battery storage solution, 'SolBank,' in September 2022, catering to the growing demand for energy storage in large-scale applications.

In January 2022, Sungrow introduced its innovative 1+X Modular central inverter during the World Future Energy Summit in Abu Dhabi. This inverter stands out for its modularity, which can be assessed at the inverter, system, and component levels.

In June 2022, V-Guard Industries Ltd. unveiled a new range of on-grid solar power inverters called 'Solsmart.' These inverters come with built-in switches that offer additional safety benefits, incorporating advanced safety features. Available in both three-phase and single-phase configurations, Solsmart On-Grid PV inverter also offers a 10-year warranty.

In April 2022, SMA Solar Technology AG launched a new 3-phase inverter series designed for residential and commercial solar PV systems with outputs nearing 135 kW. The series includes four new models with rated powers of 25 kW, 20 kW, 15 kW, and 12 kW, catering to various system sizes and requirements.

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- Key Companies Profiled

Siemens AG
Fimer Group
SMA Solar Technology AG
Delta Electronics Inc
SunPower Corporation
Omron Corporation
Eaton

- Global Solar Inverter Market by Category

By Type:
Central Inverter
Micro-Inverter
String Inverter

By System Type:
Off Grid
On Grid

By Phase:
Single Phase
Three Phase

By End-Use:
Residential
Commercial and Industrial
Utilities

By Region:
North America
Latin America
Europe
East Asia
South Asia Pacific
The Middle East and Africa

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This release was published on openPR.