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Solar PV Inverter Market is expected to grow at a CAGR of 8.81% during the forecasted period | Evolve Business Intelligence
• The global Solar PV Inverter market size is expected to reach $16.32 Billion in 2023 growing at a CAGR of 8.81% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, The global Solar PV Inverter market size is expected to reach $16.32 Billion in 2023 growing at a CAGR of 8.81% from 2023 to 2033. A Solar PV (Photovoltaic) Inverter is a crucial component in a solar power system. It converts the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity, which is used for powering household appliances and feeding into the electrical grid. Solar PV inverters play a key role in maximizing the efficiency of solar energy utilization by ensuring that the electricity generated by the solar panels is compatible with the alternating current used in homes and businesses. They also often include features such as monitoring capabilities to track system performance and diagnose issues.
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The Solar PV Inverter market is primarily driven by the increasing adoption of solar energy globally, government incentives for renewable energy projects, and technological advancements in inverters, leading to improved efficiency and reliability in solar power systems. Additionally, the growing awareness of environmental sustainability and a shift towards clean energy sources contribute to the market's expansion.
Key Players
Some of the major Solar PV Inverter Market players holding high market shares include Delta Electronics, Inc., Fimer S.p.A., Fronius International GmbH, Ginlong Technologies, and Huawei Technologies Co., Ltd. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Shenzhen Growatt New Energy Co., Ltd., Siemens AG, SMA Solar Technology AG, and SolarEdge Technologies, Inc.
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Segmental Analysis
Based on the Product Type, the Solar PV Inverter market is segmented into Central Inverter, String Inverter, and Micro Inverter. The dominance of the Central Inverter segment in the Solar PV Inverter market is attributed to its widespread use in utility-scale solar power plants, offering higher efficiency and cost-effectiveness for large-scale electricity production and grid integration.
Based on the Connection Type, the Solar PV Inverter market is segmented into On-grid and off-grid. The dominance of the On-grid segment in the Solar PV Inverter market is attributed to its widespread use in clinical diagnostics, offering high sensitivity and specificity for detecting various diseases through the quantification of specific antibodies or antigens in biological samples.
Based on the phase, the Solar PV Inverter market is segmented into Single-phase and three-phase. The dominance of the Single-phase segment in the Solar PV Inverter market is attributed to the extensive utilization of reagents in hospital laboratories for a diverse range of diagnostic tests, reflecting the central role of hospitals in providing comprehensive and advanced medical diagnostic services.
Based on the End User, the Solar PV Inverter market is segmented into Residential, Commercial & Industrial, and Utilities. The dominance of the Residential segment in the Solar PV Inverter market is attributed to the extensive use of Solar PV Inverter in hospital laboratories, facilitating a wide range of clinical tests essential for accurate disease diagnosis and patient care.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
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