Press release
Solar Inverter Market: Harnessing Sunlight for Clean Energy Transformation (2023-2029)
Solar Inverter Market
In a groundbreaking shift, the United States has overtaken Canada to become North America's largest solar inverter market, marking a significant milestone in the global renewable energy landscape. The solar inverter market, valued at US$ 12.79 billion in 2022, is set to experience a robust 5.78% CAGR growth from 2023 to 2029, reaching a staggering US$ 18.96 billion.
For additional insights into this study, please refer to: https://www.maximizemarketresearch.com/market-report/global-solar-inverter-market/82311/
Solar Inverter Market Overview:
Maximize Market Research has unveiled a highly informative report on the Solar Inverter Market. The research adopts a comprehensive and basic approach to analysing the market, taking into account subjective factors that can offer readers vital business perspectives. The report's market overview lets stakeholders explore the value chain structure, geographical analysis, applications, market size, and forecast.
Solar Inverter Market Report Scope and Research Methodology:
The report primarily focuses on identifying major companies' key drivers and restraints, alongside a comprehensive evaluation of current competitive benchmarking and development prospects. The report offers a detailed analysis of the Solar Inverter market trends, future insights, and recent market changes, encompassing demand chain, supply chain, and sales aspects. The report also includes vital information such as Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price, Gross Margin & Sales by Product in the Solar Inverter market research.
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Solar Inverter Market Segmentation:
by Type
1. Central Inverter
2. Micro Inverter
3. String Inverter
By Type: The central inverter accounted for the biggest revenue share in 2022-more than 49.0%. These inverters are incredibly dependable and safe when installed and maintained correctly. By converting all of the PV panels' DC electricity into AC power, the inverters serve as a single point of distribution for power. Large arrays installed on field installations, industrial facilities, and buildings are integrated with the inverters. The second-largest market share for string inverters was recorded in 2022. The two industries that use string inverters the most are commercial and residential. The segment's growth is primarily driven by its easier installation and lower initial cost.
by Applications
1. Residential
2. Commercial
3. Utilities
From the end user, In 2022, the utility segment held a dominant market share of over 44.0% for solar inverters. The solar inverter that is most commonly used in the utility sector is the central & string inverter. A number of factors are contributing to the growth of the utility sector. The main drivers are the increasing demand for renewable energy, the declining cost of solar energy and equipment, and the introduction of government subsidies. Furthermore, the market-leading utility-scale solutions that these major players offer their customers through their pre-integrated power plants-which boost efficiency and reduce balance-of-system costs-are driving the segment's growth.
by Connection type
1. On-grid
2. Off-grid
by Phase
1. Single-phase
2. Three-phase
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Solar Inverter Market Key Players are:
1. SMA Solar Technology AG (Germany)
2. Siemens AG (Germany)
3. GoodWe (Germany)
4. Omron Corporation (Japan)
5. TMEIC (Japan)
6. Canadian Solar Inc. (Canada)
7. ABB Ltd (Switzerland)
8. HUAWEI (China)
9. Sungrow (China)
10. Growatt (China)
11. Ginlong Technologies Co (China)
12. Sineng Electric Co. (China)
13. Solax Power (China)
14. Zhejiang Benyi Electrical Co., Ltd. (China)
15. SunPower Corporation (US)
16. Power Electronics (US)
17. Solectria Renewables LLC (US)
18. Hitachi Hi-Rel Power Electronics Pvt. Ltd. (Inida)
19. LENTO INDUSTRIES PRIVATE LIMITED (India)
20. SolarEdge (Israel)
21. LG Electronics (South Korea)
22. Fronius (Austria)
23. Delta Solar Solutions (Taiwan)
24. Fimer (Italy)
Key questions answered in Solar Inverter Market are:
What is the current growth rate of the Solar Inverter Market?
Who are the key players in the Solar Inverter Market?
What are the factors affecting growth in the Solar Inverter Market?
What are the global trends in the Solar Inverter Market?
What is the expected demand for different types of products in the Solar Inverter Market during the forecast period?
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Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2023-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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Solar Inverter Market Regional Insights:
In-depth assessment of the growth trend is done in the global Solar Inverter market report according to regions. The report strategically segments the major regions, such as North America, Asia Pacific, Europe, South America, and the Middle East and Africa, all of which play a pivotal role in shaping the Solar Inverter market at a global level.
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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