Solar PV Inverters Market worth $18.17 billion by 2030, growing at a CAGR of 10.36% - Exclusive Report by 360iResearch

The "Solar PV Inverters Market by Product (Central Inverter, Micro Inverter, String Inverter), Connection (Off-Grid, On-Grid), Phase, End-user - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Solar PV Inverters Market to grow from USD 9.11 billion in 2023 to USD 18.17 billion by 2030, at a CAGR of 10.36%.

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A solar photovoltaic (PV) Inverter is a critical component in a solar energy system utilized to transform the variable direct current (DC) output of the solar panels into a utility frequency alternating current (AC) that can be provided into a commercial or local electrical grid network. This conversion process is essential because most household appliances and the broader electrical grid operate on AC electricity, whereas solar panels generate DC electricity. Solar PV inverters also perform several other pivotal roles in the solar energy system, including optimizing the power output from the solar panels, system diagnostics, and providing grid management functionalities. Growing awareness about sustainable and clean energy sources among consumers and corporations, coupled with subsidies, rebates, and policies supporting solar energy adoption, significantly boost the solar PV inverter market. However, integrating solar PV systems with existing electrical grids can pose technical challenges, requiring advanced inverter solutions and impeding market growth. Nevertheless, the advent of smart inverters that can communicate with the grid to provide advanced energy management features with continuous improvement in inverter technology, including efficiency and reliability, is expected to create opportunities for the growth of the solar PV inverters market.

The demand for solar PV inverters has grown substantially in the Americas due to increasing environmental awareness and government incentives. Innovations and investments in the sector are highly focused on increasing efficiency and reliability. Notable trends include a surge in residential installations and an expansion of utility-scale solar projects. Furthermore, in American countries, the solar PV inverter market is driven by regional policies supporting renewable energy and the goal of reducing carbon footprint. Asia-Pacific countries manufacture and export solar PV inverters due to innovations and aggressive expansion. With substantial government backing, the focus is on high-capacity, grid-scale projects. Patent filings and investments in research are prolific, reflecting China's commitment to maintaining its leadership position. Furthermore, in certain Asia-Pacific countries, the market is price-sensitive and quality-conscious, with a growing preference for inverters offering grid support services and remote monitoring features. EU countries strongly demand solar PV inverters, backed by robust regulatory frameworks promoting renewable energy. The market is inclined towards products offering high efficiency, durability, and smart-grid compatibility. Consumer awareness and the pursuit of energy independence are significant drivers. The Middle East is witnessing a burgeoning interest in solar PV installations, supported by the region's vast solar potential and increasing economic diversification efforts. Investment in utility-scale projects is growing, with a keen interest in inverters that can withstand harsh environmental conditions. Africa's solar PV inverter market is nascent; however, it is poised for rapid growth due to the vast untapped solar potential and urgent need for electrification. The demand is skewed towards off-grid and micro-grid solutions, emphasizing affordable and durable inverters.

Market Segmentation & Coverage:

This research report categorizes the Solar PV Inverters Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Product, market is studied across Central Inverter, Micro Inverter, and String Inverter. The Central Inverter commanded largest market share of 44.98% in 2023, followed by Micro Inverter.

Based on Connection, market is studied across Off-Grid and On-Grid. The On-Grid commanded largest market share of 71.13% in 2023, followed by Off-Grid.

Based on Phase, market is studied across Single-Phase and Three-Phase. The Three-Phase commanded largest market share of 62.99% in 2023, followed by Single-Phase.

Based on End-user, market is studied across Commercial & Industrial, Residential, and Utilities. The Commercial & Industrial commanded largest market share of 60.74% in 2023, followed by Residential.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific commanded largest market share of 39.09% in 2023, followed by Europe, Middle East & Africa.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Solar PV Inverters Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Solar PV Inverters Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Solar PV Inverters Market, highlighting leading vendors and their innovative profiles. These include Canadian Solar Inc., Charge Solar Renewables Inc., Darfon Electronics Corp., Delta Electronics, Inc., Eaton Corporation Plc, Emerson Electric Co., Enphase Energy, Inc., Fimer S.p.A, Fronius International GmbH, General Electric Company, Ginlong Technologies Co., Ltd., Hitachi, Ltd., Huawei Technologies Co., Ltd., INGETEAM, S.A., Larson Electronics LLC, Loom Solar Pvt. Ltd., Maxeon Solar Technologies, Ltd., OMRON Corporation, Power-One Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, SL Power Electronics by Advanced Energy Industries, Inc., SMA Solar Technology AG, Sol New Energy (Shenzhen) Co., Ltd., Solaredge Technologies, Inc., and Sungrow Power Supply Co., Ltd..

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Solar PV Inverters Market, by Product
7. Solar PV Inverters Market, by Connection
8. Solar PV Inverters Market, by Phase
9. Solar PV Inverters Market, by End-user
10. Americas Solar PV Inverters Market
11. Asia-Pacific Solar PV Inverters Market
12. Europe, Middle East & Africa Solar PV Inverters Market
13. Competitive Landscape
14. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Solar PV Inverters Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Solar PV Inverters Market?
3. What is the competitive strategic window for opportunities in the Solar PV Inverters Market?
4. What are the technology trends and regulatory frameworks in the Solar PV Inverters Market?
5. What is the market share of the leading vendors in the Solar PV Inverters Market?
6. What modes and strategic moves are considered suitable for entering the Solar PV Inverters Market?

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