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Global Residential Solar PV Inverter Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value | Huawei Technologies Co. Ltd., Siemens Aktiengesellschaft (AG), General Electric Company
Residential Solar PV Inverter Global Market Report 2024
Residential Solar PV Inverter Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.68 billion In 2028 At A CAGR Of 7.5% :
The residential solar PV inverter market size has grown strongly in recent years. It will grow from $4.59 billion in 2023 to $5.0 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to electricity price trends, global economic conditions, consumer education initiatives, and market liberalization and competition.
The residential solar PV inverter market size is expected to see strong growth in the next few years. It will grow to $6.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to rising energy independence concerns, energy storage integration, consumer awareness and education, and smart home integration. Major trends in the forecast period include technological advancements, smart inverter technology, hybrid solar inverter systems, and increased system integration.
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Residential Solar PV Inverter Market Major Segments
The residential solar PV inverter market covered in this report is segmented -
1) By Type: Central Inverter, String Inverter, Micro Inverter
2) By Connection: On-Grid, Off-Grid
3) By Application: Single Phase, Three Phase
4) By End-User: Residential, Commercial, Utilities
Key Driver - Surging Demand For Renewable Energy Fuels Residential Solar PV Inverter Market Growth
The rising demand for renewable energy is expected to propel the growth of the residential solar PV inverter market going forward. Renewable energy refers to sustainable and environmentally friendly sources of power, such as solar, wind, hydro, and geothermal, that are naturally replenished. Solar PV inverters are essential for renewable energy systems, converting DC electricity into AC electricity, maximizing energy production, ensuring system safety, and providing system monitoring and management capabilities. For instance, in January 2024, according to the International Energy Agency, a France-based government agency, renewable electricity capacity additions reached an estimated 507 GW in 2023, almost 50% higher than in 2022, with solar PV and wind accounting for a record 96% of it. Therefore, the rising demand for renewable energy is driving the growth of the residential solar PV inverter market.
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Prominent Trend - Increasing Focus On Embracing Advanced Technologies In Residential Solar PV Inverters
Major companies operating in the residential solar PV inverter market are developing technologically advanced solutions, such as advanced power hybrid inverters, to drive their revenues in the market. An advanced power hybrid inverter combines the functions of a solar inverter and a battery charger. It is designed to manage power coming from solar panels, solar batteries, and the utility grid simultaneously. For instance, in April 2023, Ginlong (Solis) Technologies, a China-based manufacturer and distributor of solar inverters, launched its new S6 Advanced Power Hybrid Inverter for South Africa, an advanced residential solar PV inverter with a maximum efficiency of 97.6%, that is designed to work as an independent power center, targeting various businesses that are interconnecting solar PV, generator options, and battery storage to the grid. The Solis S6 Advanced Power Hybrid Inverter facilitates the seamless integration of generators with various input modalities and automatic on or off control through improved communication and control capabilities. The inverter has four models, allowing for PV input power from 42 kW to 70 kW and a maximum total load of 48 kW, with a maximum input voltage of 1000 V.
Residential Solar PV Inverter Market Players
Major companies operating in the residential solar pv inverter market are Huawei Technologies Co. Ltd., Siemens Aktiengesellschaft (AG), General Electric Company, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation, Emerson Electric Co., Delta Electronics Inc., Sungrow Power Supply Co. Ltd., Canadian Solar Inc., GoodWe Technologies Co. Ltd., Omron Corporation, Yaskawa Solectria Solar, Solar Edge Technologies Inc., Enphase Energy Inc., SunPower Corporation, Ginlong Technologies Co. Ltd., SMA Solar Technology AG, Darfon Electronics Corp., Power Electronics S.L, Fronius International GmbH, Hitachi Hi-Rel Power Electronics Private Limited, Altenergy Power System Inc., Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Sineng Electric Co. Ltd., Fimer Group S.p.A, Refu Elektronik GmbH
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the residential solar PV inverter market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the residential solar pv inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Residential Solar PV Inverter Market Report Structure
3. Residential Solar PV Inverter Market Trends And Strategies
4. Residential Solar PV Inverter Market - Macro Economic Scenario
5. Residential Solar PV Inverter Market Size And Growth
…..
27. Residential Solar PV Inverter Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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