PV Inverter Market Expected to Reach by 2024 - 2031 | Eaton, Emerson Electric Co., Power Electronics S.L.

Market Overview:

A PV inverter, also known as a solar inverter, is a power electronic device that converts direct current (DC) power produced by a photovoltaic (PV) solar panel into alternating current (AC) power that can provide energy for commercial applications or feed into the electric utility company grid via solar microinverter systems or string inverter systems. PV inverters are essential components of PV systems that help maximize solar energy generation.

Market Dynamics:

Increased installation of solar PV systems globally is expected to drive the growth of the PV inverter market during the forecast period. According to the International Renewable Energy Agency (IRENA), installed solar PV capacity is estimated to reach around 770 GW by 2023 from around 600 GW in 2021, growing at an annual rate of 9%. This is attributed to rising awareness about clean energy sources and decreasing costs of solar panels and inverters. Furthermore, supportive government policies in the form of tax incentives, renewable purchase obligations, and net metering are also fueling the adoption of solar PV systems in both residential and non-residential sectors. Advancements in PV inverter technology such as high efficiency models, integrated solutions, and monitoring capabilities are further expected to upsurge the market growth over the forecast period.

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Rising Deployment of Residential and Commercial Rooftop Solar PV Systems

The growing deployment of residential and commercial rooftop solar photovoltaic (PV) systems has been one of the major drivers of the global PV inverter market. With increased awareness about the importance and benefits of renewable energy, many homeowners and building owners are opting for rooftop solar panels to generate their own electricity from solar power. This has significantly boosted the demand for PV inverters that are used to convert the direct current (DC) power produced by solar PV panels into alternating current (AC) power that can be used by electric appliances or fed into the electricity grid. In addition, various government incentives and subsidies in the form of rebates and tax credits on rooftop solar installations have further encouraged the adoption of residential and commercial rooftop solar PV across different countries. Many developed as well as developing nations have set aggressive targets for rooftop solar capacity additions over the next decade, which is expected to drive greater PV inverter sales.

High Initial Capital Cost for Large-Scale Solar Power Plants

High initial capital cost has been a major restrain hindering the growth of the global PV inverter market. Setting up large-scale ground-mounted or utility-scale solar power plants requires huge investments. Only a fraction of the total capital cost of a solar power project is accounted for by PV inverters. The major cost components include PV modules or solar panels, mounting structures, land acquisition, installation labor charges, transmission infrastructure, and other balance of system components. Higher set up costs make solar power generation less competitive compared to conventional power sources. This limits the widespread adoption of large-scale PV systems and consequently impacts PV inverter demand. However, with declining module prices and other cost reduction strategies adopted by developers, the levelized cost of electricity from solar is coming down, gradually making large-scale solar more viable.

Rise of Energy Storage Technologies

Integration of energy storage systems with PV installations and power plants presents a major opportunity for the PV inverter market. As the installed solar power capacity continues to rise globally, the intermittent nature of solar power production is emerging as a challenge. The electricity generated from solar plants vary with availability of sunlight during daytime while demand persists throughout the day and night. This increases the needs for energy storage technologies such as utility-scale batteries that can store excess solar power during the day and feed it to the grid when the sun is down. PV inverters play a critical role in charging and discharging battery storage systems. They are also required for effective management and optimization of integrated PV-plus-storage solutions. Leading inverter manufacturers are innovating advanced inverter designs and solutions to seamlessly integrate different types of energy storage technologies with PV systems. This growing trend towards solar-plus-storage offers immense opportunity for higher PV inverter sales in future.

Growing Popularity of Microinverters and String Inverters

Transformation in inverter product types is a key trend in the PV inverter industry. The traditional central inverter design, which incorporates a single large inverter to handle the entire PV array, is gradually being replaced by string and microinverters. String inverters handle specific strings or groups of connected solar panels instead of the entire PV system. Microinverters, on the other hand, are mounted onto individual solar panels, allowing module-level monitoring and control. Compared to central inverters, the advantages of string and microinverters include higher energy yields, module level monitoring, decreased downtime, increased design flexibility, and better shade management. This has made them an increasingly popular choice for residential and commercial rooftop applications. Leading inverter manufacturers are heavily focusing on developing advanced string and microinverter solutions with competitive pricing. Rising adoption of these product types is expected to characterize PV inverter market trends going forward.

Top Companies Featured in This Report:
★ Eaton
★ Emerson Electric Co.
★ Power Electronics S.L.
★ Hitachi Hi-Rel Power Electronics Private Limited
★ Siemens Energy
★ Fimer Group
★ SMA Solar Technology AG
★ Delta Electronics
★ Inc
★ SunPower Corporation
★ Omron Corporation

Market Segmentation:

By Product Type:

★ By Product: String PV inverter, Central PV inverter, Micro PV inverter, Other PV inverter
★ By End-use: Commercial & Industrial, Utilities, Residential

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Impact of the PV Inverter Market Report:

Thorough evaluation of all opportunities and risks in the PV Inverter market.

Analysis of recent innovations and significant events in the PV Inverter market.

Comprehensive examination of business strategies employed by leading players to foster growth in the PV Inverter market.

Definitive assessment of the growth trajectory of the PV Inverter market for the coming years.

Detailed insight into the specific drivers, constraints, and key micro markets within the PV Inverter market.

Understanding the influence of crucial technological advancements and the latest market trends shaping the PV Inverter market.

The report offers insights on the following aspects:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Analysis of PV Inverter Market Competition Landscape by Players

Chapter 4: Assessment of PV Inverter Market Size by Type and Application

Chapter 5: Global and Regional Analysis

Chapter 6: Company Profiles, recent developments, and investments

Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors

Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

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Ultimately, the PV Inverter Market report serves as a reliable source for market research, essential for significantly boosting your business. It provides crucial insights into market dynamics such as regional economic conditions, product pricing, profitability, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility assessment, and return on investment analysis for new projects.

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