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Solar PV Inverter Market Size To Grow At A CAGR Of 5% In The Forecast Period Of 2024-2032

06-17-2024 03:15 PM CET | Energy & Environment

Press release from: Expert Market Research

Solar PV Inverter Market Size To Grow At A CAGR Of 5% In The Forecast

According to a new report by Expert Market Research titled, "Global Solar PV Inverter Market Share, Size, Report and Forecast 2024-2032″, the global solar PV inverter market size reached a value of almost USD 8.45 billion in 2023. Aided by the increasing government investments in infrastructure development and increasing smart city projects, the market is projected to grow at a CAGR of 5% between 2024 and 2032 to reach a value of almost USD 13.13 billion by 2032.

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A solar photovoltaic (PV) inverter is a crucial component in a solar energy system. It converts the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity. This conversion is essential because AC electricity is the standard used by most home appliances and the power grid. Many inverters include maximum power point tracking (MPPT) technology. MPPT helps in optimising the conversion of solar energy into electricity by continuously adjusting the electrical operating point of the modules.

The global solar PV inverter market growth is primarily driven by a heightened global awareness of environmental issues, such as climate change and air pollution. This environmental consciousness, coupled with the urgent need to reduce reliance on non-renewable and polluting fossil fuels, has accelerated the shift towards renewable energy sources.

Governments worldwide have responded by implementing policies that support the adoption of renewable technologies, particularly solar energy. These policies often include subsidies, tax incentives, and grants to lower the cost barriers associated with renewable energy investments. Additionally, international agreements and national commitments to reduce carbon emissions continue to drive investments in renewable energy infrastructure, further bolstering the market for solar PV inverters.

Inverter technology has seen rapid advancements that have significantly enhanced the efficiency and reliability of solar power systems. These technologies have improved how solar energy systems integrate with electrical grids. String inverters can efficiently convert the DC output from a series of solar panels, while microinverters convert DC to AC at each panel. This helps in minimising losses and improving efficiency, especially in partially shaded conditions.

These are equipped with intelligent technology to manage grid stability and energy distribution, adapting to grid demands and enhancing overall system performance. These allow for the integration of storage solutions, enabling energy use when sunlight is unavailable, thus increasing the utility and appeal of solar systems. The solar power market has benefited from significant cost reductions in both photovoltaic panels and the inverters themselves.

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The global solar PV inverter market is greatly influenced by the increase in global production of solar panels and inverters increases. Improvements in technology have not only enhanced efficiency but also reduced manufacturing costs. Financial incentives such as feed-in tariffs and tax breaks reduce the initial capital expenditure for solar installations. These economic factors make solar energy a competitive alternative to traditional power sources, encouraging both individual consumers and businesses to invest in solar technology.

The residential sector's growth is propelled by homeowners' increasing interest in reducing their energy bills and their environmental impact. Solar installations are seen as a way to achieve energy independence and secure long-term savings on electricity costs. The enhancement in inverter technology has also made installations more adaptable to different types of homes and roof layouts, further driving the solar PV inverter market growth.

The global solar PV inverter market expansion is propelled by businesses turning to solar energy to decrease operational expenses linked to energy use and to enhance their reputation as environmentally responsible entities. Commercial buildings often have large roof spaces ideal for solar installations, making them perfect candidates for substantial solar setups.

The expansion of utility-scale solar farms is a significant trend in the solar PV inverter market, necessitating robust, high-capacity central inverters. These large-scale projects are essential for contributing significant amounts of renewable energy to national grids and are supported by both private and governmental entities. The scale of these projects demands advanced inverter solutions that can handle high outputs and provide grid management features to ensure stability and efficiency.

Market Segmentation

The global solar PV inverter market can be divided based on technology, voltage, application, and region.

Market Breakup by Technology

• Central Inverters
• String Inverters
• Microinverters
• Others

Market Breakup by Voltage

• < 1,000 V
• 1,000 - 1,499 V
• > 1,500 V
• Others

Market Breakup by Application

• Utility Scale
• Residential Scale
• Small Commercial Scale
• Large Commercial Scale
• Industrial Scale
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global solar PV inverter market. Some of the major players explored in the report by Expert Market Research are as follows:

• Schneider Electric SE
• Siemens AG
• Mitsubishi Electric US, Inc.
• General Electric Company
• Huawei Technologies Co., Ltd
• FIMER Group
• SolarEdge Technologies Inc
• Toshiba International Corporation
• Others

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Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.

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