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Solar Inverter Global Market Report 2024 - By Trends, Share, Size, Growth And Demand, Forecast To 2033
Solar Inverter Market
Solar 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 $26.06 billion In 2028 At A CAGR Of 11.4% :
The solar inverter market size has grown rapidly in recent years. It will grow from $15.08 billion in 2023 to $16.91 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increased adoption of solar photovoltaic (pv) systems, growth in focus on energy independence and sustainability, solar cost reduction, grid integration, energy independence.
The solar inverter market size is expected to see rapid growth in the next few years. It will grow to $26.06 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to energy storage integration, global climate commitments, electrification initiatives, smart grid development, increasing solar power projects. Major trends in the forecast period include smart inverters, hybrid solar inverters, advanced mppt algorithms, ai and predictive maintenance, bifacial solar panels..
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Solar Inverter Market Major Segments
The solar inverter market covered in this report is segmented -
1) By Type: Central Inverter, Micro Inverter, String Inverter
2) By System-Type: On-Grid, Off-Grid
3) By End-Use: Residential, Comercial, Utilities
Key Driver - Rapid Development In The Renewable Energy Sector Propelling Growth In The Solar Inverter Market
Rapid development in the renewable energy sector is significantly driving the growth of the solar inverter market. Solar power's rapid growth in recent years has given new life to global efforts to reduce greenhouse gas emissions and mitigate the worst effects of climate change. Solar inverters are the engines of renewable energy growth. For instance, according to the International Energy Agency (an intergovernmental organization), global renewable electricity capacity is expected to increase by more than 60% from 2020 levels to over 4,800 gigawatts (GW) by 2026, equaling the total global power capacity of fossil fuels and nuclear power combined. Additionally, solar PV continues to be the engine of renewable energy growth, with capacity additions expected to rise by 17% in 2021 to a new high of nearly 160 GW. Therefore, the rapid development in the renewable energy sector is projected to boost the growth of the solar inverter market.
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Prominent Trend - Technological Advancement In Solar Inverter
Technological advancement is a key trend gaining popularity in the solar inverter market. The key players in the solar inverter market are focusing on developing new technological solutions to strengthen their position in the market. For instance, in March 2021, Fronius, an Austrian solar inverter manufacturer, launched the Primo GEN24 Plus hybrid inverter for residential use. The single-phase, 230 V device comes in six power classes ranging from 3 to 6 kilowatts (kW) and a DC input voltage range of 65 to 600 V. This inverter has a feature called PV Point, which acts as a backup power socket, providing backup power without the use of a battery. This can be used to power essential household items such as laptops, smartphones, and small freezers.
Solar Inverter Market Players
Major companies operating in the solar inverter market include Asea Brown Boveri, Sma Solar Technology AG, Canadian Solar, Solaredge Technologies Inc, Delta Electronics Inc., Solectria Renewables LLC, Omron Corporation, Hitachi Hi-rel Power Electronics Private Limited, Power Electronics S.L, Schneider Electric, SunPower Corporation, imer S.p.A, Tabuchi Electric Co. Ltd, General Electric Company, Enphase Energy Inc., Advanced Energy Industries Inc., Chint Power Systems Co. Ltd., Eaton Corporation plc, Ginlong Technologies Co. Ltd., GoodWe Power Supply Technology Co. Ltd., Huawei Technologies Co. Ltd., Ingeteam S.A., KACO new energy GmbH, Mitsubishi Electric Corporation, Sungrow Power Supply Co. Ltd., Tebian Electric Apparatus Co. Ltd., Toshiba Corporation, Trina Solar Limited, Wuxi Suntech Power Co. Ltd., Yaskawa Electric Corporation, Yingli Green Energy Holding Company Limited, Zeversolar, Zhejiang Chint Electrics Co. Ltd.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the solar inverter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar inverter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Solar Inverter Market Report Structure
3. Solar Inverter Market Trends And Strategies
4. Solar Inverter Market - Macro Economic Scenario
5. Solar Inverter Market Size And Growth
…..
27. Solar Inverter Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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