Press release
PV Inverter Market Insights: Size, Share, and Growth Forecast 2024 - 2031 | Eaton, Emerson Electric Co., Power Electronics S.L.
PV Inverter Market
The PV inverter market size is valued at US$ 15.28 billion by 2024, from US$ 41.87 billion in 2031, at a CAGR of 15.5% during the forecast period.
Market Dynamics:
The globally growing solar energy industry owing to supportive government policies and initiatives aimed at promoting renewable energy adoption is driving significant demand for PV inverters. According to International Renewable Energy Agency's (IRENA) REmap report, solar PV capacity addition is expected to grow over 4-fold from 2021 to 2030. This rapid capacity expansion is estimated to push annual PV inverter demand from 17 GW in 2022 to over 60 GW by 2031, thereby driving the market growth. In addition, ongoing technological advancement such as increasing PV inverter efficiency and integration of energy storage is further expanding the product application scope and market opportunity.
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Major Market Restraint hampering the growth of the PV Inverter Market
High Installed Costs associated with Solar Projects
Despite costs reductions over the years, the installation cost of residential and commercial scale solar projects still remains high compared to fossil fuel based power generation methods. Particularly for small scale rooftop PV systems, the overall costs impacts the affordability for end-users. High upfront capital costs acts as a deterrent for faster adoption of renewable energy and limits the demand growth of associated equipment like inverters. The need to reduce soft costs through innovations to make solar power more cost-competitive remains one of the major challenges.
Major Market Opportunity for the growth of the PV Inverter Market
Commercial and Industrial Rooftop Solar Segment
With growing commitment towards sustainability and carbon emissions reduction, commercial enterprises and industries are increasingly deploying rooftop solar power generation systems. The commercial and industrial rooftop solar market is expected witness strong gains supported by conducive government policies and commitments towards clean energy usage. This emerging segment will open sizable opportunities for manufacturers of PV inverters looking to cater large scale commercial and industrial applications. Technologies facilitating better connectivity and monitoring will accelerate the uptake in non-residential rooftop solar space.
Major Market Trend influencing the PV Inverter Market
Rise of Energy Storage Technologies
Energy storage is emerging as an integral part of future solar plus storage segment. The ability of inverters to control and operate seamlessly with storage batteries is gaining more prominence. Leading players are investing heavily in developing optimized hybrid inverters and storage solutions. The convergence of solar PV and energy storage technologies will redefine the value proposition of inverters and drive next phase of innovation. The combined solar+storage systems offer reliable power supply and help maximize self-consumption of solar energy, which is expected to boost the demand of advanced inverters compatible with storage in coming years.
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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)
Key Inquiries Addressed in this Report include:
📈 What was the size of the PV Inverter Market in 2024, and what is the projected value by 2031?
📈 What is the present global market landscape for the PV Inverter Market?
📈 What strategies offer optimal opportunities for growth maximization in the business?
📈 What recent trends are shaping the PV Inverter Market?
📈 How does the market share of PV Inverter Market revenue, sales, and size vary across specific geographical regions?
📈 Who are the prominent industry players in the PV Inverter Market?
📈 Which segment of the PV Inverter Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the PV Inverter sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
💎 Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/6587
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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