Press release
Solar Inverter Market to Reach $18.8 Billion by 2031, Growing at 8.9% CAGR, Key Growth Drivers and Competitive Landscape
[Redding, California] - Meticulous Research® has recently published its latest report, projecting that the global Solar Inverter Market is poised to reach an impressive $18.8 billion by 2031, exhibiting a robust compound annual growth rate (CAGR) of 8.9% from 2024 to 2031. This significant market expansion is primarily fueled by an increasing global emphasis on sustainability, the implementation of supportive government policies, and the rising cost of electricity.The report highlights several key factors driving this growth. The growing integration of solar inverters with energy storage systems and the adoption of smart grid technologies are set to create lucrative opportunities for market players. However, the high installation costs and challenges related to the integration of solar power into existing electrical grids are potential barriers to market growth. A noteworthy trend in this sector is the incorporation of digital technologies and Internet of Things (IoT) capabilities into solar inverters, further enhancing their functionality and efficiency.
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Market Segmentation and Key Insights:
Product Segmentation:
The global solar inverter market is segmented into string inverters, micro inverters, power optimizers, hybrid inverters, and central inverters.
In 2024, central inverters are expected to dominate the market with a 40.0% share, driven by their cost-effectiveness and high conversion efficiency. These inverters are particularly favored in utility-scale solar farms and large commercial and industrial projects.
The hybrid inverters segment, however, is anticipated to grow at the fastest rate through 2031, spurred by the increasing integration of energy storage systems with solar PV installations and the demand for energy independence.
Grid Type Segmentation:
The market is categorized into on-grid, off-grid, and hybrid systems.
On-grid solar inverters are projected to lead the market in 2024, capturing 70.0% of the market share due to their simplicity, cost-effectiveness, and compatibility with existing infrastructure.
The hybrid segment is expected to witness the highest growth rate, driven by the demand for versatile systems that can operate both grid-tied and off-grid, particularly in remote or underserved areas.
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Phase Segmentation:
The market is bifurcated into single-phase and three-phase solar inverters.
Three-phase solar inverters are projected to account for a dominant 75.0% market share in 2024, owing to their ability to handle higher power loads and deliver superior efficiency, especially in commercial and industrial sectors.
This segment is also expected to grow at the highest rate, supported by ongoing product innovations, such as Delta Electronics' M100A Flex three-phase inverter, launched in March 2022, which offers enhanced capabilities for residential and commercial applications.
End User Segmentation:
The market is segmented into residential, commercial & industrial (C&I), utility-scale, and other end users.
Utility-scale projects are expected to represent the largest share of 52.0% in 2024, driven by global efforts to expand renewable energy capacity and reduce greenhouse gas emissions.
This segment is also projected to experience the highest growth rate through 2031.
Geographical Insights: Asia-Pacific is expected to dominate the global solar inverter market, accounting for 60.0% of the market share in 2024. The region's growth is driven by favorable government policies, increased investment in green energy, and a surge in solar energy projects. The market in Asia-Pacific is also projected to register the highest CAGR of 10.0% during the forecast period.
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Key Market Players:
Leading companies in the solar inverter market include Siemens AG (Germany), Schneider Electric SE (France), Hitachi Hi-Rel Power Electronics Pvt. Ltd. (India), Sungrow Power Supply Co., Ltd. (China), Huawei Technologies Co., Ltd. (China), and SMA Solar Technology AG (Germany), among others. These companies are at the forefront of technological advancements, helping to shape the future of the solar inverter market.
About the company:
We are the trusted research partners for leading businesses around the world, providing market intelligence focused towards building revenue transformation strategies. Our research is used by Fortune 500 organizations to attain success by scouting next generation revenue opportunities well ahead of their competition.
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Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
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APAC: +91 744-7780008
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