PV Inverter Market Current Status and Long-Term Prospects Report 2024 - 2031 | DOW Corning Corporation, PolyBlend UK Ltd

Market Overview:

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 PV inverter market is expected to witness significant growth over the forecast period owing to increasing investment in large-scale solar power projects across the world. Many countries are setting ambitious targets to increase the share of solar power in their energy mix and are focusing on developing vast solar farms to meet renewable energy goals. This is driving demand for high-performance PV inverters that can efficiently handle the load from mega solar power plants. Rising installation of rooftop solar systems for residential and commercial sectors is another factor spurring opportunities for PV inverter vendors. In addition, ongoing technological advancements to develop inverters with higher efficiency, compact size and communication capabilities are helping market players to get new contracts.

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Major Drivers Propelling Growth of the PV Inverter Market

Increasing installations of residential solar PV systems is driving market growth

The adoption of residential solar PV systems has been growing rapidly over the past few years owing to falling prices of solar panels and supportive government policies promoting renewable energy. Many homeowners are opting for roof-top solar panels to generate electricity and sell excess power to the grid, driving the demand for PV inverters which convert the direct current produced by solar panels into alternating current suitable for domestic usage or feeding into the power grid.

Major Market Opportunity

Rising off-grid and minor-grid solar installations in developing markets opening new avenues

A sizeable portion of the global population still lacks access to basic electricity supply. Several developing Asian, African and Latin American countries are actively promoting wider adoption of distributed solar energy through off-grid and minor-grid systems to meet the energy needs of remote, isolated communities. With innovative battery storage and charge controller technologies making such systems economical, the demand for integral power conditioning inverters tailor-made for off-grid PV applications is on the rise. This presents a major business opportunity for PV inverter manufacturers to expand into emerging growth territories.

Notable Upcoming Trend in the Market

Advent of solar-plus-storage microinverter systems set to be next disruptive technology

The convergence of solar PV and battery storage is revolutionizing the decentralized renewable energy landscape. Microinverters paired with Lithium-ion battery packs at individual panel-level are being increasingly deployed as all-in-one solar-plus-storage systems, especially in Australia and Europe. Compared to traditional string or central inverters, these 'plug-and-play' systems offer enhanced flexibility, reliability and optimized solar self-consumption. Major PV component makers are heavily investing in developments around this promising integrated technology, which is forecasted to take the global residential PV inverter industry by storm over the next 5 years.

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Top Companies Included in This Report:

• DOW Corning Corporation
• PolyBlend UK Ltd
• Plastisol Products Inc.
• Croda International Plc
• Monarch Color Corporation
• Huber Group International Coatings Company
• Polysol Polymers
• Rutland Plastic Technologies
• U.S. Plastic Coatings
• Hernon Manufacturing Inc.

Market Segmentation:

Based on Product Type:

• Polyvinyl chloride (PVC)
• Acrylic
• Coatings
• Moldings
• Screen Printing
• Automotive
• Textiles
• Construction
• Others

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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📈 Market Outlook: Get current and future market outlooks, including recent developments, growth opportunities, drivers, challenges, and regional constraints

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Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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