openPR Logo
Press release

Residential Solar (PV) Inverter Market Projected to Reach USD 6.68 Billion by 2030 with a 4.3 Percentage CAGR Growth

12-23-2024 02:45 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MAXIMIZE MARKET RESEARCH PVT. LTD.

Residential Solar (PV) Inverter Market

Residential Solar (PV) Inverter Market

๐‘๐ž๐ฌ๐ข๐๐ž๐ง๐ญ๐ข๐š๐ฅ ๐’๐จ๐ฅ๐š๐ซ (๐๐•) ๐ˆ๐ง๐ฏ๐ž๐ซ๐ญ๐ž๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ size was valued at USD 4.97 Billion in 2023 and the total Residential Solar (PV) Inverter revenue is expected to grow at a CAGR of 4.3% from 2024 to 2030, reaching nearly USD 6.68 Billion.

๐‘๐ž๐ฌ๐ข๐๐ž๐ง๐ญ๐ข๐š๐ฅ ๐’๐จ๐ฅ๐š๐ซ (๐๐•) ๐ˆ๐ง๐ฏ๐ž๐ซ๐ญ๐ž๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Ž๐ฏ๐ž๐ซ๐ฏ๐ข๐ž๐ฐ:

The Residential Solar (PV) Inverter Market has witnessed significant growth in recent years due to the increasing adoption of solar energy solutions by households worldwide. A solar inverter is a critical component in converting the direct current (DC) generated by solar panels into alternating current (AC) used for residential energy needs. In 2023, the market was valued at USD billion, with projections indicating robust growth driven by technological advancements and supportive government policies. The rising demand for clean and renewable energy sources, coupled with concerns over climate change and energy costs, is propelling the adoption of residential solar inverters. Key innovations, such as smart inverters and energy storage integration, are enhancing the efficiency and reliability of solar energy systems, further driving market expansion. In addition, declining costs of solar panels and inverters have made solar installations more accessible, fostering the growth of the residential sector in this market.

๐†๐ž๐ญ ๐˜๐จ๐ฎ๐ซ ๐…๐ซ๐ž๐ž ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ž ๐ญ๐ก๐ž ๐‹๐š๐ญ๐ž๐ฌ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐ˆ๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ: https://www.maximizemarketresearch.com/request-sample/147759/

๐ƒ๐ซ๐ข๐ฏ๐ž๐ซ๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐‘๐ž๐ฌ๐ข๐๐ž๐ง๐ญ๐ข๐š๐ฅ ๐’๐จ๐ฅ๐š๐ซ (๐๐•) ๐ˆ๐ง๐ฏ๐ž๐ซ๐ญ๐ž๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ:

Several factors are driving the growth of the Residential Solar (PV) Inverter Market. The global shift towards renewable energy sources and the need for energy independence are significant drivers, as households seek sustainable and cost-effective energy solutions. Favorable government initiatives, such as tax incentives, subsidies, and net metering policies, have also boosted the adoption of residential solar systems. Rapid urbanization and rising electricity prices in developing economies are creating new opportunities for market growth. Moreover, technological advancements, such as the development of smart and hybrid inverters, have enhanced the efficiency and adaptability of solar energy systems. The growing trend of integrating residential solar inverters with battery storage systems for uninterrupted power supply is another key driver. Additionally, increased awareness about environmental sustainability and the benefits of renewable energy is encouraging more homeowners to invest in solar energy, fueling the demand for advanced inverter solutions.

๐‘๐ž๐ฌ๐ข๐๐ž๐ง๐ญ๐ข๐š๐ฅ ๐’๐จ๐ฅ๐š๐ซ (๐๐•) ๐ˆ๐ง๐ฏ๐ž๐ซ๐ญ๐ž๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐“๐ซ๐ž๐ง๐๐ฌ:

The Residential Solar (PV) Inverter Market is experiencing several noteworthy trends that are shaping its future. One prominent trend is the increasing adoption of smart inverters equipped with artificial intelligence (AI) and Internet of Things (IoT) capabilities. These inverters provide real-time monitoring, fault detection, and remote management, enhancing system performance and reducing maintenance costs. Another key trend is the integration of solar inverters with energy storage systems, allowing homeowners to store excess energy for later use, thereby improving energy reliability and efficiency. The shift towards string and microinverters, which offer higher energy yield and are more suitable for complex rooftop installations, is gaining momentum. Additionally, there is a growing preference for modular and scalable inverter solutions that cater to varying household energy needs. The market is also witnessing increased investment in research and development to produce eco-friendly and cost-effective inverters, aligning with the global push for sustainable energy solutions. These trends indicate a dynamic and innovation-driven future for the residential solar inverter market.

๐ˆ๐ง๐ช๐ฎ๐ข๐ซ๐ž ๐“๐จ๐๐š๐ฒ ๐Ÿ๐จ๐ซ ๐‚๐ฎ๐ฌ๐ญ๐จ๐ฆ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐€๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ: https://www.maximizemarketresearch.com/inquiry-before-buying/147759/

๐Œ๐ž๐ซ๐ ๐ž๐ซ๐ฌ ๐š๐ง๐ ๐€๐œ๐ช๐ฎ๐ข๐ฌ๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐‘๐ž๐ฌ๐ข๐๐ž๐ง๐ญ๐ข๐š๐ฅ ๐’๐จ๐ฅ๐š๐ซ (๐๐•) ๐ˆ๐ง๐ฏ๐ž๐ซ๐ญ๐ž๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ

๐’๐จ๐ฅ๐š๐ซ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐ข๐ง ๐•๐ข๐ž๐ญ๐ง๐š๐ฆ

Vietnam is rapidly expanding its renewable energy sector, with significant investments in residential solar systems. The government's feed-in-tariff policies have encouraged widespread adoption of solar inverters. Companies like SolarBK are leading efforts to deploy advanced inverters tailored for Vietnam's residential market. Recent collaborations with international firms highlight Vietnam's commitment to advancing solar technology.

๐’๐จ๐ฅ๐š๐ซ ๐„๐ง๐ž๐ซ๐ ๐ฒ ๐“๐ซ๐ž๐ง๐๐ฌ ๐ข๐ง ๐“๐ก๐š๐ข๐ฅ๐š๐ง๐

Thailand's residential solar inverter market is growing due to rising electricity prices and government incentives. Bangchak Corporation and BGRIM Power have invested heavily in solar energy projects, driving demand for advanced inverter solutions. The introduction of hybrid inverters in residential systems is a notable trend in Thailand, enhancing energy efficiency and storage capabilities.

๐“๐ž๐œ๐ก๐ง๐จ๐ฅ๐จ๐ ๐ข๐œ๐š๐ฅ ๐ˆ๐ง๐ง๐จ๐ฏ๐š๐ญ๐ข๐จ๐ง๐ฌ ๐ข๐ง ๐‰๐š๐ฉ๐š๐ง'๐ฌ ๐’๐จ๐ฅ๐š๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ

Japan's leadership in solar technology is evident in its robust residential solar inverter market. Companies like Panasonic and Sharp Corporation are at the forefront of developing cutting-edge inverters. Recent mergers, such as Kyocera Corporation's collaboration with European firms, are driving technological advancements and ensuring Japan's competitiveness in the global market.

๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐Ÿ๐จ๐ซ ๐„๐ฑ๐ฉ๐š๐ง๐ฌ๐ข๐จ๐ง ๐ข๐ง ๐’๐จ๐ฎ๐ญ๐ก ๐Š๐จ๐ซ๐ž๐š'๐ฌ ๐’๐จ๐ฅ๐š๐ซ ๐ˆ๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ

South Korea is focusing on expanding its residential solar market, supported by government subsidies and energy transition policies. Key players like LG Electronics are introducing smart inverters with IoT capabilities, enabling real-time energy monitoring and optimization. The market's growth is further fueled by South Korea's commitment to achieving net-zero emissions by 2050.

๐’๐จ๐ฅ๐š๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‚๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐š๐ญ๐ข๐จ๐ง ๐ข๐ง ๐’๐ข๐ง๐ ๐š๐ฉ๐จ๐ซ๐ž

Singapore's residential solar inverter market is benefiting from the nation's strategic investments in renewable energy. Companies like Sunseap Group are driving consolidation by acquiring smaller firms and integrating advanced inverters into their projects. Singapore's government is actively supporting R&D initiatives, paving the way for innovations in solar energy storage and distribution.

๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐Ž๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐ž๐ฌ ๐ข๐ง ๐ญ๐ก๐ž ๐”๐’ ๐‘๐ž๐ฌ๐ข๐๐ž๐ง๐ญ๐ข๐š๐ฅ ๐’๐จ๐ฅ๐š๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ

The US remains a leader in the residential solar inverter market, driven by federal tax incentives and state-level solar programs. Companies like Enphase Energy and Tesla are pioneering innovations in microinverters and hybrid systems. Recent acquisitions, such as Generac's purchase of energy management startups, highlight the US's focus on advanced energy solutions.

๐’๐ฎ๐ฌ๐ญ๐š๐ข๐ง๐š๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐“๐ซ๐ž๐ง๐๐ฌ ๐ข๐ง ๐„๐ฎ๐ซ๐จ๐ฉ๐ž'๐ฌ ๐’๐จ๐ฅ๐š๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ

Europe's commitment to sustainability is evident in its residential solar inverter market. Major players like SMA Solar Technology and Fronius are developing eco-friendly and efficient inverter solutions. The European Green Deal has accelerated investments in renewable energy projects, with recent collaborations between European firms and Asian manufacturers driving market growth.

๐‚๐ฎ๐ซ๐ข๐จ๐ฎ๐ฌ ๐€๐›๐จ๐ฎ๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐“๐ซ๐ž๐ง๐๐ฌ? ๐†๐ซ๐š๐› ๐˜๐จ๐ฎ๐ซ ๐’๐š๐ฆ๐ฉ๐ฅ๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ ๐“๐จ๐๐š๐ฒ: https://www.maximizemarketresearch.com/request-sample/147759/

๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐š๐ญ๐ข๐จ๐ง ๐€๐ง๐š๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐จ๐Ÿ ๐ญ๐ก๐ž ๐‘๐ž๐ฌ๐ข๐๐ž๐ง๐ญ๐ข๐š๐ฅ ๐’๐จ๐ฅ๐š๐ซ (๐๐•) ๐ˆ๐ง๐ฏ๐ž๐ซ๐ญ๐ž๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ :

by Product

Central Inverter
String Inverter
Micro Inverter

by Phase

Single phase
Three phase

by Connection

On-grid
Off-grid

by End-User

Residential
Commercial
Utilities

๐–๐ก๐จ ๐ข๐ฌ ๐ญ๐ก๐ž ๐ฅ๐š๐ซ๐ ๐ž๐ฌ๐ญ ๐ฆ๐š๐ง๐ฎ๐Ÿ๐š๐œ๐ญ๐ฎ๐ซ๐ž๐ซ๐ฌ ๐จ๐Ÿ ๐‘๐ž๐ฌ๐ข๐๐ž๐ง๐ญ๐ข๐š๐ฅ ๐’๐จ๐ฅ๐š๐ซ (๐๐•) ๐ˆ๐ง๐ฏ๐ž๐ซ๐ญ๐ž๐ซ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐ฐ๐จ๐ซ๐ฅ๐๐ฐ๐ข๐๐ž?

1. General Electric
2. SMA Solar Technology AG
3. Sungrow
4. Darfon Electronics Corp.
5. Schneider Electric
6. Enphase Energy
7. Siemens, Fimer Group
8. Eaton SolarEdge Technologies
9. Huawei Technologies
10.Fronius International GmbH
11.Delta Electronics
12.Altenergy Power System
13.Hitachi Hi-Rel Power Electronics Pvt. Ltd.
14.TMEIC
15.Sineng Electric
16.Tabuchi Electric
17.Canadian Solar
18.Panasonic Corporation
19.GoodWe

๐Š๐ง๐จ๐ฐ ๐Œ๐จ๐ซ๐ž ๐€๐›๐จ๐ฎ๐ญ ๐“๐ก๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ: https://www.maximizemarketresearch.com/market-report/residential-solar-pv-inverter-market/147759/

๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ž ๐Œ๐จ๐ซ๐ž: ๐•๐ข๐ฌ๐ข๐ญ ๐Ž๐ฎ๐ซ ๐–๐ž๐›๐ฌ๐ข๐ญ๐ž ๐Ÿ๐จ๐ซ ๐€๐๐๐ข๐ญ๐ข๐จ๐ง๐š๐ฅ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ:

โ™ฆCommercial Vehicles Market https://www.maximizemarketresearch.com/market-report/global-commercial-vehicles-market/112685/

โ™ฆSyngas & Derivatives Market https://www.maximizemarketresearch.com/market-report/global-syngas-derivatives-market/53928/

โ™ฆShipbuilding Market https://www.maximizemarketresearch.com/market-report/shipbuilding-market/148775/

โ™ฆGlobal Assessment Services Market https://www.maximizemarketresearch.com/market-report/global-assessment-services-market/54365/

โ™ฆCatamarans Market https://www.maximizemarketresearch.com/market-report/catamarans-market/146274/

โ™ฆGlobal Education ERP Market https://www.maximizemarketresearch.com/market-report/global-education-erp-market/89047/

โ™ฆPhytochemicals market https://www.maximizemarketresearch.com/market-report/phytochemicals-market/3466/

MAXIMIZE MARKET RESEARCH PVT. LTD.

โฎ 3rd Floor, Navale IT park Phase 2,

Pune Banglore Highway, Narhe

Pune, Maharashtra 411041, India.

โœ† +91 9607365656

๐Ÿ–‚ sales@maximizemarketresearch.com

๐ŸŒ www.maximizemarketresearch.com

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Residential Solar (PV) Inverter Market Projected to Reach USD 6.68 Billion by 2030 with a 4.3 Percentage CAGR Growth here

News-ID: 3794913 • Views: โ€ฆ

More Releases from MAXIMIZE MARKET RESEARCH PVT. LTD.

Global Magnesium Alloys Market Poised to Grow from US$ 2.21 Billion in 2024 to US$ 5.58 Billion by 2032 at a CAGR of 12.25% - Magnesium Alloys Market Forecast
09-03-2025 | Advertising, Media Consulting, โ€ฆ
MAXIMIZE MARKET RESEARCH PVT. LTD.
Global Magnesium Alloys Market Poised to Grow from US$ 2.21 Billion in 2024 to U โ€ฆ
According to a new report by Maximizer Market Research, the Global Magnesium Alloys Market was valued at USD 2.21 billion in 2024 and is projected to reach USD 5.58 billion by 2032, growing at a CAGR of 12.25%. This growth is underpinned by rising demand from automotive & transportation, electronics, aerospace, defense, and medical industries seeking lightweight, high-performance materials. For full access to the data, request a sample report now :https://www.maximizemarketresearch.com/request-sample/32753/ โ™ฆโ€ฆ
Global Bamboo Furniture Market to Grow from USD 13.75 Billion to USD 23.02 Billion by 2032 at a CAGR of 6.65% - Bamboo Furniture Forecast
09-03-2025 | Advertising, Media Consulting, โ€ฆ
MAXIMIZE MARKET RESEARCH PVT. LTD.
Global Bamboo Furniture Market to Grow from USD 13.75 Billion to USD 23.02 Billi โ€ฆ
According to a new report by Maximize Market Research, the global bamboo furniture market was valued at USD 13.75 billion in 2024 and is projected to reach USD 23.02 billion by 2032, growing at a compound annual growth rate (CAGR) of approximately 6.65%. For full access to the data, request a sample report now :https://www.maximizemarketresearch.com/request-sample/111043/ โ™ฆ Key Highlights โ™ฆ Market size & CAGR: USD 13.75 billion (2024) to USD 23.02 billion (2032) atโ€ฆ
Open-Source Intelligence Market Projected to Reach USD 23,887 Million by 2030
09-03-2025 | Advertising, Media Consulting, โ€ฆ
MAXIMIZE MARKET RESEARCH PVT. LTD.
Open-Source Intelligence Market Projected to Reach USD 23,887 Million by 2030
Open-Source Intelligence Market size was valued at USD 6425.89 Million in 2023 and the total Open-Source Intelligence revenue is expected to grow at a CAGR of 20.63 % from 2024 to 2030, reaching nearly USD 23887.37 Million by 2030. Open-Source Intelligence Market Overview: The Open-Source Intelligence (OSINT) market is a rapidly expanding sector within the broader security and intelligence landscape. It involves the systematic collection, analysis, and interpretation of publicly available informationโ€ฆ
Pension Administration Software Market to Surge from USD 4.89 Bn (2023) to USD 10.89 Bn by 2030 at 12.1% CAGR - Pension Administration Software Forecast to Drive Digital Transformation
09-03-2025 | Advertising, Media Consulting, โ€ฆ
MAXIMIZE MARKET RESEARCH PVT. LTD.
Pension Administration Software Market to Surge from USD 4.89 Bn (2023) to USD 1 โ€ฆ
According to a new report by Maximize Market Research, the global pension administration software market was valued at USD 4.89 billion in 2023 and is projected to grow to USD 10.89 billion by 2030, registering a robust CAGR of 12.1% over the forecast period (2024-2030). This growth is expected worldwide, fueled by increasing digitalization, automation, and demand for predictive analytics in retirement plan management. For full access to the data, requestโ€ฆ

All 5 Releases


More Releases for Solar

06-10-2022 | Energy & Environment
Market Insights Reports
Biohybrid Solar Cell Market Professional Survey Report 2022 - Jinko Solar, JA SO โ€ฆ
The Biohybrid Solar Cell Market Report 2022 provides a comprehensive analysis of observable trends and projections. This research shows how to attract a large number of customers. Our certified crew of economists, researchers, and advisers has made further attempts in projecting the global industry by utilising accredited global Biohybrid Solar Cell market information tools as well as various instruments and ways to successfully review and get information. The research arguesโ€ฆ
04-05-2022 | Advertising, Media Consulting, โ€ฆ
Intelligence Market Report
Home Solar Power System Market Size, Share, Trends, Growth - Tesla, Panasonic So โ€ฆ
The Global Home Solar Power System Market study includes new innovations, market dynamics, strategic profiling in terms of the future market strategies and shares for the subsectors of the industry. This research consists of details related to the size of the industries, the major players, markets, sales volume and value. This study offers a detail data on the historical data pointers as well as forecasts by region/country for the sectorsโ€ฆ
03-20-2020 | Energy & Environment
Global Market Insights Inc.
Solar PV Module Market Outlook To 2024 - Trina Solar, Canadian Solar Inc., JA So โ€ฆ
Solar PV module market from utility sector has witnessed a substantial growth globally in recent years. In the first quarter of the year, Vietnam's Ministry of Industry and Trade have talked about their FiT scheme related to utility-based solar power projects. Ongoing electrification programs and incentives benefit pertaining to grid connected power generation is surging the demand for on-grid solar PV modules. On-grid connection represented 55% of the overall solarโ€ฆ
02-15-2019 | Business, Economy, Finances, B โ€ฆ
Data Bridge Market Research
Solar Simulator Market Distribution Channel 2019: Spire Solar, Solar Energy Inte โ€ฆ
Solar Simulator Market report aims to examine the developments of market including its market improvements, developments, positions and others. This report on the Solar Simulator market offers explanatory knowledge on the market parts like dominating players, drivers and restraints, production, revenue, consumption, import and export, and the most effective development within the organization size, deployment type, inside, segmentation comprised throughout this analysis, also major the players have used various strategies suchโ€ฆ
11-20-2018 | Energy & Environment
Solar PV Module Market
Solar PV Module Market By Key Vendors: Trina Solar, Canadian Solar Inc., JA Sola โ€ฆ
UK solar PV module market is set to expand owing to government initiatives towards sustainable energy integration. The export tariff introduced by the UK government facilitates USD 0.06 per unit for the surplus electricity injected back to the grid by the generator. Favorable government reforms with ambitious plan towards carbon footprint reduction will further boost the business outlook. Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1563 Solar PV Module Market sizeโ€ฆ
03-08-2017 | Industry, Real Estate & Constr โ€ฆ
Machinery and Equipments
Global Solar Thermal Market 2016 Abengoa Solar, SUPCON Solar, Solar Euromed
Global Solar Thermal Market Research Report The MRS Research Group Solar Thermal report by QY Research represents an inclusive evaluation of the Solar Thermal Market and comprises considerable insights, historical data, facts,and statistical and industry-validated data of the global market.Additionally,it consists of estimated data that is evaluated with the help of suitable set of methodologies and assumptions.The MRS Research Group report research highlights informative data and in-depth analysis of Solar Thermalโ€ฆ