Press release
Global Residential Solar PV Inverter Market Projected to Surpass $7.13 Billion by 2029 with 7% Annual Growth
Residential Solar PV Inverter Market Size
The residential solar PV inverter market has grown steadily in recent years. It will increase from $5 billion in 2024 to $5.44 billion in 2025, at a CAGR of 8.8%. The growth is attributed to trends in electricity prices, global economic conditions, consumer education efforts, and the liberalization and competition in the market.
The residential solar PV inverter market is expected to grow significantly, reaching $7.13 billion in 2029, at a CAGR of 7.0%. Factors contributing to this growth include concerns about energy independence, integration with energy storage, consumer education, and smart home integration. Major trends in the forecast period include technological advancements, the development of smart inverters, hybrid solar inverter systems, and expanded system integration.
What Is Contributing to the Growth of the Residential Solar PV Inverter Market?
The growing demand for renewable energy is set to accelerate the growth of the residential solar PV inverter market. Renewable energy refers to sustainable power sources such as solar, wind, hydro, and geothermal, which are naturally replenished and environmentally friendly. Solar PV inverters are critical components in renewable energy systems, converting DC electricity into AC electricity, optimizing energy production, ensuring safety, and enabling system monitoring. For example, in January 2024, the International Energy Agency, a France-based government agency, reported that renewable electricity capacity additions reached approximately 507 GW in 2023, marking an almost 50% increase from 2022, with solar PV and wind accounting for a record 96% of this growth. Thus, the increasing demand for renewable energy is propelling the expansion of the residential solar PV inverter market.
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Which Key Market Leaders Are Driving Residential Solar PV Inverter Industry Growth?
Major companies operating in the residential solar PV inverter market are Huawei Technologies Co. Ltd., Siemens Aktiengesellschaft (AG), General Electric Company, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation, Emerson Electric Co., Delta Electronics Inc., Sungrow Power Supply Co. Ltd., Canadian Solar Inc., GoodWe Technologies Co. Ltd., Omron Corporation, Yaskawa Solectria Solar, Solar Edge Technologies Inc., Enphase Energy Inc., SunPower Corporation, Ginlong Technologies Co. Ltd., SMA Solar Technology AG, Darfon Electronics Corp., Power Electronics S.L, Fronius International GmbH, Hitachi Hi-Rel Power Electronics Private Limited, Altenergy Power System Inc., Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Sineng Electric Co. Ltd., Fimer Group S.p.A, Refu Elektronik GmbH
What Are the Emerging Trends in the Residential Solar PV Inverter Industry?
Major companies in the residential solar PV inverter market are developing advanced technologies, such as next-generation power hybrid inverters, to drive revenue growth. A power hybrid inverter integrates the functionalities of a solar inverter and a battery charger, efficiently managing electricity from solar panels, solar batteries, and the utility grid. For instance, in April 2023, Ginlong (Solis) Technologies, a China-based solar inverter manufacturer, launched the S6 Advanced Power Hybrid Inverter in South Africa. This high-efficiency residential solar PV inverter, with a peak efficiency of 97.6%, is engineered to function as an independent power hub for businesses integrating solar PV, battery storage, and generator solutions into the grid. The Solis S6 Advanced Power Hybrid Inverter facilitates seamless generator integration through enhanced communication and control features. Available in four models, it accommodates PV input power from 42 kW to 70 kW, supports a total load of 48 kW, and operates with a maximum input voltage of 1000 V.
What Are the Main Segments in the Residential Solar PV Inverter Market?
The residential solar pv inverter market covered in this report is segmented -
1) By Type: Central Inverter, String Inverter, Micro Inverter
2) By Connection: On-Grid, Off-Grid
3) By Application: Single Phase, Three Phase
4) By End-User: Residential, Commercial, Utilities
Subsegments:
1) By Central Inverter: High-Power Central Inverters, Medium-Power Central Inverters
2) By String Inverter: Standard String Inverters, Optimized String Inverters
3) By Micro Inverter: Grid-Tied Micro Inverters, Battery-Integrated Micro Inverters
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Which Geographic Area Leads the Residential Solar PV Inverter Market?
Asia-Pacific was the largest region in the residential solar PV inverter market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the residential solar pv inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Residential Solar PV Inverter Global Market Report?
- Market Size Analysis: Analyze the Residential Solar PV Inverter Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Residential Solar PV Inverter Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Residential Solar PV Inverter Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Residential Solar PV Inverter Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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