Press release
Key Trend Reshaping the Solar Inverter Market in 2025: The 6 MVA 2000 Vdc InverterTechnological Advancement In Solar Inverter
Solar Inverter Market Size
The solar inverter market is experiencing significant growth driven by the swift advancement in the renewable energy sector. The impressive upsurge in solar power usage in recent years has revitalized global initiatives to cut down greenhouse gas emissions and moderate the severe impacts of climate change. Solar inverters serve as the catalysts for the expansion of renewable energy. For instance, the Energy Information Administration, a US governmental institution, reported in June 2023 that renewable energy consumption in the United States escalated to 13.2 quads in 2022, up from 12.1 quads in 2021. Consequently, the swift advancement in the renewable energy field is expected to catalyze the expansion of the solar inverter market.
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What is the future CAGR of the solar inverter market, and how will it impact industry expansion?
In recent times, we have witnessed swift expansion in the size of the solar inverter market. It is projected to escalate from $16.63 billion in 2024 to $18.52 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 11.3%. This significant growth during the historical period is due to heightened adoption of solar photovoltaic (pv) systems, a rising emphasis on energy independence and sustainability, decreased solar costs, grid integration, and energy self-sufficiency.
The size of the solar inverter market is anticipated to expand swiftly in the upcoming years, reaching a value of $28.23 billion by 2029 with a compound annual growth rate (CAGR) of 11.1%. This escalation during the prediction period can be linked to factors such as integration of energy storage, worldwide climate pledges, initiatives in electrification, development of smart grids, and a surge in solar power projects. The forecast period will also see key trends like smart inverters, hybrid solar inverters, innovative maximum power point tracking algorithms, AI, predictive maintenance, and bifacial solar panels.
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What are the most significant trends transforming the solar inverter market today?
Leading firms in the global solar inverter market are prioritizing the development of ground-breaking technologies like the 6 MVA 2000 Vdc inverter. These innovations aim to boost efficiency, cut down costs, and expand scalability in utility-scale solar energy systems. This technology transforms the DC power captured by solar panels into AC power for grid incorporation, enhancing output and decreasing expenses. An example of this is GE Vernova Inc., a US-based Inc. previously known as GE Power and GE Renewable Energy. In September 2024, this company rolled out the FLEXINVERTER 2000 VDC. Operating at 2000 volts direct current (Vdc), a leap from the prior 1500 Vdc standard, the new inverter facilitates more optimal energy conversion and lowers the cost of implementation.
Which key market segments comprise the solar inverter market and drive its revenue growth?
The solar inverter market covered in this report is segmented -
1) By Type: Central Inverter, Micro Inverter, String Inverter
2) By System-Type: On-Grid, Off-Grid
3) By End-Use: Residential, Commercial, Utilities
Subsegments:
1) By Central Inverter: Utility-Scale Central Inverters, Containerized Central Inverters, Transformer-Based Central Inverters
2) By Micro Inverter: Standard Micro Inverters, Enclosed Micro Inverters, Integrated Micro Inverters
3) By String Inverter: Single-Phase String Inverters, Three-Phase String Inverters, Hybrid String Inverters
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What regions are at the forefront of solar inverter market expansion?
Asia-Pacific was the largest region in the solar inverter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar inverter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the leading players fueling growth in the solar inverter market?
Major companies operating in the solar inverter market include Asea Brown Boveri, Sma Solar Technology AG, Canadian Solar, Solaredge Technologies Inc, Delta Electronics Inc., Solectria Renewables LLC, Omron Corporation, Hitachi Hi-rel Power Electronics Private Limited, Power Electronics S.L, Schneider Electric, SunPower Corporation, imer S.p.A, Tabuchi Electric Co. Ltd, General Electric Company, Enphase Energy Inc., Advanced Energy Industries Inc., Chint Power Systems Co. Ltd., Eaton Corporation plc, Ginlong Technologies Co. Ltd., GoodWe Power Supply Technology Co. Ltd., Huawei Technologies Co. Ltd., Ingeteam S.A., KACO new energy GmbH, Mitsubishi Electric Corporation, Sungrow Power Supply Co. Ltd., Tebian Electric Apparatus Co. Ltd., Toshiba Corporation, Trina Solar Limited, Wuxi Suntech Power Co. Ltd., Yaskawa Electric Corporation, Yingli Green Energy Holding Company Limited, Zeversolar, Zhejiang Chint Electrics Co. Ltd.
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What Is Covered In The Solar Inverter Global Market Report?
•Market Size Forecast: Examine the solar inverter market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the solar inverter market for a structured understanding.
•Key Players Overview: Analyze major players in the solar inverter market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the solar inverter market.
•Segment Contributions: Evaluate how different segments drive overall growth in the solar inverter market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the solar inverter market.
•Industry Challenges: Identify potential risks and obstacles affecting the solar inverter market.
•Competitive Landscape: Review strategic developments in the solar inverter market, including expansions, agreements, and new product launches.
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