Press release
Solar (PV) Inverter Market 2025: Key Drivers and Technological Advances
According to a new report published by Allied Market Research titled, "Solar (PV) Inverter Market" the solar (PV) inverter market size was valued at $7.7 billion in 2020, and is projected to reach $17.9 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030. The rapid growth of end-use industries like oil & gas, telecom, mining, pharmaceuticals, chemicals, and healthcare has boosted the demand for off-grid solar installations to support their manufacturing and operational needs, driving the expansion of the solar (PV) inverter market throughout the forecast period. Additionally, rising demand for solar inverters in developing economies such as India, China, and Japan further propel global market growth. However, challenges such as high heat generation from large solar inverters and the complexity of installing solar panels in multiple orientations are expected to restrain the market's growth in the coming years.Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A10500
Depending on product type, the central inverter segment held the highest market share of about 50.9% in 2020, and is expected to maintain its dominance during the solar (PV) inverter market forecast period. This is duet rise in demand for central inverters from large industrial and utility applications across the globe. In addition, rapid industrialization and construction of renewable power infrastructure in the developing economies such as China, India, and Japan is further expected to fuel the demand for central inverters from 2021 to 2030.
On the basis of connection type, the on-grid segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in investment for direct supply of electricity rather than storing it in batteries. In addition, advantages of using on-grid solar inverters include easy feeding of energy, easy installation, cost-efficiency, and managing high electricity demand, which are anticipated to fuel the growth of the market in the upcoming years.
key trends shaping the solar (PV) inverter market:
1. Rising Adoption of Off-Grid Solar Systems
Increased demand from industries and remote areas is boosting off-grid solar installations, driving the need for efficient PV inverters.
2. Growth in Developing Economies
Countries like India, China, and Japan are witnessing rapid solar capacity additions, fueling inverter market expansion.
3. Technological Advancements
Innovations such as smart inverters with grid-support functions, enhanced efficiency, and remote monitoring capabilities are becoming popular.
4. Integration with Energy Storage Systems
Combining solar inverters with battery storage solutions is gaining traction for improved energy management and reliability.
5. Focus on Grid Stability and Modernization
Smart inverters are playing a crucial role in grid stabilization and accommodating higher renewable energy penetration.
6. Heat Management Improvements
New designs aim to reduce heat generation and improve inverter longevity and performance.
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On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2020, and is anticipated to maintain this dominance in solar (PV) inverter market trend during the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, rapid expansion of the renewable energy sector, rise in investment toward upgradation of aged power infrastructure, and rapid industrialization in the region are further anticipated to fuel the growth of the market in the upcoming years.
The global solar (PV) inverter market analysis covers in-depth information of the major solar (PV) inverter industry participants. The key players operating and profiled in the report include Delta Electronics, Inc., Fimer S.p.A., Fronius International GmbH, Ginlong Technologies, Huawei Technologies Co., Ltd., Shenzhen Growatt New Energy Co., Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies, Inc., and Sungrow Power Supply Co., Ltd.
Other players operating in the value chain of the global solar (PV) inverter market are Goodwe, Canadian Solar, Sunpower Corporation, Sineng Electric Co., Ltd., SunPower, Omron Corporation, and others.
Key Findings Of The Study
• In 2020, the central inverter segment accounted for about 50.9% of the share in the global solar (PV) inverter market, and is expected to maintain its dominance till the end of the forecast period.
• In 2020, the on-grid segment accounted for 65.5% solar (PV) inverter market share in the year 2020, and is anticipated to grow at a rate of 8.5% in terms of revenue, increasing its share in the global solar (PV) inverter market.
• Single phase is the fastest-growing phase segment in the global solar (PV) inverter market, expected to grow at a CAGR of 9.2% during 2021-2030.
• Commercial & industrial segment is expected to grow at the fastest rate, registering a CAGR of 9.4%, throughout the forecast period.
• In 2020, Asia-Pacific region dominated the global solar (PV) inverter market with more than 61.0% of the share, in terms of revenue.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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