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Residential Solar PV Inverter Market Size Forecasted To Achieve $7.13 Billion By 2029 With Steady Growth
Residential Solar PV Inverter Market Size
What Is the Residential Solar PV Inverter Market Size and Projected Growth Rate?
In the past few years, the market size for residential solar pv inverters has seen a substantial increase. It's projected to increase from $5 billion in 2024 to $5.44 billion in 2025, experiencing a compound annual growth rate (CAGR) of 8.8%. The factors responsible for this significant growth during the historic period include trends in electricity prices, international economic circumstances, initiatives to educate consumers, and the liberalization and competition within the market.
The market size for residential solar pv inverters is forecasted to experience significant expansion in the coming years, with its valuation projected to reach $7.13 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 7.0%. This expected growth during the forecast period can be traced back to factors like growing angst about energy independence, the incorporation of energy storage, increased consumer awareness and education, along with smart home integration. Key trends that will make waves during the forecast period encompass technological evolution, advanced smart inverter technology, hybrid solar inverter systems, and enhanced system integration.
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What Are the Major 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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What Are The Driving Residential Solar PV Inverter Market Evolution?
The residential solar PV inverter market's expansion is anticipated to be fueled by the escalating demand for renewable energy. Renewable energy includes sustainable and environmentally friendly power sources like solar, wind, hydro, and geothermal, which are naturally restorative. Crucial to renewable energy systems, solar PV inverters transform DC electricity into AC electricity, optimize energy output, guarantee system security and offer system monitoring and management features. For instance, renewable electricity capacity additions surged to an estimated 507 GW in 2023, which is nearly 50% greater than in 2022, stated the International Energy Agency, a government agency based in France, in January 2024. Solar PV and wind constituted an unprecedented 96% of this growth. Consequently, the surging demand for renewable energy is contributing to the residential solar PV inverter market's growth.
Which Firms Dominate The Residential Solar PV Inverter Market Segments?
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 Trends Are Driving Growth in The Residential Solar PV Inverter Market?
Leading firms in the residential solar PV inverter market are progressing their revenue margins by enhancing their technological solutions like innovative power hybrid inverters. These power hybrid inverters are a blend of a solar inverter and a battery charger. They are engineered to concurrently control power from solar panels, solar batteries, and the utility grid. In April 2023, for example, Ginlong (Solis) Technologies, a manufacturer and distributor of solar inverters from China, unveiled its latest S6 Advanced Power Hybrid Inverter specifically for the South African market. This inverter is an upgraded residential solar PV inverter with an impressive maximum efficiency of 97.6%. It is purposed to function as a standalone power hub, catering to diverse businesses that interlink solar PV, generator options, and battery storage to the grid. The Solis S6 Advanced Power Hybrid Inverter aids the effortless integration of generators with multiple input modalities and provides automatic switch on/off control through enhanced communication and control features. It offers four models, which supports PV input power ranging from 42 kW to 70 kW, a maximum total load of 48 kW, and a maximum input voltage of 1000 V.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Residential Solar PV Inverter Market?
2. What is the CAGR expected in the Residential Solar PV Inverter Market?
3. What Are the Key Innovations Transforming the Residential Solar PV Inverter Industry?
4. Which Region Is Leading the Residential Solar PV Inverter Market?
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