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Comprehensive 2025 Solar PV Inverter Market Overview: Trends, Forecasts, and Growth Drivers
Solar PV Inverter
What Is the Expected CAGR for the Solar PV Inverter Market Through 2025?
The dimensions of the solar PV inverter market have been expanding significantly in the past years. From $10.11 billion in 2024, the market size is projected to surge to $10.88 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.6%. The historical growth has been driven by factors such as quick advancements in the renewable energy field, the simplicity of installing solar inverters, the emergence of governmental subsidies, a worldwide shift towards greener and more sustainable energy resources, along with the decreasing price of solar PV inverters.
What's the Projected Size of the Global Solar PV Inverter Market by 2029?
The solar PV inverter industry is anticipated to witness robust growth in the upcoming years, reaching $13.78 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. This growth throughout the forecast period can be credited to the escalating investments and aggressive solar energy goals, increased utilisation in commercial and industrial initiatives, the rising global energy demand, and accelerating demand for solar power, coupled with a growing need for a reliable and continuous power supply. Key trends in the forecast period comprise a surge in the adoption of microinverters and string inverters, enhanced demand for high-power inverters, evolution of intelligent inverters, emergence of new inverter technologies, product innovation and adoption of the most recent technologies in solar PV inverters.
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Top Growth Drivers in the Solar PV Inverter Industry: What's Accelerating the Market?
The growth of the solar PV inverter market is anticipated to be fueled by the fast-paced evolution in the renewable energy sector. Renewable energy, which is power sourced from naturally replenishing resources like sunlight, wind, rain, tides, and geothermal heat, is highly sought after as an environmentally-friendly and sustainable alternative to conventional fossil fuels. It aids in reducing greenhouse gas emissions and our reliance on finite resources. Solar PV inverters play a critical role in the use of renewable energy by transforming the direct current (DC) electricity from photovoltaic panels into alternating current (AC) electricity, making it suitable for use in grid or domestic electrical systems. For instance, data released by the Department for Energy Security and Net Zero, a UK government department, revealed that renewable energy, in September 2024, made up 51.6% of total energy production in the UK, an increase of 9.9 percentage points (PP) in Q2 2024 compared to the same quarter in 2023. Hence, the surge in renewable energy usage pulls the demand for the solar PV inverter market.
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What Trends Will Shape the Solar PV Inverter Market Through 2029 and Beyond?
Notable corporations in the solar PV inverter market like V-Guard Industries Ltd., an Indian consumer electronics organization, are introducing new innovations like Solsmart to increase their market earnings. This standard grid PV inverter touts an exceptional 98.4% productivity and is equipped with advanced safety properties including an inherent DC switch. It is engineered to accommodate both traditional and rooftop solar panels. In June 2022, V-Guard Industries brought their Solsmart offering to the market, complete with a generous 10-year warranty. This offering includes features like live solar analytics, regular maintenance reminder, and a battery gravity builder, all of which can be managed using a mobile application. Solsmart prioritizes durability and provides defense against short circuits, overloads, and surge, and it comes in either single-phase or three-phase variants.
What Are the Main Segments in the Solar PV Inverter Market?
The solar PV inverter market covered in this report is segmented -
1) By Type: Central Inverters, String Inverters, Micro Inverters
2) By Connection Type: On-Grid, Off-Grid
3) By Application: Residential, Commercial and Industrial, Utility-Scale
Subsegments:
1) By Central Inverters: Utility-Scale Central Inverters, Containerized Central Inverters
2) By String Inverters: Single-Phase String Inverters, Three-Phase String Inverters
3) By Micro Inverters: Grid-Tied Micro Inverters, Off-Grid Micro Inverters
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Which Top Companies are Driving Growth in the Solar PV Inverter Market?
Major companies operating in the solar PV inverter market are Huawei Technologies Co. Ltd., Hitachi Limited, Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Toshiba Corporation, Eaton Corporation, TBEA Sunoasis Co. Ltd., Emerson Electric Co., Omron Corporation, Sungrow Power Supply Co. Ltd., SolarEdge Technologies Inc., Enphase Energy Inc., SunPower Corporation, SMA Solar Technology AG, Fronius International GmbH, Kstar New Energy Co. Ltd., AEG Power Solutions B.V., KACO new energy GmbH, Fimer SpA, Sineng Electric Co. Ltd., Altenergy Power System Inc., Delta Energy Systems Inc.
Which Regions Will Dominate the Solar PV Inverter Market Through 2029?
Asia-Pacific was the largest region in the solar PV inverter market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the solar pv inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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