Solar Inverters Market Analysis, Size, Share, Growth and Forecast by 2031

A Solar Inverter, also known as a photovoltaic (PV) inverter, is a device that converts direct current (DC) electricity from solar panels into alternating current (AC) electricity that can be used by the electrical grid or local electrical networks. Inverters are a key part of a solar system and are the main connection between the panels and the electrical distribution panel in a house. The conversion makes solar-generated power compatible with the electrical grid and appliances, allowing the electricity to be used to power household devices or fed back into the grid. The Solar Inverters Industry size is projected to reach US$ 21.87 billion by 2031 from US$ 10.65 billion in 2023. The market is expected to register a CAGR of 9.4% during 2023-2031.

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Market leaders and Top key company profiles:
FIMER SpA.
Delta Electronics, Inc.
Enertechups
GOODWE
Power Electronics S. L.
Powerone Micro Systems Pvt. Ltd
Sineng Electric
SMA Solar Technology AG
Solaredge Technologies Inc.
Hitachi Hi-Rel Power Electronics Pvt Ltd

Solar Inverters Market Report Segmentation Analysis:
Key segments that contributed to the derivation of the solar inverters market analysis are type, system type, and end user.
1. Based on the type, the solar inverters market is divided into central, string, and micro. The central segment held the largest share of the market in 2023.
2. By system type, the market is segmented into on-grid and off-grid. The on-grid held the largest share of the market in 2023.
3. By end user, the market is segmented into residential, commercial, and utility. The utility held the largest share of the market in 2023.

The Solar Inverters Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

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This release was published on openPR.