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In-Depth Examination of Segments, Industry Developments, and Key Players in the Solar PV Inverter Market
Solar PV Inverter Market
Forecasted Expansion and Market Size of the Solar PV Inverter Industry
The solar PV inverter market is projected to expand substantially, reaching a valuation of $14.07 billion by 2030. This growth corresponds to a compound annual growth rate (CAGR) of 5.6% during the forecast period. Key factors supporting this upward trajectory include the rising integration of energy storage systems, elevated demand for hybrid inverter technologies, growth in utility-scale photovoltaic installations, advancements in inverter digitalization, and an increased emphasis on solutions that enhance grid stability. Important market trends anticipated through 2030 involve the greater installation of distributed solar systems, a shift towards more efficient inverter technologies, widespread acceptance of hybrid solar inverters, improvements in DC-AC power conversion efficiency, and the ongoing expansion of large-scale solar deployments.
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Prominent Players Steering the Solar PV Inverter Market
The competitive landscape of the solar PV inverter industry is shaped by numerous influential companies, including 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., and Delta Energy Systems Inc.
In a major development in October 2023, Hitachi Ltd., a Japanese manufacturer specializing in construction, telecom, and power system products, acquired UK-based EKS Energy. This strategic acquisition aims to boost Hitachi's renewables and battery energy storage portfolio by combining EKS Energy's expertise in power electronics and energy management with Hitachi's strengths in system integration, automation, and software solutions.
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Driving Forces Shaping the Solar PV Inverter Market
Innovative product development is a key driver in this market, with companies focusing on hybrid inverter solutions to increase energy efficiency and flexibility. Hybrid inverters can manage power from both solar panels and storage systems, enabling seamless integration and enhanced grid support. This approach helps optimize solar power usa*ge in both residential and commercial low-voltage contexts.
For example, in May 2023, Chinese solar technology firm SolaX Power introduced the X1-Hybrid LV inverter, designed specifically for low-voltage solar systems. This device improves energy management by allowing the simultaneous use of solar generation, battery storage, and grid power, thereby enhancing system flexibility and reliability for users.
Main Segmentation Categories in the Global Solar PV Inverter Market
This report divides the solar PV inverter market into several essential segments to provide detailed insights:
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
Further subsegments include:
- Central Inverters split into Utility-Scale Central Inverters and Containerized Central Inverters
- String Inverters divided into Single-Phase String Inverters and Three-Phase String Inverters
- Micro Inverters categorized as Grid-Tied Micro Inverters and Off-Grid Micro Inverters
This segmentation assists in understanding the product variations and application areas driving the industry's evolution.
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