Solar PV Inverter Market Focusing on Current Trends Leading with Top Key Players 2030

The "Solar PV Inverter Market" is expected to grow from US$ 8,673.56 million in 2022 to US$ 17,041.24 million by 2030; it is estimated to register a CAGR of 7.8% from 2023 to 2030.

Major developments have been observed in the global solar PV inverter market. For instance, in November 2019, SMA Solar Technology AG collaborated with South Korea-based LG Chem. The SUNNY BOY STORAGE battery inverters of SMA and RESU 10M batteries of LG Chem combined to form new home storage systems, which resulted in the development of integrated DC/DC converters that can help increasing the operating voltage of batteries.

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Companies Profiled in this report includes:

• Fimer Group
• Delta Electronics, Inc.
• EnerTech UPS Pvt Ltd.
• GoodWe Technologies Co Ltd
• Hitachi Hi-Rel Power Electronics Private Limited
• SL Power Electronics Corp.
• Power-One Micro Systems Pvt. Ltd.
• Sineng Electric
• SMA Solar Technology AG
• Ginlong Technologies
• Sungrow Power Supply Co., Ltd.
• Huawei Technologies Co.Ltd.

Further, in July 2019, ABB and FIMER S.p.A (an Italian company) signed an agreement for FIMER to acquire ABBs solar inverter business. The transaction enhanced the prospects of the solar inverter business and enabled ABB to focus its business portfolio on other growth markets. Additionally, the market experienced several new product launches. For instance, Delta announced the launch of new solar inverter models in March 2022 for both residential and commercial applications with European efficiency rating of 98.5%. Similarly, Solinteg launched new residential solar inverter series in September 2022 for residential applications with European efficiency of 97.0%. These new product launches by the global solar PV inverter market players are further contributing to the solar PV inverter market growth.

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Solar PV Inverter Market Segmentation:

By Product Type:
• Central
• String
• Micro

By Connectivity:
• On-Grid
• Standalone

By Phase:
• Single Phase
• Three Phase

By Capacity:
• Below 5kW
• 5-15 kW
• -25 kW
• -50 kW
• Above 50 kW

By Application:
• Residential and Community
• Commercial and Industrial
• Utility

Solar PV inverters track voltage, establish grid communication, and shut down operations during emergency conditions apart from converting direct current (DC) into alternating current (AC) via solar panels. Solar inverters are commonly used in residential and utility applications and are increasingly used in commercial and industrial projects globally. Solar photovoltaic (PV) inverters aid in maximizing energy production, ensuring safe system operations, improving grid capabilities, and tracking power output. Critical factors to be considered while adopting solar inverters are roof orientation, shading, roof inclination, tilting panels, and summer & winter production difference that result in the required output.

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