PV Inverter Market to Witness Stunning Growth in 2024 - 2031 | Eaton, Emerson Electric Co., Power Electronics S.L.

Market Overview:

The PV inverter market size is valued at US$ 15.28 billion by 2024, from US$ 41.87 billion in 2031, at a CAGR of 15.5% during the forecast period.

Market Dynamics:

The global PV inverter market is expected to witness significant growth over the forecast period owing to rising solar PV installations across both residential and non-residential sectors globally. Government efforts to increase solar capacity through supportive policies and incentives are encouraging greater adoption of solar energy. Furthermore, continual decreases in the prices of solar panels and technological advancements in PV inverter design are making solar power more affordable and efficient. Manufacturers are focusing on developing advanced inverters with higher efficiency, power density and monitoring capabilities. This is expected to further support global PV inverter market growth during the forecast period.

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Major Drivers for Increased Adoption of PV Inverters

Increasing Global Focus on Renewable Energy Sources

With the growing concerns around climate change and environmental pollution, various governments across the world are increasingly focusing on renewable energy sources like solar power to meet their rising energy demands in a sustainable way. Solar power in particular has seen huge growth in recent years led by solar PV technology. This rise in solar PV installations is directly driving the demand for PV inverters that are needed to convert the direct current (DC) produced by solar panels into alternating current (AC) that can be fed into the electricity grid or used by homes and businesses.

Major Opportunity for PV Inverter Market

Growing Uptake in the Residential Sector

While a lot of focus till now has been on scaling up large-scale utility-scale solar farms, residential solar PV installations are gaining significant traction in many developed nations. Reasons for this include increasing environment consciousness of homeowners, ease of setting up rooftop panels, third party financing options, attractive payback period, and government incentives and net-metering policies. As more homes switch to solar energy through rooftop panels, there lies a huge market opportunity for manufacturers of smaller residential PV inverters to cater to this thriving residential solar market segment.

Key Trend in the PV Inverter Industry

Rise of Smart Integrated Inverters

A notable trend that is being witnessed in the PV inverter industry is the emergence of advanced smart integrated inverters. These new breed of inverters come with multiple functionalities integrated into a single package. Apart from converting DC to AC power, they feature data monitoring capabilities, remote access and control, self-diagnostics, extra protection features for safety, and integration with energy storage technologies. They allow for more optimal operation and maintenance of solar systems. Their advanced smart capabilities are appealing to commercial and utility customers looking for a holistic solution. This is expected to be a major technology trend that gains traction over the coming years.

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Top Companies Included in This Report:

★ Eaton
★ Emerson Electric Co.
★ Power Electronics S.L.
★ Hitachi Hi-Rel Power Electronics Private Limited
★ Siemens Energy
★ Fimer Group
★ SMA Solar Technology AG
★ Delta Electronics
★ Inc
★ SunPower Corporation
★ Omron Corporation

Market Segmentation:

By Product Type:

★ By Product: String PV inverter, Central PV inverter, Micro PV inverter, Other PV inverter
★ By End-use: Commercial & Industrial, Utilities, Residential

Key Regions/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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The report offers insights on the following topics:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Competitor Landscape of the PV Inverter Market by Players

Chapter 4: Market Size of the PV Inverter Market by Type and Application

Chapter 5: Global and Regional Analysis

Chapter 6: Company Profiles, Recent Developments, and Investments

Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors

Chapter 8: Analysis of Value Chain and Sales Channels, including notable product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

Ultimately, the PV Inverter Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the PV Inverter industry.

Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.

Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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