Solar PV Inverter Market Size, Share Analysis, Key Trends, Drivers And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Solar PV Inverter Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the solar PV inverter market size has grown strongly in recent years. It will grow from $9.37 billion in 2023 to $10.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to rapid development in the renewable energy sector, easy installation of solar inverters, emerging government subsidies, the global push towards cleaner and more sustainable energy sources, declining costs of solar PV inverters.

The solar PV inverter market size is expected to see strong growth in the next few years. It will grow to $13.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing investments and ambitious solar energy targets, increasingly usage in the commercial & industrial projects, increasing energy demand across the globe, the growing demand for solar power, increase in demand for reliable and continuous power supply. Major trends in the forecast period include increased adoption of microinverters and string inverters, growing demand for high-power inverters, development of smart inverters, development of new inverter technologies, product innovation and adaptation of the latest technologies in solar PV inverters.

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Market Drivers and Trends:

Rapid development in the renewable energy sector is expected to propel the growth of the solar PV inverter market going forward. Renewable energy refers to power derived from natural resources that replenish themselves over short periods, such as sunlight, wind, rain, tides, and geothermal heat. They are in demand as they offer a sustainable and environmentally friendly alternative to fossil fuels, reducing greenhouse gas emissions and dependency on finite resources. Solar PV inverters are useful for the utilization of renewable energy by converting the direct current (DC) electricity generated by photovoltaic panels into alternating current (AC) electricity, enabling its use in grid or home electrical systems. For instance, in December 2022, according to the International Energy Agency, a France-based intergovernmental agency, from 2021 to 2027, global electricity generation is projected to shift from coal (36.3% to 29.7%) and natural gas (23.4% to 21.3%) towards renewables, which are expected to increase significantly from 28% to 38.1%. Additionally, by 2027, solar PV is projected to exceed coal as the world's largest power capacity, nearly tripling by adding around 1,500 GW, and surpassing natural gas in 2026. Therefore, the rise in renewable energy is driving the growth of the solar PV inverter market.

Major companies operating in the solar PV inverter market are developing new products, such as Solsmart, to boost their profitability in the market. This on-grid PV inverter boasts an impressive 98.4% efficiency, and advanced safety features like an integrated DC switch, and is designed for both rooftop and traditional solar panels. For instance, in June 2022, V-Guard Industries Ltd., an India-based consumer electronics company, launched Solsmart. It offers a comprehensive 10-year warranty, with innovative features such as real-time solar analytics, maintenance reminders, and a battery gravity builder, all controllable via an app. Designed for durability, it includes protection against short circuits, overloading, and surges and is available in both single- and three-phase models.

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Major Key Players of the Market:

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.

Solar PV Inverter Market 2024 Key Insights:

• The solar pv inverter market is expected to grow to $13.01 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Rising Tide Of Renewable Energy And Its Influence On Solar PV Inverters
• Unveils Solsmart Inverter For Enhanced Solar Performance
• Asia-Pacific was the largest region in the solar PV inverter market in 2023

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