Solar PV Inverter Market Size, Share, Growth, Key Players, and Forecast 2024-2032

ByRavinder Ahlawat
Solar PV Inverter Market 1

IMARC Group’s latest research report, titled “Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on the solar PV inverter market trends 2024. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global solar PV inverter market size reached US$ 8.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.

Solar PV Inverter Market Overview:

A solar PV inverter, also known as a solar power inverter, is an essential component of a solar photovoltaic (PV) system. It creates a link between the solar panels and the electrical appliances, ensuring efficient and reliable power conversion. It helps in converting the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity suitable for use in homes, businesses, and the electric grid. It helps maximize the energy harvest from solar panels by continuously tracking and optimizing the power output to match the requirements of the load. Furthermore, it provides important safety features such as ground fault protection and voltage regulation to protect the system and prevent electrical hazards. It is presently available in various types, including string inverters, microinverters, and power optimizers, each offering unique advantages depending on the installation and system design.

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Global Solar PV Inverter Market Trends:

The increasing global demand for clean and sustainable energy solutions represents one of the key factors driving the global solar PV inverter market. Additionally, governing agencies of various countries are actively promoting renewable energy adoption to reduce carbon emissions and combat climate change. They are introducing favorable policies and incentives such as feed-in tariffs and tax credits, which are accelerating the deployment of solar PV systems. Furthermore, advancements in inverter technology are improving product efficiency, reliability, and functionality. Modern solar PV inverters incorporate features like maximum power point tracking (MPPT), smart grid integration, and advanced monitoring capabilities, enabling better system performance and grid integration. Apart from this, the growing popularity of distributed solar PV systems, where inverters such as microinverters and power optimizers are increasingly used due to their ability to enhance energy production and system flexibility, is favoring market growth.

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Key Market Segmentation:

Competitive Landscape with Key Players:

  • ABB Ltd, Schneider Electric SE
  • Siemens AG
  • Mitsubishi Electric Corporation
  • Omron Corporation
  • General Electric Company
  • SMA Solar Technology AG
  • Delta Energy Systems Inc.
  • Enphase Energy Inc.
  • SolarEdge Technologies Inc.
  • Huawei Technologies Co. Ltd
  • Kstar New Energy Co. Ltd
  • Sineng Electric Co. Ltd
  • Sungrow Power Supply Co Ltd
  • Tabuchi Electric Co. Ltd
  • TBEA Sunoasis Co. Ltd
  • Toshiba Corporation

Breakup by Technology:

  • central inverter
  • string inverter
  • microinverter
  • others

Breakup by Application:

  • utility scale
  • residential scale
  • small commercial scale
  • large commercial scale
  • industrial scale

Breakup by voltage:

  • < 1,000 V
  • 1,000 – 1,499 V
  • > 1,500 V

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other

Key Highlights of the Report:

  • Market Performance
  • Market Outlook
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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