According to MRFR analysis, the global Solar Inverter market is expected to register a CAGR of ~ 5.70% from 2023 to 2030 and hold a value of over USD 18.93 billion by 2030.
A solar inverter is an electronic device that converts the direct current (DC) electricity produced by a photovoltaic (PV) system into alternating current (AC) electricity, which can be used by households and businesses.
Solar inverters are a critical component of any solar energy system, as they ensure that the electricity generated by the PV panels is compatible with the grid and can be used to power appliances and equipment. The COVID-19 pandemic has had a mixed impact on the solar inverter market.
The pandemic has disrupted supply chains and caused delays in the construction of new solar energy projects, leading to a slowdown in demand for solar inverters. Additionally, the economic downturn caused by the pandemic has resulted in reduced investment in the sector. Despite these challenges, the solar inverter market is expected to continue to grow
The solar inverter market has seen remarkable growth in recent years, driven by advancements in photovoltaic technology and the increasing demand for renewable energy solutions. Grid-tied inverters play a pivotal role in connecting solar panel systems to the electricity grid, enabling efficient power transfer and even allowing for excess energy to be fed back into the grid. Off-grid inverters, on the other hand, cater to remote areas by converting solar energy into usable power where traditional grid access is limited.
Microinverters, renowned for their module-level MPPT capabilities, optimize energy extraction from each solar panel, enhancing overall system efficiency. String inverters remain a popular choice for their cost-effectiveness and straightforward installation, while hybrid inverters integrate seamlessly with battery storage systems, ensuring a continuous power supply even during grid outages. The three-phase inverter technology serves large-scale solar installations, harmonizing power output across multiple phases. Inverter reliability and efficiency remain critical factors, influencing the adoption of various inverter technologies. As the solar inverter landscape evolves, innovative solutions like battery storage inverters and advanced power electronics continue to push the boundaries of solar system integration, ushering in a new era of sustainable energy conversion.
Key Players
· SMA Solar Technology AG (Germany)
· Canadian Solar Inc. (Canada)
· ABB Ltd (Switzerland)
· SunPower Corporation (US)
· Delta Electronics (Taiwan)
· SolarEdge Technologies Inc. (Israel)
· Sineng Electric Co. Ltd. (China)
· Power Electronics (Spain)
· Solectria Renewables LLC (US)
· Hitachi Hi-Rel Power Electronics Pvt. Ltd (India)
Regional Analysis
The Asia-Pacific region is expected to occupy a significant portion of the global solar inverter market share, driven by increasing demand for clean energy and supportive government policies. The region is home to some of the world's largest and fastest-growing solar energy markets, including China, India, and Australia, and is expected to continue to play a major role in the growth of the solar inverter market in the coming years. The Asia-Pacific region is also home to many leading manufacturers of solar inverters and is a major hub for innovation and technology development in the sector.
Market Segmentation
The Global Solar Inverter market size has been segmented into type, application, and system type.
Based on the type, the market has been segmented into Central Inverters, Micro inverters, and String inverters.
Based on the system type, the market has been segmented into On-Grid and Off-Grid.
Based on the application, the market has been segmented into Residential, Commercial, and Utilities.
Related Reports
Global Dual Carbon Battery Market
Wireline Logging Services Demand
Reservoir Analysis Market share
