In 2022, the global market for solar inverters is anticipated to increase by 5.0% annually, reaching a value of around US$ 11 billion. Sales of solar inverters are expected to grow at a compound annual growth rate (CAGR) of 6% throughout the forecast period as a result of the growing use of renewable energy sources for residential and commercial reasons.
Notably, the solar inverter market saw a noteworthy CAGR of 3.8% between 2017 and 2021. The analysis predicts that sales will grow at a strong 6% CAGR during the evaluation horizon.
Among the various types of solar inverters, string inverters are recognized for their ease of maintenance, often being installed in accessible locations like basements and garages.
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Driving Forces and Government Initiatives Shaping the Solar Inverter Market
Solar inverters are influenced by critical factors such as roof orientation, shading, and roof inclination. Among renewable energy sources, solar photovoltaics have demonstrated significant cost reductions of around 72% for Levelized Cost of Electricity (LCOE), surpassing reductions seen in other sources like wind energy. This reduction stands as a major catalyst for the future growth of the solar inverter market.
Governments worldwide are taking proactive measures to promote solar inverters in industrial applications. For instance, China’s National Energy Administration (NEA) has set a target as part of its 14th Five-year Plan to account for over 50% of all installed capacities by 2025.
Notable Insights from the Solar Inverter Market:
North America commands the largest share of the market, largely due to the higher adoption rate of solar energy, particularly in the US.
The Asia-Pacific region is poised for rapid growth in the solar inverter market, with Japan and India taking the lead.
Favorable policies and incentives in Europe, including residential feed-in-tariffs (FITs), are expected to drive growth. Germany is leading the way, followed by the UK.
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Recent Developments in Solar Inverter Industry:
In March 2022, Huawei Technologies forged a collaboration with Meienergy Technology Co., Ltd. to integrate smart energy storage into a 1 GW utility solar plant in Africa, incorporating a 500 MWh energy storage system developed by Meienergy.
SMA Solar Technology AG teamed up with LG Chem to blend SUNNY BOY Battery storage inverters with RESU 10M batteries, introducing innovative home storage solutions. This strategic alliance aims to develop integrated DC/DC converters to enhance the operational voltage of the batteries.
Canadian Solar Inc. unveiled its utility-scale battery storage solution, ‘SolBank,’ in September 2022, catering to the growing demand for energy storage in large-scale applications.
In January 2022, Sungrow introduced its innovative 1+X Modular central inverter during the World Future Energy Summit in Abu Dhabi. This inverter stands out for its modularity, which can be assessed at the inverter, system, and component levels.
In June 2022, V-Guard Industries Ltd. unveiled a new range of on-grid solar power inverters called ‘Solsmart.’ These inverters come with built-in switches that offer additional safety benefits, incorporating advanced safety features. Available in both three-phase and single-phase configurations, Solsmart On-Grid PV inverter also offers a 10-year warranty.
In April 2022, SMA Solar Technology AG launched a new 3-phase inverter series designed for residential and commercial solar PV systems with outputs nearing 135 kW. The series includes four new models with rated powers of 25 kW, 20 kW, 15 kW, and 12 kW, catering to various system sizes and requirements.
Key Companies Profiled
- Siemens AG
- Fimer Group
- SMA Solar Technology AG
- Delta Electronics Inc
- SunPower Corporation
- Omron Corporation
- Eaton
Global Solar Inverter Market by Category
By Type:
- Central Inverter
- Micro-Inverter
- String Inverter
By System Type:
- Off Grid
- On Grid
By Phase:
- Single Phase
- Three Phase
By End-Use:
- Residential
- Commercial and Industrial
- Utilities
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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