The global PV Inverter market is poised to capture a valuation of USD 1.5 billion in 2023 and expand to USD 2.8 billion by 2033, according to a new report by Future Market Insights. The market is forecast to grow at a robust Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period from 2023 to 2033. The growth is being driven by a combination of rising demand for clean energy, government incentives, and increasing concerns over environmental sustainability.
Key Market Growth Drivers
- Rising Demand for Electricity: The increasing global demand for electricity, exacerbated by frequent power cuts and rising consumption, is fueling the adoption of PV inverters. Solar energy offers an effective alternative, supporting the market’s growth trajectory.
- Growing Environmental Awareness: The global push for reducing carbon emissions and the widespread awareness of sustainable energy sources are driving the demand for solar energy systems, including PV inverters. These systems are integral to harnessing solar power efficiently.
- Commercial and Industrial Adoption: There is a significant surge in the use of PV inverters in commercial and industrial sectors for generating renewable energy. This is particularly evident in urbanized and energy-hungry regions, where the demand for sustainable electricity is high.
- Government Support & Initiatives: Government incentives, such as Feed-in Tariffs (FiTs) and tax credits, are enhancing the affordability and adoption of PV inverters. In countries like the United States, the government offers a 26% tax credit for solar installations, further stimulating market growth.
- Expanding Demand in Emerging Markets: Developing countries, particularly in Asia, are experiencing increasing adoption of PV inverters. China and India, in particular, are ramping up investments in renewable energy to meet growing electricity consumption and mitigate power shortages.
Market Trends Driving Growth
- Technological Advancements: The demand for hybrid solar inverters and other advanced models is rising due to their high efficiency, which allows for better energy management and reduced waste. These inverters are particularly popular in residential, commercial, and industrial installations.
- Adoption of On-Grid Connectivity: The on-grid segment is expected to dominate the market with its cost-efficiency and capability to meet rising electricity consumption. The market is seeing increased investments in grid-connected solutions to optimize solar energy production.
- Phase Type & Product Preferences: The three-phase inverter type continues to dominate the market due to its superior efficiency in energy distribution and performance. Additionally, central-type inverters are growing in popularity, especially for large-scale solar installations, thanks to their ability to provide constant power and efficiency.
Regional Insights
- United States: The U.S. PV inverter market is poised for growth, driven by increasing adoption of hybrid solar inverters and government subsidies.
- United Kingdom: The UK market is expanding due to favorable government policies and technological advancements in solar inverter efficiency.
- China: China’s PV inverter market is fueled by growing demand for renewable energy solutions and extensive solar installations.
- Japan: Japan’s market growth is supported by rising electricity consumption and a shift towards renewable energy sources.
- South Korea: South Korea’s PV inverter market is showing steady growth, driven by increased adoption of solar energy in urban and rural areas.
Competitive Landscape
Several key vendors are increasingly focusing on developing environmentally friendly, non-hazardous solar inverters to support a healthier ecosystem. These companies are leveraging advanced technologies and innovative techniques to create unique and efficient solar devices. The growing popularity of automated systems, machines, and robotic devices has also captured consumers’ attention, as these solutions promise seamless and efficient operation with minimal effort.
Manufacturers are embracing more adaptable, atmospheric-friendly inverters, which are expected to further drive market expansion. To meet consumer demand for durable and high-performing products, leading vendors are implementing strategies to design long-lasting PV inverters. These companies are also utilizing various growth strategies, including mergers, acquisitions, partnerships, collaborations, and strategic agreements.
Key Players in the Market are
- Eaton
- Sungrow
- Growatt New Energy
- Darfon Electronics Corp
- Schneider Electric
- Enphase energy
- Seimens
- Fimer Group
Recent Developments in the Market are
- In 2021, Sungrow Power partnered with Hudaco Energy to distribute solar products in South Africa.
- In September 2021, Sungrow dealt with an agreement with a local distributor in Pakistan to supply commercial and residential inverters to get rid of the electricity cut-off.
- In March 2021, Fronius International announced its single phase, Primo GEN24 Plus, a hybrid inverter. This inverter launched in the 3.0–6.0 kW category with a high-tech, flexible, stylish design.
- In March 2020, Fimer Group acquired ABB, a solar inverter company. This acquisition took place to boost the company’s presence.
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PV Inverter Market Segmentation by Category
By Product:
- String
- Micro
- Central
By Phase:
- Single Phase
- Three Phase
By Connectivity:
- Standalone
- On-grid
By Nominal Power Output:
- < 0.5 kW
- 0.50–3 kW
- 3–33 kW
- 33–110 kW
- >110 kW
By Nominal Output Voltage:
- < 230 V
- 230–400 V
- 400–600 V
- 600 V
By Application:
- Residential
- Commercial & Industrial
- Utility
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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