PV Inverter Market Drivers, Industry Survey and Business Development Analysis till 2030

Posted on 2023-01-22 by researchinsights in Energy // 0 Comments

San Francisco, California , USA, Jan 23, 2023 — /EPR Network/ —

PV Inverter Industry Overview

The global PV inverter market size was valued at USD 9.31 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030.

The energy demand has been growing year on year, which in turn, is driving the need for different renewables such as solar energy and equipment. Since the downturn in gas prices in the year 2014, alternative energy, especially wind and solar have been placed on the backburner and the trend has reverberated across numerous industries.

The U.S. emerged as the largest market in North America in 2021. It is a significant market for different types of PV inverters. Some of the recent inverter trends in the U.S. include an increase in sizes of central inverters (1.5 MW plus) and three-phase string inverters (60 kW). Though the U.S. has witnessed steady growth for string inverters, the central inverters are anticipated to maintain their hold of the market share.

Gather more insights about the market drivers, restrains and growth of the Global PV Inverter Market

The value chain of solar inverters is considerably complex and comprises component manufacturers, inverter manufacturers, distributors, sellers, and end-users. Different components of the solar value chain account for different revenue generation as the significant portion constitutes panels followed by inverters and batteries. The value chain complexity offers little room for technical differentiation of solar devices as the efficiency of these devices is relatively high.

Solar PV inverters are an integral part of the whole solar system. These inverters convert the DC electricity to the alternate current and hence determine the efficiency of the whole solar system. Solar PV inverters are available in distinct characteristics and features and take into account different factors affecting solar system production. Some of the critical factors include shading, roof orientation, roof inclination, summer vs winter production, tilting panels, and many other factors that result in the required output.

Renewable power generation cost has witnessed a very steep decline and in the current scenario are very competitive to meet the need for new capacity. For instance, solar photovoltaics have resulted in a decrease of approximately ~72% for the Levelized Cost of Electricity (LCOE) which is one of the highest cost reductions compared to other renewable energy technologies such as wind. This fall in the prices of solar power generation came with the reduction of installation costs for solar modules, cells, inverters, and related equipment.

The COVID-19 pandemic has resulted in hindering the market growth of PV inverters globally owing to factors such as disruption in the supply chain. Further, demand has been reduced for the PV inverter from residential and commercial end-users due to restricted new construction activities and due to the diversion of available funds by residential and commercial end-users to sustain during the COVID-19 pandemic.

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PV Inverter Market Segmentation

G Grand View Research has segmented the global PV inverter market based on product, end-use, and region:

PV Inverter Product Outlook (Revenue, USD Million, 2019 – 2030)
- Central PV inverter
- String PV inverter
- Micro PV inverter
- Other PV inverters
PV Inverter End-use Outlook (Revenue, USD Million, 2019 – 2030)
- Residential & Industrial
- Commercial
- Utilities
PV Inverter Product Outlook (Revenue, USD Million, 2019 – 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global PV Inverter market include

Siemens Energy
Fimer Group
SMA Solar Technology AG
Delta Electronics, Inc
SunPower Corporation
Omron Corporation
Eaton
Emerson Electric Co.
Power Electronics S.L.
Hitachi Hi-Rel Power Electronics Pvt. Ltd.

Order a free sample PDF of the PV Inverter Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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