SAN FRANCISCO, Nov. 2, 2022 /PRNewswire/ -- The global PV inverter market size is expected to reach USD 15.85 billion by 2030, registering a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for solar energy-generated clean electricity across several end-use markets along with a reduction in renewable power generation costs is likely to strengthen market growth over the forecast period.
Key Industry Insights & Findings from the report:
- In 2021, the central PV inverter emerged as the largest segment and accounted for a revenue share of 49.81% owing to its enhanced efficiency, easy installation, and availability of three-phase variations.
- The U.S. emerged as the largest market in North America in 2021. The electricity sector is the second-largest source of greenhouse gas emissions owing to the combustion of fossil fuels in power plants. Thus, the U.S. government has taken subsequent steps to reduce carbon emissions from the power sector and is making continuous efforts to curb the greenhouse gas emission from the power plant.
- The residential end-use segment is expected to witness significant growth over the forecast period on account of increased demand for solar renewable energy among consumers for electrification purposes, home appliances, and other applications.
- The Asia Pacific accounted for the largest market revenue share in 2020, with China being the largest contributor to the regional market growth. A growing number of solar installations in the developing nations are attributed to the market expansion in the Asia Pacific.
Read full market research report, "PV Inverter Market Size, Share & Trends Analysis Report By Product (Central, String, Micro), By End-use (Residential, Commercial & Industrial, Utilities), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
PV Inverter Market Growth & Trends
Increasing demand for steady power supply in harsh climatic conditions or remote locations has led to the enhanced deployment of off-grid solar PV systems, thereby propelling the PV inverter product demand across such locations. In addition, favorable government policies and initiatives regarding the clean fuel usage agenda are expected to further bolster industry growth.
The market is consolidated and highly competitive in terms of huge demand and vertically integrated market players. Technological advancements due to extensive R&D investments have led to more competitiveness in the industry. Some of the key competitive factors for the market include product quality, brand, maintenance, and distribution network.
Persistent pressure on equipment suppliers due to anti-dumping tariffs is anticipated to hinder the market growth over the forecast period. Such duties have been levied by several countries on account of price deterioration that has hampered the domestic market for solar equipment. The tremendous price declines have forced nations such as the U.S. to levy anti-dumping duties on the inflow of cheaper equipment from countries such as China.
Governments in some of the major countries such as the U.S., Germany, and India have taken steps to extend the deadline for new and under construction solar power projects to be eligible for incentives and tax credits. These factors are expected to make an impact on COVID-19 in the market to be at a medium level owing to supportive steps taken by the government which would result in sales growth in the PV inverters soon.
PV Inverter Market Segmentation
Grand View Research has segmented the global PV inverter market based on product, end-use, and region:
PV Inverter Market - Product Outlook (Revenue, USD Million, 2019 - 2030)
- Central PV inverter
- String PV inverter
- Micro PV inverter
- Other PV inverters
PV Inverter Market - End-use Outlook (Revenue, USD Million, 2019 - 2030)
- Residential & Industrial
- Commercial
- Utilities
PV Inverter Market - Product Outlook (Revenue, USD Million, 2019 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- Italy
- Asia Pacific
- China
- India
- Japan
- Central and South America
- Middle East and Africa
List of Key Players of the PV Inverter Market
- 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.
Check out more related studies published by Grand View Research:
- Solar PV Panels Market - The global solar PV panels market size is expected to reach USD 286.64 billion by 2030, according to a new report by Grand View Research, Inc. The industry is anticipated to advance at a CAGR of 7.8% from 2022 to 2030. Increasing demand for sustainable carbon-free solar energy along with strict regulations related to climate change prevention are likely to support the growing demand for solar PV panels during the projection period.
- Power Rental Systems Market - The global power rental systems market size is expected to reach USD 32.7 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.8% from 2020 to 2027. Increasing demand for UPS, along with rapid industrial development across the world, is the main factor boosting the market growth.
- Solar Energy Systems Market - The global solar energy systems market size is expected to reach USD 607.8 billion by 2030, according to a new report by Grand View Research, Inc. The industry is expected to grow at a CAGR of 15.7% from 2022 to 2030. Increasing demand for clean and renewable energy production coupled with stringent regulations regarding carbon emissions is expected to boost the industry growth over the forecast period. Governments across the world have started to adopt solar energy for power production due to it being clean and renewable.
Browse through Grand View Research's Backup Power Solutions Industry Research Reports.
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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