Solar Inverter Market Projected to Reach USD 18.93 billion, with a CAGR of 5.70% by 2030 – Report by Market Research Future (MRFR)
Solar Inverter Market Will Surge by Growth of SMA Solar Technology, Canadian Solar, ABB Ltd, SunPower, Delta, SolarEdge, Sineng, Power Electronics
New York, US, April 27, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Solar Inverter Market Information by Type, System Type, Application, and Region – Forecast till 2030″, The solar inverters industry can expand from USD 12.84 billion in 2022 to USD 18.93 billion by 2030, garnering a CAGR of 5.70% between 2022 and 2030.
Solar Inverter Market Overview
A crucial element of the solar system is the solar inverter. The solar panel’s output of direct current is converted to alternating current by this device. Solar inverters do conversion as well as voltage tracking, enable grid connectivity, and provide an emergency shut-off feature. Solar inverters linked to the grid produce pure sine wave AC electricity, in contrast to inverters used off-grid. Home appliances may be made to operate safely and efficiently by using more grid-connected solar inverters. Although residences and utilities are where solar inverters are most frequently utilized, commercial and industrial projects are using them more and more frequently as well.
Market Competitive Landscape:
The affluent firms in the solar inverter industry are
- SMA Solar Technology AG (Germany)
- Canadian Solar Inc. (Canada)
- ABB Ltd (Switzerland)
- Among others.
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The device has 10*40A multiple MPPTs in addition to ultra-high current, making it ideal for use with high power modules and a variety of roof designs while also lowering the levelized cost of ownership and increasing yields.
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Solar Inverter Market COVID 19 Analysis
Due to lockdowns, travel restrictions, as well as company closures, the COVID-19 pandemic affected the economies along with businesses of various regions and countries. The worldwide construction industry is one of the key sectors going through significant disruptions. These disruptions include a breakdown in the supply chain, decreased output and employee numbers, the cessation of technology events, product distribution, and advertising, office closures because of curfews and lockdowns, and a decline in product sales.
With its prevalence and significant raw material suppliers, China is one of the world’s leading industrial centers. The collapse of the global economy, supply chain difficulties, and industry closures brought on by the coronavirus outbreak are all having an effect on the growth of the worldwide market. The most recent pandemic outbreak began in Wuhan (a Chinese province) in the year 2019, and it quickly spread around the world. These elements disrupted the worldwide trends and growth of the solar inverter industry.
|Market Size 2030||2030: USD 18.93 billion|
|CAGR during 2022-2030||5.70% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, System Type, Application, and Region|
|Key Market Opportunities||Utilization in various industries|
|Key Market Dynamics||Supportive government initiatives Increased utilization by residential individuals|
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Solar Inverter Market USP Covered:
The solar inverter market worldwide will benefit from the favorable policies and legislation to boost solar energy deployment in other nations develop. Throughout EMEA, notably in the Middle East, solar PV is anticipated to increase due to government objectives and policies that support solar adoption.
Solar inverters will be a cornerstone in the push to deploy renewables as they become a key component of government development plans. Opportunities will exist in emerging nations as a result of falling technology costs and strong support for solar PV, partially making up for the loss in installations in leading markets. Competition and evolving market conditions are exerting pricing pressures on manufacturers, driving down inverter prices.
During the next years, the desire for green and clean energy will fuel the expansion and growth of the worldwide solar inverter market. Governments in developed and developing areas are making efforts to lessen the effects of carbon emissions and greenhouse gas emissions because they are having a detrimental impact on the environment.
Because it functions effectively and has a low failure rate while operating and maintaining big structures, the string solar inverter is employed in all fields and utilities.
Another factor fuelling the expansion of the solar inverter industry is the increase in house loans and home improvement initiatives in both established and emerging nations. Due to their low cost and potential tax savings, solar inverters are also well-liked by company owners. The market for solar inverters is expanding globally as a result of all of these factors.
Affording solar inverters is costly. To generate enough power, sunlight must be installed in a very large location. Also, these need a battery to function at night in order to properly power homes, businesses, etc. These disadvantages could work against solar inverters in the future, bringing about a decline in their demands.
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Solar Inverter Market Segmentation
On-Grid and Off-Grid are two of the market segments for solar inverters, in terms of type. In 2021, the solar inverter market was controlled by the On-Grid sector. Instead of battery storage, greater investment in direct energy delivery is responsible for this development. Also, using on-grid solar inverters has advantages in managing high electricity demand, easy installation, economic effectiveness, and simple energy feeding. In the next decades, it is projected that these advantages will fuel market growth. Thus, increasing on-grid system usage to improve production capacity is projected to have a beneficial influence on market growth.
The solar inverter market has been divided into three categories, with respect to application: residential, commercial, and utilities. In terms of the revenue generated by the solar inverter market in 2021, the utilities sector had the majority share with a contribution of about 40–45%. Many factors are causing the utilities industry to grow, but the main ones are the rise in demand for renewable energy, the decline in the price of solar energy and equipment, and the advent of government subsidies. The market is expanding as a consequence of the existence of significant companies that provide consumers with utility-scale solutions that are industry-leading and at the utility-scale through their pre-integrated power plants to improve efficiency and reduce balance-of-system costs
Solar Inverter Market Regional Insights
The greatest market revenue share, estimated to be between 40% and 45% throughout the projected period, would likely come from the Asia-Pacific solar inverter market. China is both the leading supplier and a major competitor in the region’s expanding solar sector. The rise in solar installations in emerging nations has also assisted the industry’s progress.
The presence of supportive government regulations and the availability of subsidies like home feed-in tariffs (FITs), which encourage customers to invest in renewable energy, can be linked to the European market’s significant CAGR during the anticipated timeframe. The UK solar inverter market was the one in Europe with the quickest growth, and the German solar inverter market had the biggest market share.
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With the United States serving as the primary growth engine since 2021, the North American solar inverter market had a sizeable revenue share. The US is a sizable market for several kinds of solar inverters. Moreover, string inverters had significant growth in North America; central PV inverters are predicted to maintain their dominant market position during the foreseeable timeframe. Moreover, the North American solar inverter market in North America was led by the United States, which had the biggest market share, and Canada, which had the quickest rate of growth.
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