What Are The Known Scenarios Where Solar Inverter Market Will Perform Better?

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Solar Inverter Market share is projected to be worth USD 18.97 Billion by 2030, registering a CAGR of 5.78% during the forecast period (2022 - 2030).

Solar Inverter Market Overview:

Solar Inverter Market share is projected to be worth USD 18.97 Billion by 2030, registering a CAGR of 5.78% during the forecast period (2022 - 2030).

MRFR’s report on the solar inverter market focuses on efforts made by manufacturers in streamlining supply chain, agreements with production partners and distributions, and latest developments of energy storage during the forecast period (2021-2028). The COVID-19 pandemic and its implications are explored in depth in the market.

FAQ’s:

  1. What is “Solar Inverter” Market?
  2. Who are the Top Market manufacturers?
  3. Which are the most Business Regions across the globe?
  4. How big is the “Solar Inverter” Market in upcoming Years?
  5. What are the Latest developments/industry updates in the “Solar Inverter” Market? 

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Report Attribute

Details

Forecast Period

2022 - 2030

Market Growth value

5.78 % CAGR

Revenue forecast in 2022-2030

USD 18.97 billion

Base year for estimation

2021

Historical data

2019 – 2020

Unit

USD Billion, CAGR (2022 – 2030)

Segmentation

By Application, By End-Use, and By Region

Market Scope

The global solar inverter market is driven by growing demand of renewable energy caused by environmental impact of fossil fuels. This is indicated by agreements between countries to curb pollution levels and efforts in integration of renewable sources to utilities. Establishment of solar plants and installation of solar inverters in commercial and industrial zones can create demand for solar inverters.

Government schemes and subsidies, interest by residential and commercial zones, and involvement by the private sector can boost market demand. Installations of solar panels across educational institutions, healthcare institutes, and offices can create a demand for solar inverters.

But high costs of semiconductor components and transportation costs can bog down market revenues over the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic has negatively affected the solar inverter market owing to shifting interest from renewable energy to healthcare. This is aligned with efforts by governments to control increasing number of cases and enhancing medical infrastructure using funds. China, one of the largest suppliers of components of solar inverters, has also been affected causing disruptions in the supply chain that led to delays in production. The market may regain its demand after 2021.

Segmentation

Central Solar Inverters to Dominate Market

Central solar inverters can lead in market demand owing to use of low numbers of inverters for management and centralized for power storage. They are available with high power ratings, with high powered solar inverters comprising a step-up transformer for converting direct current to alternate current.

Industrial Application to Lead in Market Share

The industrial application can witness massive market growth due to rapid industrialization globally caused by rise in international trade. Shift to renewable sources of energy and pressure by governments to lower impact of pollution can bode well for the solar inverter market. This is evident with many industrial leaders taking efforts to contain emission levels through changes in production approaches.

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Regional Analysis

Investments in Solar Energy to Drive APAC Solar Inverter Market

The Asia-Pacific (APAC) region is expected to be lucrative for the solar inverter market owing to investments in solar parks, presence of various inverter and photovoltaic panel component manufacturers, and rapid industrialization. Efforts by governments to conserve power through renewable energy sources can drive regional market growth. Thailand, India, and China can contribute the maximum to the market due to applications in industrial and commercial sectors.

Competitive Analysis

SolarEdge Technologies Inc. (Israel), Solectria Renewables, LLC (US), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), SunPower Corporation (US), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), Sineng Electric Co., Ltd. (China), Power Electronics (Spain), Delta Electronics, Inc. (Taiwan), and SMA Solar Technology AG (Germany) are key players in the global solar inverter market.

Industry News

Delta Electronics has launched a 250kW solar string inverter for onshore photovoltaic plants capable of working in harshest environmental conditions.

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