Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Solar PV Inverters Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Product Type (String, Micro, and Central), Phase (Single Phase and Three Phase), Connectivity (Standalone and On-grid), Application (Residential and Community, Commercial and Industrial, and Utility), Capacity (Below 5 kW, 5–15 kW, 15–25 kW, 25–50 kW, and Above 50 kW), and Geography,” the market is expected to grow from $8.67 billion in 2022 to $17.04 billion by 2030; it is estimated to register a CAGR of 7.8% from 2023 to 2030.
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APAC, accounting for over half of the global population, is the largest producer and consumer of power in the world. China is showcasing its commitment to renewable energy. As per China's National Energy Administration, the country installed over ~48 GW of PV capacity in 2020. This PV capacity helps China maintain its leading position in the world, representing 33% of total global installations. The declining dominance of China in the global PV capacity market coincides with a record number of new countries installing a significant number of PV inverters. Most PV products or solar panels are installed in remote areas at huge solar farms that sell the generated energy to utilities. The country’s drastic increase in solar power stems from the nation's need for electricity and the severe air pollution crisis. The Government of China is encouraging financial institutions to provide incentives for solar installations which is expected to bolster solar PV inverter market growth.
In India, the government initiatives such as the Smart City projects are creating a huge demand for solar inverters in the country. India is one of the most populated countries in APAC, and the mass population is experiencing an upsurge in per capita income, which allows them to invest in luxurious homes. In addition to the rising population, the rapid growth of urbanization has led to accelerated construction activities for building corporate offices, retail spaces, educational facilities, government buildings, hotels, lodging spaces, and medical and healthcare units. All such factors are contributing to the solar PV inverter market growth.
Global Solar PV Inverters Market Scope:
| Market Size Value in | USD 8.67 Billion in 2022 |
| Market Size Value by | USD 17.04 Billion by 2030 |
| Growth rate | CAGR of 7.8% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2022 |
| Segments covered | Product Type, Phase, Connectivity, Application and Capacity |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Solar PV Inverter Market: Competitive Landscape and Key Developments
The industry landscape chapter gives a brief knowledge about the various product developments, partnerships, mergers and acquisitions, and collaboration strategies implemented by the various solar PV inverter market players. With all these strategies, the companies enhance their product offerings and footprint globally across all industries, therefore expanding their solar PV inverter market share.
In 2023, FIMER supplied five PVS-100 three-phase string inverters through its partner GruppoSTG, specializing in the design and production of Made in Italy photovoltaic and structural solutions. Five 100 kW PVS-100 inverters have been installed at the production plant of Erca Spa; a chemical company located in Grassobbio.
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The Indian government has also launched various infrastructural development initiatives, including the 100 Smart Cities Mission and Housing for all, which will further furnish the solar PV inverter market. During the forecast period of 2023–2028, Smart city initiatives are expected to increase the quest to innovate and use smart technologies. Considering the rising residential and commercial sectors in the country, the number of solar inverter providers is increasing year after year. Additionally, the Indian government has added general tax benefits, such as tax credits, for the installation of solar panels for residential and commercial use. The country has installed 13,956 MW of solar capacity in 2022 owing to rise in government initiatives. These factors are further expected to contribute to the growth of the solar PV inverter market in the country during the forecast period.
Impact of COVID-19 Pandemic on Global Solar PV Inverter Market:
The US is the largest technologically advanced country in North America, followed by Canada and Mexico. The need for solar inverters was prevalent during the pre-COVID-19 era because of the growing urban population that led to increasing infrastructural developments.
Due to the COVID-19 pandemic, the outlook for solar PV inverter market changed dramatically. In June 2020, the solar industry employed 188,000 workers rather than the 302,000 originally forecasted—a sharp decline of 38% was observed. The US planned to install 3 gigawatts (GW) of solar capacity in Q2 2020—a 37% decline from pre-COVID forecasts. In Q2 of 2020, the US solar deployment project witnessed a drop-off equivalent to power 288,000 homes, i.e., US$ 3.2 billion in economic investment. In 2020, manufacturing industries were severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities limited the expenditure on installing or upgrading existing solar inverters across various industries in North America. Periodic maintenance and discontinuation of operation in existing manufacturing plants also hampered the demand for solar inverters. Thus, the COVID-19 pandemic adversely affected the solar PV inverter market share in North America.
Go through further research published by The Insight Partners:
Residential Solar PV Inverter Market - Global Analysis and Forecast to 2030
Solar Transformer Market - Global Analysis and Forecast to 2030
Microinverter Market- Global Analysis and Forecast to 2030
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