NEWARK, Del, March 15, 2023 (GLOBE NEWSWIRE) -- The global solar inverter market was worth US$ 11 Billion in the year 2022 and is expected to reach US$ 18.9 Billion by the year 2032 at a CAGR of 6% between 2022 and 2032.
Demand for energy has been escalating year on year, which is actually driving requirement for various renewables like solar inverters.
The value chain pertaining to solar inverters constitutes inverter manufacturers, component manufacturers, sellers, distributors, and end-users. This complexity does offer a little room for technical disruption of the solar devices.
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The critical factors related to solar inverters include roof orientation, shading, summer vs winter protection, roof inclination, tilting panels, and likewise.
Solar photovoltaics have been reported to lessen ~72% for LCOE (Levelized Cost of Electricity). This is amongst the highest cost reductions as compared to the other types of renewable energy like wind. This is one of the factors accelerating the solar inverter market going forward.
Numerous initiatives are being taken and relentless efforts are being put in by governments across the globe for promoting inverters in the industrial applications. For instance – China’s National Energy Administration (NEA), did establish a target in the year 2020 as a part of 14th Five-year Plan. It aims at accounting for over 50% of all the installed capacities by the year 2025.
Future Market Insights has walked through these facets with future perspectives in its latest market study entitled ‘Solar Inverter Market’. The line of expertise in the form of analysts and consultants is there to execute with its eagle’s eye view across the micros and macros.
“The key market participants are riding on growing preference for cost-effective inverters and the scenario is expected to remain unchanged even going forward”, says an analyst from Solar Inverter market.
Key Takeaways from Solar Inverter Market
- North America holds the largest market share with the US being subject to adoption of solar energy at a higher rate.
- The Asia-Pacific is expected to grow at a rapid rate in the solar inverter market going forward with Japan and India leading from the front.
- Europe is expected to grow on the back of favorable policies with subsidies such as residential FITs (feed-in-tariffs) that does encourage customers to engage in renewable energy. Germany is at the forefront, with the UK to follow.
Competitive Inverters
- Huawei Technologies, in March 2022, entered into a partnership with Meienergy Technology Co., Ltd. to integrate smart energy storage for 1 GW utility solar plant with 500 MWh energy storage system in the African continent (it’s developed by the latter).
- SMA Solar Technology AG did partner with LG Chem to combine SUNNY BOY Battery storage inverters with RESU 10M batteries for creating novel home storage solutions. It is expected that this combination would result in creating integrated DC/DC converters that could raise level of the batteries’ operational voltage.
- Canadian Solar Inc., in September 2022, did launch a battery storage solution for the utility-scale applications termed as ‘SolBank’.
- Sungrow, in January 2022, did announce launching novel 1+X Modular central inverter at the World Future Energy Summit in Abu Dhabi. Its modularity could be evaluated at inverter, system, and component levels.
- V-Guard Industries Ltd., in June 2022, tabled a new variety of on grid solar power inverters termed as ‘Solsmart’. It comes across as one of the built-in switches offering extra safety benefits in advanced safety features that are included with Solsmart On-Grid PV inverter. It’s available in both – three-phase and single-phase configurations and comes with 10-year warranty.
- SMA Solar Technology AG, in April 2022, did launch a new 3-phase inverter series to be used in residential and commercial solar PV systems with outputs close to 135 kW. The line includes 4 new models abreast with rated power of 25 kW, 20 kW, 15 kW, and 12 kW.
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Key Companies Profiled
- Siemens AG
- Fimer Group
- SMA Solar Technology AG
- Delta Electronics Inc
- SunPower Corporation
- Omron Corporation
- Eaton
What does the Report say?
- The research study is based on type (central inverter, micro-inverter, and string inverter), by system type (off grid and on grid), by phase (single phase and three phase), and by end-use (residential, commercial and industrial, and utilities).
- With renewable energy sources being increasingly adopted for commercial and residential spaces, the global solar inverter market is likely to grow on a remarkable note in the upcoming period.
Global Solar Inverter Market by Category
By Type:
- Central Inverter
- Micro-Inverter
- String Inverter
By System Type:
- Off Grid
- On Grid
By Phase:
- Single Phase
- Three Phase
By End-Use:
- Residential
- Commercial and Industrial
- Utilities
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2017–2020 and Forecast, 2021–2031
5.1. Historical Market Volume (Units) Analysis, 2017–2020
5.2. Current and Future Market Volume (Units) Projections, 2021–2031
5.3. Y-o-Y Growth Trend Analysis
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