Authored By: Sarah
25 Jun 2024

 Photovoltaic (Pv) Inverter Market Size to grow by USD 3965.4 million between 2024-2028

According to a research report “ Photovoltaic (Pv) Inverter Market” by Product (String, Central, Micro) Type (On-grid, Off-grid) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3965.4 million, at a CAGR of  6.78% during the forecast period. The photovoltaic (PV) inverter market is experiencing significant growth due to the increasing demand for renewable energy solutions. Solar power systems, which utilize PV inverters to convert DC power from solar panels into AC power for residential and commercial use, are gaining popularity as businesses and consumers recognize the environmental benefits and cost savings associated with renewable energy. Government initiatives, including subsidies and tax incentives, further bolster the market's expansion. These policies promote the adoption of solar power systems and, in turn, drive the demand for PV inverters as essential components of these sustainable energy solutions.

Browse market data tables, figures, and in-depth TOC on “Photovoltaic (Pv) Inverter Market” by Product (String, Central, Micro) Type (On-grid, Off-grid) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Product, the String segment is projected to dominate the market size in 2024

The Photovoltaic (PV) Inverter market is experiencing significant growth due to the increasing adoption of solar energy solutions. These inverters convert direct current (DC) electricity from solar panels into alternating current (AC) for grid connection or battery storage. Key players in this market include SMA Solar Technology, Huawei Technologies, and Delta Electronics, who are investing heavily in research and development to enhance efficiency and reduce costs. The market is expected to reach substantial growth in the coming years, driven by government incentives and the global shift towards renewable energy sources.

By Type, On-grid  segment is expected to hold the largest market size for the year 2024

The Photovoltaic (PV) Inverter market is experiencing significant growth due to the increasing adoption of solar energy solutions. These inverters convert direct current (DC) electricity generated by solar panels into alternating current (AC) for use in homes and businesses. Key players in this market include SMA Solar Technology, Huawei Technologies, and ABB, who are investing heavily in research and development to enhance efficiency and reduce costs. The market is expected to reach USDXXX billion by 2026, driven by government incentives and the global shift towards renewable energy sources.

APAC is forecasted to hold the largest market size by region in 2024

The Photovoltaic (PV) Inverter market is experiencing significant growth due to the increasing adoption of solar energy solutions. These inverters convert direct current (DC) electricity generated by solar panels into alternating current (AC) for grid connection or off-grid use. Key players in this market include SMA Solar Technology, Huawei Technologies, and ABB. Advanced features such as grid interaction, energy storage compatibility, and high efficiency are driving demand for these inverters. The market is expected to continue expanding due to government incentives and the global shift towards renewable energy sources.

The Photovoltaic (Pv) Inverter Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ABB Ltd.
  • Canadian Solar Inc.
  • Danfoss AS
  • DARFON ELECTRONICS CORP.
  • Delta Electronics Inc.
  • Eaton Corp. Plc
  • Enphase Energy Inc.
  • Fronius International GmbH
  • General Electric Co.
  • Huawei Technologies Co. Ltd.
  • OMRON Corp.
  • Powerone Micro Systems Pvt. Ltd.
  • Schneider Electric SE
  • Siemens AG
  • Sineng Electric Co. Ltd.
  • SMA Solar Technology AG
  • SolarEdge Technologies Inc.
  • Sungrow Power Supply Co. Ltd.
  • SunPower Corp.
  • Yaskawa Solectria Solar
.

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Research Analysis Overview

The Photovoltaic (PV) Inverter Market is experiencing significant growth as businesses and homes increasingly adopt solar energy systems to reduce their carbon footprint and save on electrical costs. Solar inverters, specifically PV inverters, play a crucial role in converting the DC power generated by solar panels into usable AC power for homes and businesses. Sungrow, Siemens, Huawei, and other leading companies dominate the market for central inverters, which are commonly used in large-scale solar power projects. The Solar Energy Industries Association reports that the Inflation Reduction Act, which includes incentives for renewable energy adoption, will drive further demand for solar energy and solar PV inverters. First Solar, Silicon Ranch, and other solar energy companies are investing heavily in this area. Understanding the importance of Utility Frequency synchronization, PV inverters must operate at the same frequency as the grid to ensure a stable electrical system. Alternate current (AC) and direct current (DC) are the two primary types of electrical systems, and PV inverters are essential for converting DC power from solar panels into usable AC power. Solar photovoltaic (PV) inverters are at the heart of this clean energy transition.

Market Research Overview

The Photovoltaic (PV) Inverter Market is witnessing remarkable momentum due to the increasing deployment of decentralized PV systems in industrialized economies and emerging countries. The market is driven by the clean energy transition, supportive governmental initiatives, and favorable solar conditions in various regions. The main solution for this trend is the cost-efficient PVS-100 Inverters and advanced technology microinverters from industry leaders like Enphase IQ Microinverters by Enphase Energy. Strategic local manufacturing and technological advancement are key factors in the growth of the PV inverter industry. The microinverter industry is gaining popularity due to its communication capabilities, grid-supportive features, and enhanced monitoring, which are essential for large-scale deployment in commercial and utility-scale installations. Environmental regulations and stringent mandates are also pushing businesses and homes towards solar energy systems, including solar PV inverters. Flexible and shading-tolerant inverter technologies are becoming increasingly important for commercial viability, cost reduction, and shifting consumer awareness. Major industry participants like Sungrow, Central Inverters, Solar Power, Solar Energy Industries, First Solar, and Silicon Ranch are investing in R&D and collaborations to enhance grid compatibility, improve efficiency, and offer smart home integration, mobile apps, and enhanced monitoring. The market is expanding to off-grid applications, such as remote cabins, telecommunications, water pumping, and rural electrification projects, as well as medium-scale solar installations, rooftop installations, and net metering and FITs. The industry is expected to continue growing, driven by healthy growth, regulatory interventions, and the shift towards renewable energy sources. The PV inverter market is expected to be influenced by raw materials prices, the supply chain, local grids, and product adoption, as well as favorable incentive programs, grid stabilization, reactive power control, and enhanced grid compatibility. The market is also expected to be impacted by harmful GHG emissions and the need for improved efficiency, higher power density, and operational flexibility. Overall, the PV inverter market is poised for continued growth and innovation, driven by the global transition to solar energy and the need for cost-effective, efficient, and sustainable energy solutions.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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