Latest News- Photovoltaic (PV) Inverter Market: String is expected to lead the Product segment during 2024-2028

The Photovoltaic (PV) Inverter Market is being driven by Rising demand for renewable energy

The Photovoltaic (PV) Inverter Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3965.4 million. In the global push towards smart cities, the integration of renewable energy sources, specifically solar energy, is a key component to enhance urban sustainability, energy efficiency, and enhance the quality of life. Photovoltaic (PV) inverters serve a vital role in this transition, as they convert direct current (DC) power produced by solar panels into alternating current (AC) power suitable for powering buildings and infrastructure. Advanced energy management systems in smart cities utilize data and analytics to optimize energy usage and cut costs. PV inverters are essential in these systems, facilitating the integration of solar power into the grid and offering real-time data on energy generation and consumption, thereby improving overall energy efficiency and reducing operational expenses. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • String
  • Central
  • Micro
• Type
  • On-grid
  • Off-grid
• Geography
  • APAC
    • China
    • India
    • Japan
    • Vietnam
  • Europe
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for renewable energy
• Decline in levelized cost of energy (LOCE) of solar power generation and cost of photovoltaic inverters
• Government regulations supporting solar power generation

However, the market also witnesses some limitations, which are as follows:

• High initial investment and maintenance costs for solar PV systems
• Intermittent nature of solar energy
• Challenges associated with photovoltaic inverter characteristics

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Market Scope in Photovoltaic (PV) Inverter Market Research Report

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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 a significant segment of the expansive global electrical components and equipment industry. This sector caters to the manufacturing and supply of inverters, which convert solar energy into usable AC power for buildings and industrial applications. The parent market encompasses a vast array of sectors, including electrical components, equipment, and the rental and leasing of these solutions to diverse industries such as industrial, commercial, and residential. According to Technavio, the global electrical components and equipment market size is determined by the consolidated revenue generated from the production of various electrical products, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, HVAC, and safety components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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