Solar Inverter Market Technologies, Major Growth Drivers, Industry Share, Top Manufacturers Analysis, Regions, Demands and Forecast 2030

Solar Inverter Market Research Report and Growth Analysis 2023 By Type (Central Inverter, Micro Inverter and String Inverter), By System Type (On-Grid and Off-Grid), By Application (Residential, Commercial and Utilities) – Forecast till 2030

Solar Inverter Market Insights

The global Solar Inverter Market is estimated to be worth USD 18.97 Billion by 2030, registering a 5.7% CAGR during the forecast period (2022- 2030).

The solar inverter is a substantial component of solar panels. They convert the DC power of the solar panels into AC power. Also, solar inverters are applied for tracking voltage, grid connection, and emergency shutdown. On-grid solar inverters offer additional effectiveness and safety for home appliances. The solar inverter helps to deliver electricity in areas like industrial, commercial, and residential. The solar inverter can be coupled as an on-grid or off-grid. The varieties of solar inverters are the central inverter, string inverter, and micro-inverter.

The growing demand and requirement for green and clean energy are pushing the growth and development of the global solar inverter market over the projected period. The government of developed and developed regions is taking initiatives to control the impact of carbon emissions and greenhouse gas emissions. The demand for rural electrification, technological advancements, improved renewable energy investments, and uprising government support are all herding the solar inverter market. The aggressive proliferation activities, contracts, and new product inventions to boost the product offerings of major market players will support the solar inverter market growth. The new product launches by key market players related to enhanced communication, rapid installation, and low shipping costs, and amplified reliability and efficiency. All of these aforesaid trends and factors are punching the growth of the global solar inverter market over the projected period.

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Solar Inverter Market Regional Analysis

The global Solar Inverter Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

Asia- Pacific esteemed largest revenue share of around 43 in 2021. Factors like uprising government initiatives and the presence of major market players in the region are thrusting the expansion of the solar inverter market in Asia- Pacific. Growing demand for solar power, enlarging investments in residential and commercial construction projects, and investment in the solar energy sector will punch the growth of the Solar Inverter Industry in the Asia- Pacific region. The governments of various Asia- Pacific nations are taking initiatives to encourage the application of alternative energy resources with minimum carbon emissions. The supportive initiatives by the government will aid in boosting the Solar Inverter Market Growth in this region.

North America is anticipated to develop at the fastest rate during the forecast period. The U.S. subordinated the solar inverter market in the North American region. The U.S. is vanquishing the solar inverter market in the North American region.

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Solar Inverter Market Segmentation

The global Solar Inverter Market is segmented into the following types;

By Product Type

• Central Inverter
• String Inverter
• Micro Inverter
• Others

By Connection

• On-grid
• Off-grid

By Phase

• Single phase
• Three phase

By End User

• Residential
• Commercial
• Industrial
• Utilities

By Nominal Power Output

• ≤ 0.5 kW
• 0.5 – 3 kW
• 3 – 33 kW
• 33 – 110 kW
• 110 kW

By Nominal Output Voltage

• ≤ 230 V
• 230 – 400 V
• 400 – 600 V
• 600 V

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Solar Inverter Market Key Players:

The global Solar Inverter Market’s prominent key players are,

• SMA Solar Technology AG (Germany)
• Canadian Solar Inc. (Canada)
• ABB Ltd (Switzerland)
• SunPower Corporation (US)
• Delta Electronics Inc. (Taiwan)
• SolarEdge Technologies Inc. (Israel)
• Sineng Electric Co. Ltd. (China)
• Power Electronics (Spain)
• Solectria Renewables LLC (US)
• Hitachi Hi-Rel Power Electronics Pvt. Ltd (India) and Others.

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