Solar Inverter Market Size 2023, Segments Analysis, Growth Drivers, Top Players Trends, Future Advancements and Industry Forecast 2030

Solar Inverter Market Insight:

By 2030, Solar Inverters Market is expected to be worth USD 18.93 billion, growing at a CAGR of 5.7% (2022 – 2030)

An essential part of the solar panels is the solar inverter. They transform the solar panels’ DC energy into AC energy. The solar inverters are also employed for grid connection, emergency shutdown, and voltage tracking. On-grid solar inverters increase the safety and efficiency of household equipment.

The report also provides the market’s performance forecasts till 2030. Analysts have studied the strategy of power generation segment based organizations to help new entrants and established businesses. The power generation sector itself is supported by higher efficiency in the long run as well as the rising cognizance of environmental issues. During the forecast period 2022 to 2030, the solar inverter market is set to witness a health growth across technology, applications, and voltage segments as well as regional markets.

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Regional Analysis of the Solar Inverter Market:

The worldwide market is divided into Europe, North America, Asia-Pacific, and the Rest of the World based on geography.

During the projected period, the Asia-Pacific region is anticipated to have the largest market share for solar inverters worldwide. The expansion of the solar inverter market in the Asia-Pacific region will be fueled by rising demand for solar energy, rising investments in residential and commercial building projects, and investments in the solar energy industry. Many governments in the Asia-Pacific region are taking steps to promote the use of low-emission alternative energy sources. The government’s encouraging actions will aid in fostering the expansion of the solar inverter market in this area.

Various Market Segments for Solar Inverters:

Type, system, end-users, and geographic regions are used to segment the worldwide market.

The market is once again segmented based on product type into sectors for central inverters, string inverters, and micro inverters. The central inverter sector is predicted to have the largest proportion of revenue, according to the Solar Inverter Market Forecast. The industrial and utility industries have a tremendous need for central inverters.

Additionally, the rapid industrialization and infrastructure development for renewable energy in developing nations like India, China, Japan, and others will aid in the expansion of this industry.

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The market is divided into residential, commercial & industrial, and utility sectors based on end-user. The utility industry takes up the largest share of the market revenue for solar inverters. This industry is anticipated to increase steadily until 2028 as a result of the construction of solar parks, solar power plants, and other solar-related constructions. The expansion of the market would also be fueled by the increase of various construction projects, such as office buildings, rural electrification initiatives, rooftop solar power plants, and water bodies.

The market for solar inverters is segmented into on-grid and off-grid sectors based on the system. The on-grid system has the largest market share for solar inverters. Compared to battery storage facilities, direct energy supply has a higher investment. The sector of living on the grid will expand as a result of this.

Solar Inverter Market Competitive Landscape:

The global solar inverter market research report brings a comprehensive study of technology, applications, and voltage market segments, regional analysis, and power generation vertical based company details of key players. As the forecast period 2022 to 2030 will bring new opportunities for the market owing to the growing demand for innovative products and the growing awareness, the market is set to grow at a compound annual growth rate of 5.78% and is predicted to reach a value of USD 18.97 billion by 2030. With SWOT analysis of power generation sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as lack of marketing communication in developing countries and low income levels, companies in the power generation sector can change the way business is done.

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Key Players:

ABB Ltd. (Switzerland), Canadian Solar Inc. (Canada), SunPower Corporation (US), Delta Electronics, Inc. (Taiwan), SolarEdge Technologies Inc. (Israel), Sineng Electric Co., Ltd. (China), Power Electronics (Spain), Solectria Renewables, LLC (US), and Hitachi Hi-Rel Power Electronics Pvt. Ltd. are important participants (India).

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