Photovoltaic Inverter Market size to grow by USD 4,054.38 million from 2022 to 2027, ABB Ltd. and Canadian Solar Inc. emerge as key contributors to growth
NEW YORK, June 2, 2023 /PRNewswire/ -- The photovoltaic inverter market is expected to grow by USD 4,054.38 million from 2022 to 2027. The market is estimated to be progressing at a CAGR of 7.3% during the forecast period. APAC is estimated to account for 52% of the growth of the global photovoltaic inverter market during the forecast period. The market in the region is estimated to grow at the fastest pace during the forecast period. The regional market growth for photovoltaic inverters can be attributed to the increasing adoption of renewable energy and favorable government policies and incentives to support the development of the solar energy industry. China is the largest market for photovoltaic inverters in the region with the Chinese government having set ambitious targets for renewable energy development, including increasing the share of non-fossil fuels in primary energy consumption from 16% in 2020 to 20% by 2025. Furthermore, other countries in the Asia-Pacific region such as Japan, South Korea, and Australia are also experiencing significant growth in the photovoltaic industry, increasing the demand for photovoltaic inverters. Hence, such factors make APAC a leading region for market growth during the forecast period. For more insights on market size - Request the Sample Report
Photovoltaic Inverter Market: Segmentation Analysis
Technavio has segmented the photovoltaic inverter market by product (string, central, and micro), type (on-grid and off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The market share growth by the string segment will be significant during the forecast period. Governments around the world offer incentives to install solar power systems, increasing the demand for string inverters. Another demand-driving factor for the market is their reliability and efficiency and some inverters are designed to handle large amounts of power, which makes them suitable for use in commercial and industrial environments. Additionally, it is highly efficient and can convert the direct current produced by solar panels into alternating current that can be used to power buildings. Hence, such factors drive segment growth for string inverters during the forecast period.
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Key factors driving market growth
Rising demand for renewable energy notably drives the Photovoltaic (PV) Inverter Market growth. Environmental benefits and government support, the falling cost of solar panels, and the increased efficiency of photovoltaic inverters are some of the factors that make solar power systems more affordable and attractive to consumers. This results in the demand for photovoltaic inverters growing rapidly.
Furthermore, as people and businesses become more aware of the environmental benefits of renewable energy, photovoltaic systems have become a popular choice for power generation. Thus, this will create a favorable market environment for photovoltaic inverter manufacturers as more people will invest in solar energy systems. Hence, the increasing demand for renewable energy is driving the growth of the market as more people and businesses adopt photovoltaic systems to meet their energy demands.
Leading trends influencing the market
The rapid growth of smart cities is an emerging trend influencing the photovoltaic (PV) inverter market growth. The need to improve urban sustainability, energy efficiency, and quality of life drives the demand for smart cities. A key component of smart cities is the integration of renewable energy sources, especially solar energy. These inverters play a key role here as they are required to convert the DC power produced by solar panels into AC power that can be used to power buildings and infrastructure.
They often have advanced energy management systems that use data and analytics to optimize energy use and reduce costs. Moreover, since more cities and urban areas around the world become smarter and adopted renewable energy sources such as solar power, the demand for photovoltaic inverters is expected to increase further. Hence, such factors boost the market growth during the forecast period.
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What are the key data covered in this photovoltaic (PV) inverter market report?
The photovoltaic inverter market size is expected to accelerate at a CAGR of 7.3% during the forecast period.
The photovoltaic inverter market is segmented into the product (String, Central, and Micro), Type (On-grid and Off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
The market is fragmented due to the presence of many/few established vendors holding significant market share.
The research report offers information on several market vendors, 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., and Yaskawa Solectria Solar
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The Solar Hybrid Inverter Market is poised to grow by USD 76.44 million during 2022-2026, accelerating at a CAGR of 10.19% during the forecast period. Furthermore, this report extensively covers solar hybrid inverter market segmentation by end-user (commercial and residential) and geography (APAC, Europe, North America, MEA, and South America). One of the key factors driving the solar hybrid inverter market growth is the rise in solar energy installations.
The inverter market is estimated to grow at a CAGR of 6.7% between 2022 and 2027. The size of the market is forecasted to increase by USD 3,0136.2 million. This report extensively covers market segmentation by application (motor drive, renewable energy, and UPS), type (on-grid and off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The rise in wind energy consumption is notably driving the market growth.
Photovoltaic Inverter Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 7.3%
Market growth 2023-2027
USD 4,054.38 million
YoY growth 2022-2023 (%)
APAC, Europe, North America, Middle East and Africa, and South America
Performing market contribution
APAC at 52%
US, China, India, Japan, and Vietnam
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
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., and Yaskawa Solectria Solar
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
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Table of Contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global photovoltaic inverter market 2017 - 2021
4.2 Product Segment Analysis 2017 - 2021
4.3 Type Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Product
6.1 Market segments
6.2 Comparison by Product
6.3 String - Market size and forecast 2022-2027
6.4 Central - Market size and forecast 2022-2027
6.5 Micro - Market size and forecast 2022-2027
6.6 Market opportunity by Product
7 Market Segmentation by Type
7.1 Market segments
7.2 Comparison by Type
7.3 On-grid - Market size and forecast 2022-2027
7.4 Off-grid - Market size and forecast 2022-2027
7.5 Market opportunity by Type
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 APAC - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 North America - Market size and forecast 2022-2027
9.6 Middle East and Africa - Market size and forecast 2022-2027
9.7 South America - Market size and forecast 2022-2027
9.8 China - Market size and forecast 2022-2027
9.9 US - Market size and forecast 2022-2027
9.10 India - Market size and forecast 2022-2027
9.11 Japan - Market size and forecast 2022-2027
9.12 Vietnam - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 ABB Ltd.
12.4 Danfoss AS
12.5 DARFON ELECTRONICS CORP.
12.6 Delta Electronics Inc.
12.7 Eaton Corp. Plc
12.8 Enphase Energy Inc.
12.9 Fronius International GmbH
12.10 General Electric Co.
12.11 Huawei Technologies Co. Ltd.
12.12 OMRON Corp.
12.13 Powerone Micro Systems Pvt. Ltd.
12.14 Schneider Electric SE
12.15 Siemens AG
12.16 SMA Solar Technology AG
12.17 SolarEdge Technologies Inc.
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
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