PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1368724
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1368724
PV Inverter Market Size By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On-grid), By Nominal Output Power, Phase, Application & Forecast, 2023 - 2032
PV Inverter Market size is projected to expand at 11.4% CAGR from 2023 to 2032 attributed to the ongoing advancements in energy storage technologies for facilitating seamless integration. With the evolution of efficient battery storage solutions, the intermittency challenges associated with solar power generation have mitigated, further fostering grid stability and resilience. The optimization of load management and peak shaving capabilities through integrated storage solutions is bolstering the appeal of PV systems in both residential and commercial sectors.
Furthermore, numerous market players are continuously introducing advanced PV inverters to match the increasing demand for high-performance, reliable, and cost-effective solar power solutions, further propelling the industry growth. For instance, in September 2022, Chinese inverter manufacturer Solinteg introduced a new single-phase hybrid inverter range for residential applications to deliver increased performance, ease of installation, and long-term stability.
The overall PV inverter industry is segmented in terms of product, phase, connectivity, nominal output power, nominal output voltage, application, and region.
Based on product, the market value from the micro segment is expected to gain significant traction between 2023 and 2032, attributed to the rising demand for small-scale solar power solutions. The increasing emphasis on decentralized energy generation and the growing popularity of rooftop solar installations is driving the adoption of micro-PV inverters. Additionally, the surging requirements of compact size, scalability, and enhanced energy production capabilities to cater to the evolving energy needs of small-scale solar applications will contribute to the segment growth.
In terms of application, the PV inverter industry from the commercial & industrial segment generated considerable revenue in 2022 and is foreseen to exhibit notable CAGR from 2023-2032. With businesses increasingly prioritizing cost savings, energy efficiency, and sustainability, the demand for high-capacity and grid-tied PV inverters has significantly surged. The integration of advanced technologies, such as smart grid capabilities and maximum power point tracking is also enhancing the operational performance and reliability of PV inverters.
Europe PV inverter industry is set to record robust growth from 2023-2032. The rising demand for residential and commercial solar photovoltaic systems coupled with the growing awareness of clean energy benefits has positioned Europe as a key hub for PV inverter deployment and innovation. To cite an instance, in June 2023, LG Energy Solution, a prominent worldwide manufacturer of sophisticated lithium-ion batteries, announced its plans to introduce a new hybrid inverter system to address the varied demands of European families.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope and definitions
- 1.2 Base estimates & calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Unpaid sources
Chapter 2 Executive Summary
- 2.1 PV inverter industry 360 degree synopsis, 2019 - 2032
- 2.1.1 Business trends
- 2.1.2 Product trends
- 2.1.3 Phase trends
- 2.1.4 Connectivity trends
- 2.1.5 Nominal output power trends
- 2.1.6 Nominal output voltage trends
- 2.1.7 Application trends
- 2.1.8 Regional trends
Chapter 3 PV Inverter Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Vendor Matrix
- 3.2 Regulatory landscape
- 3.3 COVID- 19 impact on the industry outlook
- 3.4 Industry impact forces
- 3.4.1 Growth drivers
- 3.4.2 Industry pitfalls & challenges
- 3.5 Growth potential analysis
- 3.6 Porter's Analysis
- 3.6.1 Bargaining power of suppliers
- 3.6.2 Bargaining power of buyers
- 3.6.3 Threat of new entrants
- 3.6.4 Threat of substitutes
- 3.7 PESTEL Analysis
Chapter 4 Competitive Benchmarking
- 4.1 Competitive landscape, 2022
- 4.1.1 Strategic dashboard
- 4.2 Innovation & technology landscape
Chapter 5 PV Inverter Market, By Product (MW & USD Million)
- 5.1 Key trends, by product
- 5.2 String
- 5.3 Micro
- 5.4 Central
Chapter 6 PV Inverter Market, By Phase (MW & USD Million)
- 6.1 Key trends, by phase
- 6.2 Single phase
- 6.3 Three phase
Chapter 7 PV Inverter Market, By Connectivity (MW & USD Million)
- 7.1 Key trends, by connectivity
- 7.2 Standalone
- 7.3 On grid
Chapter 8 PV Inverter Market, By Nominal Output Power (MW & USD Million)
- 8.1 Key trends, by nominal output power
- 8.2 ≤ 0.8 kW
- 8.3 0.8 - 3 kW
- 8.4 >3 - 33 kW
- 8.5 >33 - 110 kW
Chapter 9 PV Inverter Market, By Nominal Output Voltage (MW & USD Million)
- 9.1 Key trends, by nominal output voltage
- 9.2 ≤ 230 V
- 9.3 230 - 400 V
- 9.4 >400 - 600 V
- 9.5 > 600 V
Chapter 10 PV Inverter Market, By Application (MW & USD Million)
- 10.1 Key trends, by application
- 10.2 Residential
- 10.3 Commercial & industrial
- 10.4 Utility
Chapter 11 PV Inverter Market, By Region (MW & USD Million)
- 11.1 Key trends, by region
- 11.2 North America
- 11.2.1 U.S.
- 11.2.2 Canada
- 11.3 Europe
- 11.3.1 Germany
- 11.3.2 Italy
- 11.3.3 Poland
- 11.3.4 Netherlands
- 11.3.5 Austria
- 11.3.6 UK
- 11.3.7 France
- 11.4 Asia Pacific
- 11.4.1 China
- 11.4.2 Australia
- 11.4.3 India
- 11.4.4 Japan
- 11.4.5 South Korea
- 11.5 Middle East & Africa
- 11.5.1 Israel
- 11.5.2 Saudi Arabia
- 11.5.3 UAE
- 11.5.4 South Africa
- 11.5.5 Egypt
- 11.5.6 Nigeria
- 11.6 Latin America
- 11.6.1 Brazil
- 11.6.2 Chile
- 11.6.3 Mexico
Chapter 12 Company Profiles
- 12.1 General Electric
- 12.2 SMA Solar Technology AG
- 12.3 Sungrow
- 12.4 Growatt New Energy
- 12.5 Darfon Electronics Corp.
- 12.6 Schneider Electric
- 12.7 Enphase Energy
- 12.8 Siemens
- 12.9 Fimer Group
- 12.10 Eaton
- 12.11 SolarEdge Technologies, Inc.
- 12.12 Huawei Technologies Co., Ltd.
- 12.13 Fronius International GmbH
- 12.14 Delta Electronics, Inc.
- 12.15 Altenergy Power System, Inc.
- 12.16 Hitachi Hi-Rel Power Electronics Private Limited
- 12.17 TMEIC
- 12.18 Sineng Electric Co., Ltd.
- 12.19 Tabuchi Electric Co., Ltd.
- 12.20 Canadian Solar
- 12.21 Panasonic Corporation
- 12.22 Ginlong Technologies
- 12.23 GoodWe
- 12.24 SHENZHEN SOFARSOLAR CO., LTD.
