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PUBLISHER: Grand View Research | PRODUCT CODE: 1404724
PUBLISHER: Grand View Research | PRODUCT CODE: 1404724
PV Inverter Market Size, Share & Trends Analysis Report By Product (String PV Inverter, Central PV Inverter), By End-use (Commercial & Industrial, Utilities), By Region, And Segment Forecasts, 2024 - 2030
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PV Inverter Market Growth & Trends:
The global PV inverter market size is expected to reach USD 41.87 billion by 2030, registering a CAGR of 18.3% during the forecast period, according to a new report by Grand View Research, Inc. The increasing renewable energy demand globally is driving the need for various equipment such as PV inverters. According to the International Energy Agency (IEA), renewable energy supply from hydro, solar, geothermal, wind, and ocean use rose by 8% in 2022. According to the same source, net renewable electricity capacity additions by PV-utility reached 112.6 GW in 2022 compared to 89.5 GW in the previous year. With increased utilization of solar energy, there is an increased manufacturing of solar equipment such as solar PV inverters, solar panels, and other solar devices. Thus, all these factors are expected to drive the market growth.
Given the critical juncture of our civilization, the adoption of clean energy is at an unprecedented scale, making renewable energy a predominantly feasible alternative. Presently, constructing a new solar or wind plant comes at a lower cost compared to the continued operation of natural gas or coal plants.
The declines in the prices of solar plant establishments and equipment installations have conceded the growth of the market. Moreover, rising private and government subsidies to promote solar power generation in emerging economies have also fueled the growth of the market worldwide. For instance, according to Energy Efficiency & Renewable Energy in August 2022, installed solar PV inverters in the U.S. were eligible for up to 30% tax credits offered by the U.S. government.
PV Inverter Market Report Highlights:
- Based on product, the string PV inverter dominated the market and accounted for the largest market share of 47.10% in 2023. This is due to its numerous advantages such as efficient energy conversion, grid integration, enhanced performance and monitoring, adaptability and scalability, and cost-effectiveness
- Based on end-use, the residential segment is expected to grow at the fastest CAGR over the forecast period. The increasing adoption of solar PV in the residential sector is driving the demand for PV inverters. According to the Solar Energy Industries Association (SEIA), annual solar PV installation in the residential sector in California, U.S., was recorded at 2,000 MW in 2022, up by over 40% compared to the previous year
- Asia Pacific dominated the market in 2023, owing to the increasing adoption of renewable energy in the residential, commercial and industrial sector. In addition, favorable government policies such as Pradhan Mantri Kisan Urja Suraksha Evam Uttham Mahabhiyan, Development of Solar Parks and Ultra Mega Solar Power Projects in India are further propelling the market growth
- The strengthening of market presence by major players is primarily driven by strategies such as mergers, acquisitions, and product launches. For instance, in March 2023, Semiconductor Components Industries, LLC collaborated with Sineng Electric Co., Ltd. to develop next-generation solar PV inverters to meet the growing demand for solar energy systems by end-users.
Product Code: GVR-3-68038-022-4
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Market Segmentation & Scope
- 1.2 Market Definitions
- 1.3 Information Procurement
- 1.3.1 Information analysis
- 1.3.2 Market formulation & data visualization
- 1.3.3 Data validation & publishing
- 1.4 Research Scope and Assumptions
- 1.4.1 List to Data Sources
Chapter 2 Executive Summary
- 2.1 Market Snapshot
- 2.2 Segment Snapshot
- 2.3 Competitive Landscape Snapshot
Chapter 3 Market Variables, Trends, & Scope
- 3.1 Market Lineage Outlook
- 3.1.1 Global Solar Market
- 3.2 Industry Value Chain Analysis
- 3.3 Technology Trends
- 3.4 Regulatory Framework
- 3.4.1 Major plans and policies
- 3.4.2 Standard & Compliances
- 3.5 Market Dynamics
- 3.5.1 Market Driver Analysis
- 3.5.1.1 Growing Demand For Electric Power Through Clean Energy Sources
- 3.5.1.2 Reducing Renewable Power Generation Costs
- 3.5.2 Market Restraint Analysis
- 3.5.2.1 Presence Of Substitute Technology For Power Generation
- 3.5.3 Industry Challenges
- 3.5.3.1 Persistent Pressure On Equipment Suppliers Due To Anti-Dumping Tariffs
- 3.5.4 Industry Opportunities
- 3.5.5 Favorable policies and regulations
- 3.5.1 Market Driver Analysis
- 3.6 Business Environment Analysis: PV Inverter Market
- 3.6.1 Industry Analysis - Porter's
- 3.6.2 PESTEL analysis
- 3.7 Impact of COVID-19 on PV Inverter Market
- 3.7.1 Challenges
- 3.7.2 Steps Taken
- 3.7.3 Impact Verdict - Medium
Chapter 4 PV Inverter Market: Product Estimates & Trend Analysis
- 4.1 Product Movement Analysis & Market Share, 2023 & 2030
- 4.2 PV Inverter Market Estimates & Forecast, by Product (USD Million)
- 4.2.1 Central PV Inverter
- 4.2.2 String PV Inverter
- 4.2.3 Micro PV Inverter
- 4.2.4 Others
Chapter 5 PV Inverter Market: End-use Estimates & Trend Analysis
- 5.1 End-Use Movement Analysis & Revenue Market Share, 2023 & 2030
- 5.2 PV Inverter Market Estimates & Forecast, By End-Use (USD Million)
- 5.2.1 Residential
- 5.2.2 Commercial & Industrial
- 5.2.3 Utility
Chapter 6 PV Inverter Market: Regional Estimates & Trend Analysis
- 6.1 PV Inverter Market: Regional Outlook
- 6.2 North America
- 6.2.1 North America PV Inverter Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.2.2 U.S.
- 6.2.2.1 Key country dynamics
- 6.2.2.2 U.S. PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.2.3 Canada
- 6.2.3.1 Key country dynamics
- 6.2.3.2 Canada PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.2.4 Mexico
- 6.2.4.1 Key country dynamics
- 6.2.4.2 Mexico PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3 Europe
- 6.3.1 Europe PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.2 Germany
- 6.3.2.1 Key country dynamics
- 6.3.2.2 GERMANY PV Inverter Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.3 UK
- 6.3.3.1 Key country dynamics
- 6.3.3.2 UK PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.4 France
- 6.3.4.1 Key country dynamics
- 6.3.4.2 France PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.5 Italy
- 6.3.5.1 Key country dynamics
- 6.3.5.2 ITALY PV Inverter Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.6 Spain
- 6.3.6.1 Key country dynamics
- 6.3.6.2 Spain PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.7 Poland
- 6.3.7.1 Key country dynamics
- 6.3.7.2 POland PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.3.8 Netherlands
- 6.3.8.1 Key country dynamics
- 6.3.8.2 netherlands PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4 Asia Pacific
- 6.4.1 Asia Pacific PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.2 China
- 6.4.2.1 China PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.3 Japan
- 6.4.3.1 Japan PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.4 South Korea
- 6.4.4.1 South Korea PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.5 Taiwan
- 6.4.5.1 Taiwan PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.6 Indonesia
- 7.4.6.1 Indonesia PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.7 India
- 6.4.7.1 India PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.8 Malaysia
- 6.4.8.1 Malaysia PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.9 Thailand
- 6.4.9.1 Thailand PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.10 Vietnam
- 6.4.10.1 Vietnam PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.4.11 Australia
- 6.4.11.1 Australia PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.5 Central & South America
- 6.5.1 Central & South America PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.5.2 Brazil
- 6.5.2.1 BRAZIL PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.5.3 Argentina
- 6.5.3.1 ARGENTINA PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.5.4 Chile
- 6.5.4.1 Chile PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.6 Middle East & Africa
- 6.6.1 Middle East & Africa PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.6.2 UAE
- 6.6.2.1 UAE PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.6.3 Saudi Arabia
- 6.6.3.1 Saudi Arabia PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
- 6.6.4 South Africa
- 6.6.4.1 South Africa PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
Chapter 7 PV Inverter Market: Competitive Landscape
- 7.1 Recent Developments & Impact Analysis, by Key Market Participant
- 7.2 Company Categorization
- 7.3 Participant's Overview
- 7.3.1 Fimer Group
- 7.3.2 SMA Solar Technology AG
- 7.3.3 Delta Electronics, Inc.
- 7.3.4 SunPower Corporation
- 7.3.5 Siemens
- 7.3.6 Omron Corporation
- 7.3.7 Eaton
- 7.3.8 Emerson Electric Co.
- 7.3.9 Power Electronics S.L.
- 7.3.10 Hitachi Hi-Rel Power Electronics Private Limited
- 7.4 Financial Performance
- 7.5 Product Benchmarking
- 7.6 Company Market Share Analysis
- 7.7 Company Market Positioning
- 7.8 Company Heat Map Analysis
- 7.9 Strategy Mapping
- 7.9.1 Expansion
- 7.9.2 mergers & acquisition
- 7.9.3 collaborations
- 7.9.4 new product launches
- 7.9.5 Others
Product Code: GVR-3-68038-022-4
List of Tables
- Table 1 List of abbreviations
- Table 2 North America PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 3 North America PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 4 North America PV inverter market, by region, 2018 - 2030 (USD Million)
- Table 5 U.S. PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 6 U.S. PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 7 Canada PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 8 Canada PV Inverter market, by application, 2018 - 2030 (USD Million)
- Table 9 Mexico PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 10 Mexico PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 11 Europe PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 12 Europe PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 13 Europe PV inverter market, by region, 2018 - 2030 (USD Million)
- Table 14 Germany PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 15 Germany PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 16 UK PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 17 UK PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 18 France PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 19 France PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 20 Italy PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 21 Italy PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 22 Spain PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 23 Spain PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 24 Poland PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 25 Poland PV Inverter market, by application, 2018 - 2030 (USD Million)
- Table 26 Netherlands PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 27 Netherlands PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 28 Asia Pacific PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 29 Asia Pacific PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 30 Asia Pacific PV inverter market, by region, 2018 - 2030 (USD Million)
- Table 31 China PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 32 China PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 33 Japan PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 34 Japan PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 35 India PV Inverter market, by product, 2018 - 2030 (USD Million)
- Table 36 India PV Inverter market, by application, 2018 - 2030 (USD Million)
- Table 37 Australia PV Inverter market, by application, 2018 - 2030 (USD Million)
- Table 38 Australia PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 39 Thailand PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 40 Thailand PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 41 South Korea PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 42 South Korea PV Inverter market, by application, 2018 - 2030 (USD Million)
- Table 43 Indonesia PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 44 Indonesia PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 45 Malaysia PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 46 Malaysia PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 47 Taiwan PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 48 Taiwan PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 49 Vietnam PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 50 Vietnam PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 51 Central & South America PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 52 Central & South America PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 53 Central & South America PV inverter market, by region, 2018 - 2030 (USD Million)
- Table 54 Brazil PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 55 Brazil PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 56 Argentina PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 57 Argentina PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 58 Chile PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 59 Chile PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 60 Middle East and Africa PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 61 Middle East and Africa PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 62 Middle East and Africa PV inverter market, by region, 2018 - 2030 (USD Million)
- Table 63 South Africa PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 64 South Africa PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 65 Saudi Arabia PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 66 Saudi Arabia PV inverter market, by end-use, 2018 - 2030 (USD Million)
- Table 67 UAE PV inverter market, by product, 2018 - 2030 (USD Million)
- Table 68 UAE PV inverter market, by end-use, 2018 - 2030 (USD Million)
List of Figures
- Fig. 1 Market research process
- Fig. 2 Data triangulation techniques
- Fig. 3 Primary research pattern
- Fig. 4 Market research approaches
- Fig. 5 Value-chain-based sizing & forecasting
- Fig. 6 QFD modeling for market share assessment
- Fig. 7 Market formulation & validation
- Fig. 8 PV inverter: Market outlook
- Fig. 9 PV inverter: Competitive insights
- Fig. 10 Parent market outlook
- Fig. 11 Related/ancillary market outlook
- Fig. 12 Penetration and growth prospect mapping
- Fig. 13 Industry value chain analysis
- Fig. 14 PV inverter market driver impact
- Fig. 15 PV inverter market restraint impact
- Fig. 16 PV inverter market strategic initiatives analysis
- Fig. 17 PV inverter market: Product movement analysis
- Fig. 18 PV inverter market: Product outlook and key takeaways
- Fig. 19 String PV inverter market estimates and forecasts, 2018 - 2030
- Fig. 20 Central PV inverter market estimates and forecasts, 2018 - 2030
- Fig. 21 Micro PV inverter market estimates and forecasts, 2018 - 2030
- Fig. 22 Other PV inverter market estimates and forecasts, 2018 - 2030
- Fig. 23 PV inverter market: End-use movement analysis
- Fig. 24 PV inverter market: End-use Outlook and key takeaways
- Fig. 25 Commercial & industrial market estimates and forecasts, 2018 - 2030
- Fig. 26 Utilities market estimates and forecasts, 2018 - 2030
- Fig. 27 Residential market estimates and forecasts, 2018 - 2030
- Fig. 28 Global PV inverter market: Regional movement analysis
- Fig. 29 Global PV inverter market: Regional outlook and key takeaways
- Fig. 30 North America market estimates and forecasts, 2018 - 2030
- Fig. 31 U.S. market estimates and forecasts, 2018 - 2030
- Fig. 32 Canada market estimates and forecasts, 2018 - 2030
- Fig. 33 Mexico market estimates and forecasts, 2018 - 2030
- Fig. 34 Europe market estimates and forecasts, 2018 - 2030
- Fig. 35 UK market estimates and forecasts, 2018 - 2030
- Fig. 36 Germany market estimates and forecasts, 2018 - 2030
- Fig. 37 France market estimates and forecasts, 2018 - 2030
- Fig. 38 Italy market estimates and forecasts, 2018 - 2030
- Fig. 39 Spain market estimates and forecasts, 2018 - 2030
- Fig. 40 Poland market estimates and forecasts, 2018 - 2030
- Fig. 41 Netherlands market estimates and forecasts, 2018 - 2030
- Fig. 42 Asia Pacific market estimates and forecasts, 2018 - 2030
- Fig. 43 Japan market estimates and forecasts, 2018 - 2030
- Fig. 44 China market estimates and forecasts, 2018 - 2030
- Fig. 45 India market estimates and forecasts, 2018 - 2030
- Fig. 46 Australia market estimates and forecasts, 2018 - 2030
- Fig. 47 Thailand market estimates and forecasts, 2018 - 2030
- Fig. 48 South Korea market estimates and forecasts, 2018 - 2030
- Fig. 49 Indonesia market estimates and forecasts, 2018 - 2030
- Fig. 50 Malaysia market estimates and forecasts, 2018 - 2030
- Fig. 51 Taiwan market estimates and forecasts, 2018 - 2030
- Fig. 52 Vietnam market estimates and forecasts, 2018 - 2030
- Fig. 53 Central & South America market estimates and forecasts, 2018 - 2030
- Fig. 54 Brazil market estimates and forecasts, 2018 - 2030
- Fig. 55 Argentina market estimates and forecasts, 2018 - 2030
- Fig. 56 Chile market estimates and forecasts, 2018 - 2030
- Fig. 57 Middle East and Africa market estimates and forecasts, 2018 - 2030
- Fig. 58 Saudi Arabia market estimates and forecasts, 2018 - 2030
- Fig. 59 South Africa market estimates and forecasts, 2018 - 2030
- Fig. 60 UAE market estimates and forecasts, 2018 - 2030
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