Solar PV Inverters Market by Product, Connection, Phase, End-user

List of Tables

[193 Pages Report] The Solar PV Inverters Market size was estimated at USD 9.11 billion in 2023 and expected to reach USD 9.94 billion in 2024, at a CAGR 10.36% to reach USD 18.17 billion by 2030.

A solar photovoltaic (PV) Inverter is a critical component in a solar energy system utilized to transform the variable direct current (DC) output of the solar panels into a utility frequency alternating current (AC) that can be provided into a commercial or local electrical grid network. This conversion process is essential because most household appliances and the broader electrical grid operate on AC electricity, whereas solar panels generate DC electricity. Solar PV inverters also perform several other pivotal roles in the solar energy system, including optimizing the power output from the solar panels, system diagnostics, and providing grid management functionalities. Growing awareness about sustainable and clean energy sources among consumers and corporations, coupled with subsidies, rebates, and policies supporting solar energy adoption, significantly boost the solar PV inverter market. However, integrating solar PV systems with existing electrical grids can pose technical challenges, requiring advanced inverter solutions and impeding market growth. Nevertheless, the advent of smart inverters that can communicate with the grid to provide advanced energy management features with continuous improvement in inverter technology, including efficiency and reliability, is expected to create opportunities for the growth of the solar PV inverters market.

KEY MARKET STATISTICS
Base Year [2023]	USD 9.11 billion
Estimated Year [2024]	USD 9.94 billion
Forecast Year [2030]	USD 18.17 billion
CAGR (%)	10.36%

Product: Burgeoning adoption of central inverters for utility-scale projects due to their high capacity and efficiency

Central inverters are large, powerful inverters typically used in industrial-scale solar power installations. They are known for their high capacity, ranging from hundreds of kW to MW. These inverters consolidate the DC output from multiple solar arrays, converting it into AC power at a central point. Central inverters are preferred in large solar projects due to their efficiency in handling high power volumes and reducing installation costs for large-scale operations. Micro inverters are installed on individual solar panels, convert the DC generated by each panel into AC, and optimize the output of each panel individually, combating the losses typically associated with panel shading or malfunction. They suit residential installations or small-scale commercial projects where shading issues are common and system scalability is desired. String inverters are well-suited for medium-scale solar installations and connect a string of solar panels to a single inverter, converting the combined DC output to AC. This setup is more efficient than micro inverters for installations without significant shading issues. String inverters are ideal for commercial and residential installations that don't require individual panel-level optimization and can benefit from a balance of cost-effectiveness and efficiency.

End-user: Evolving utilization of Solar PV Inverters in commercial and industrial end-user sector

The commercial and industrial (C&I) sector includes businesses and industries installing solar PV systems to reduce energy costs and carbon footprint. C&I users often require high-capacity inverters that can handle significant power loads, offer advanced grid support functionalities, and integrate with existing energy management systems. They prefer reliable inverters that come with comprehensive warranties and service agreements. Residential users install solar PV systems to reduce household energy costs and contribute to environmental sustainability. They require smaller, easy-to-install inverters compatible with home aesthetics and electrical systems. The focus for residential inverters is on ease of use, safety features, and compatibility with home energy management systems. Utility-scale users, such as power companies and large-scale energy project developers, install massive solar PV farms to generate electricity on a large scale. They require inverters that can handle high power outputs, offer excellent grid stability and support features, and can be easily integrated with existing power systems. Utility-scale inverters must be highly reliable and capable of continuous operation under various environmental conditions.

Regional Insights

The demand for solar PV inverters has grown substantially in the Americas due to increasing environmental awareness and government incentives. Innovations and investments in the sector are highly focused on increasing efficiency and reliability. Notable trends include a surge in residential installations and an expansion of utility-scale solar projects. Furthermore, in American countries, the solar PV inverter market is driven by regional policies supporting renewable energy and the goal of reducing carbon footprint. Asia-Pacific countries manufacture and export solar PV inverters due to innovations and aggressive expansion. With substantial government backing, the focus is on high-capacity, grid-scale projects. Patent filings and investments in research are prolific, reflecting China's commitment to maintaining its leadership position. Furthermore, in certain Asia-Pacific countries, the market is price-sensitive and quality-conscious, with a growing preference for inverters offering grid support services and remote monitoring features. EU countries strongly demand solar PV inverters, backed by robust regulatory frameworks promoting renewable energy. The market is inclined towards products offering high efficiency, durability, and smart-grid compatibility. Consumer awareness and the pursuit of energy independence are significant drivers. The Middle East is witnessing a burgeoning interest in solar PV installations, supported by the region's vast solar potential and increasing economic diversification efforts. Investment in utility-scale projects is growing, with a keen interest in inverters that can withstand harsh environmental conditions. Africa's solar PV inverter market is nascent; however, it is poised for rapid growth due to the vast untapped solar potential and urgent need for electrification. The demand is skewed towards off-grid and micro-grid solutions, emphasizing affordable and durable inverters.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Solar PV Inverters Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Solar PV Inverters Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Solar PV Inverters Market, highlighting leading vendors and their innovative profiles. These include Canadian Solar Inc., Charge Solar Renewables Inc., Darfon Electronics Corp., Delta Electronics, Inc., Eaton Corporation Plc, Emerson Electric Co., Enphase Energy, Inc., Fimer S.p.A, Fronius International GmbH, General Electric Company, Ginlong Technologies Co., Ltd., Hitachi, Ltd., Huawei Technologies Co., Ltd., INGETEAM, S.A., Larson Electronics LLC, Loom Solar Pvt. Ltd., Maxeon Solar Technologies, Ltd., OMRON Corporation, Power-One Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, SL Power Electronics by Advanced Energy Industries, Inc., SMA Solar Technology AG, Sol New Energy (Shenzhen) Co., Ltd., Solaredge Technologies, Inc., and Sungrow Power Supply Co., Ltd..

Market Segmentation & Coverage

This research report categorizes the Solar PV Inverters Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Central Inverter
- Micro Inverter
- String Inverter

Connection
- Off-Grid
- On-Grid

Phase
- Single-Phase
- Three-Phase

End-user
- Commercial & Industrial
- Residential
- Utilities

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Solar PV Inverters Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Solar PV Inverters Market?

3. What are the technology trends and regulatory frameworks in the Solar PV Inverters Market?

4. What is the market share of the leading vendors in the Solar PV Inverters Market?

5. Which modes and strategic moves are suitable for entering the Solar PV Inverters Market?

Product Code: MRR-957C47F93AA5

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising Power Outages and Need for Sustainable Power Generation Solutions
  - 5.1.1.2. Increasing Demand and Investments in Solar Power Generation
  - 5.1.1.3. Growing Adoption of Solar PV Inverters in Commercial and Residential Buildings
- 5.1.2. Restraints
  - 5.1.2.1. High Cost of Solar PV Inverters
- 5.1.3. Opportunities
  - 5.1.3.1. Latest Technological Advancements in Solar PV Inverters
  - 5.1.3.2. Proliferation of Smart Solar PV Inverters
- 5.1.4. Challenges
  - 5.1.4.1. High Heat Loss in Large Inverters
5.2. Market Segmentation Analysis
- 5.2.1. Product: Burgeoning adoption of central inverters for utility-scale projects due to their high capacity and efficiency
- 5.2.2. End-user: Evolving utilization of Solar PV Inverters in commercial and industrial end-user sector
5.3. Market Trend Analysis
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Solar PV Inverters Market, by Product

6.1. Introduction
6.2. Central Inverter
6.3. Micro Inverter
6.4. String Inverter

7. Solar PV Inverters Market, by Connection

7.1. Introduction
7.2. Off-Grid
7.3. On-Grid

8. Solar PV Inverters Market, by Phase

8.1. Introduction
8.2. Single-Phase
8.3. Three-Phase

9. Solar PV Inverters Market, by End-user

9.1. Introduction
9.2. Commercial & Industrial
9.3. Residential
9.4. Utilities

10. Americas Solar PV Inverters Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Solar PV Inverters Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Solar PV Inverters Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. SAJ launches new microinverters with 4 MPPT channels
- 13.3.2. FSP Group Launches New LightUp Series PV Inverters and EnerX 3000 Energy Storage System
- 13.3.3. CECC launches 42 GW inverter tender for the year 2024

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio