Solar Inverter Market | Present Scenario & Growth Prospects 2022 to 2032
The global Solar Inverter Market is anticipated to be valued US$ 11 billion in 2022. Market sales are estimated to expand at a 6% CAGR over the forecast period. Increasing use of solar panels and renewable energy will drive market expansion. Solar inverters’ broad use in residential, commercial, industrial, and utility applications will continue to drive market sales.
In recent years, manufacturers have expanded their product lines with new technological developments in inverter technology. Because the inverter is the primary source of solar energy in photovoltaic systems, solar inverters have the potential to minimise global warming and greenhouse gas emissions.
“Increasing awareness of energy-efficient household equipment, as well as rigorous rules pertaining to carbon emissions and energy consumption, will increase sales of solar inverters,” an FMI analyst predicts.
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Key Takeaways:
Based on product type, demand in the central inverters segment will create an absolute dollar opportunity of more than US$ 6.4 Billion over the forecast period.
By end-use, the residential segment is forecast to create an absolute dollar opportunity of US$ 4.1 Billion over the assessment period.
Total sales in the U.S. market are expected to increase at a 5.2% CAGR through 2032.
Japan will emerge as a lucrative pocket, with demand growing at a 6% CAGR over the forecast period.
The India solar invertor market will expand at a 7% CAGR through 2032, surpassing a valuation of US$ 827.2 Million.
Micro inverters are gaining popularity due to heavy usage in most of the applications. Microinverters work in the same way as string inverters, except they are put beneath each solar panel on your roof.
Competitive Landscape
The solar invertor market is consolidated with leading players holding around 80%-85% of the total market share. These players are likely to invest in new technology development and expansion of their distribution networks to maintain their market presence.
Some of the key players in this industry include
Siemens AG
Fimer Group
SMA Solar Technology AG
Delta Electronics Inc
SunPower Corporation
Omron Corporation
Eaton
Emerson Electric Co.
ABB Ltd
Mitsubishi Electric Corporation
Schneider Electric SE
Each of these microinverters is roughly the size of a router. New electrical rules demand quick solar system shutdown to protect first responders and firemen from excessive voltage when on roofs or maintaining power lines. Microinverters meet these requirements for quick shutdown and have this capacity built into each module.
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Global Solar Inverter Market by Category
By Type:
Central Inverter
Micro-Inverter
String Inverter
By System Type:
Off Grid
On Grid
By Phase:
Single Phase
Three Phase
By End-Use:
Residential
Commercial and Industrial
Utilities
By Region:
North America
Latin America
Europe
East Asia
South Asia Pacific
The Middle East and Africa