Global PV Inverter Market Outlook 2022-2032 – Featuring Eaton, Sungrow, Growatt New Energy, Darfon Electronics Corp, Schneider Electric, Enphase energy, Seimens, and Fimer Group, among others.
NEWARKOf the. , November 16, 2022 /PRNewswire/ — The global PV inverter market is expected to reach a valuation of US$2.15 billion by 2032, with sales growing at a moderate CAGR of 5.1% from 2022 to 2032. Valued at 1.28 billion in 2021, the target market is expected to reach a $1.66 billion by 2026. Escalating environmental concerns, rising carbon emissions and growing demand for clean, green and sustainable energy will support the growth of the PV inverter market over the forecast period.
Rising awareness of the environmental crisis and the need for clean and green energy along with the massive integration of renewable energies are the major growth drivers for the PV inverter market. Additionally, the growing awareness of solar panel systems/units, which has led several people to install these rooftop units over the past couple of years, is also contributing significantly to the overall market growth. The demand for alternative energy sources and how they are beneficial to the environment are some thoughts that have driven the growth of the target market over the past few years.
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Additionally, governments around the world are launching new initiatives and programs to draw public attention to alternative energy and energy sources to reduce their carbon footprint and help preserve the environment. This is expected to have a positive impact on the growth of the global photovoltaic inverter market. A few of these PV inverters include hybrid solar inverter, sungrow inverter and solar PV inverter.
The PV inverter market is particularly driven by the upsurge in the adoption of string inverters and the growth in home improvement projects. The increasing use of string inverters in applications such as commercial, residential and industrial projects bodes well for the market.
“Growing need for alternative and sustainable energy sources along with supportive government initiatives across the globe will drive the global PV inverter market growth over the forecast period,” says an IMF analyst.
Key points to remember:
- Growing demand for meticulous and renewable energy will bolster the market outlook.
- Accessibility of raw materials and maintenance requirements can hamper the growth of the market.
- By connectivity, the grid-connected segment will exhibit impressive growth during the period 2022-2032.
- By phase type, the three-phase segment will lead the market during the forecast period.
- By product type, the central inverter segment will generate the highest demand.
- The photovoltaic inverter market in North America dominates the global market space.
Eaton, Sungrow, Growatt New Energy, Darfon Electronics Corp, Schneider Electric, Enphase energy, and Seimens and Fimer Group among others are some of the major PV inverter market players profiled in the comprehensive version of the report.
In a dynamic market space, major market players want to branch out into different regions and upgrade features such as installation, pricing, and durability. These companies are also adopting strategic partnerships, collaborations and merger tactics to gain the upper hand in the global market.
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More information about the Photovoltaic Inverter Market report
In its latest report, FMI offers an unbiased analysis of the global Photovoltaic Inverter Market, providing historical data and forecast statistics from 2022 to 2032. To understand the potential, growth, and scope of the global market, the market is segmented on the basis of of the type of product. (string, micro, central), phase (single phase, three phase), connectivity (stand alone, on network), nominal power (≤ 0.5 kW, 0.5 – 3 kW, 3 – 33 kW, 33 – 110 kW, > 110 kW), rated output voltage (≤ 230 V, 230 – 400 V, 400 – 600 V, > 600), application (residential, commercial, industrial) and region.
According to the latest IMF reports, based on segmentation, the central inverter segment will exhibit substantial growth during the period 2022-2032 owing to its application in major industries across the globe. In terms of connectivity, the on-grid segment will account for the largest share while the three-phase type will perform extremely well during the projected period.
Based on region, the photovoltaic inverter market in North America will experience considerable growth during the period 2022-2032. Increased usage of solar panels, favorable government initiatives for the solar power industry and frequent drop in solar panel prices are fueling the growth of the target market in this region as PV inverters are widely used for solar panels and their implementation. In addition, regions like South America, Asia Pacificand Europe are also expected to perform well in the PV inverter market over the forecast period.
By rated output power:
- ≤ 0.5kW
- 0.5 – 3kW
- 3 – 33kW
- 33 – 110kW
By rated output voltage:
- 230 – 400V
- 400 – 600V
- Commercial & Industrial
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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1.1. Global Market Outlook
1.2. Summary of statistics
1.3. Key Market Features and Attributes
1.4. MFI analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Assessment of risks and market trends
3.1. Risk assessment
3.1.1. COVID-19 crisis and impact on demand for PV inverters
3.1.2. Comparative analysis of the impact of COVID-19 with the previous crisis
3.1.3. Impact on market value (US$ millions)
3.1.4. Assessment by key countries
3.1.5. Assessment by key market segments
3.1.6. Action points and recommendation for suppliers
3.2. Key trends impacting the market
3.3. Trends in components and product development
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