The global PV Inverter is poised to grow at a moderate CAGR of over 5.1% during the forecast period of 2022-2032, reaching a value of about USD 33.1 Bn in 2032 from the USD 19.2 Bn in 2021.
Solar (PV) inverters are the heart of photovoltaic panels installed for harnessing solar energy by converting direct current (DC) generated into alternating current (AC) for supply.
This essential function performed by hybrid solar inverters or PV Inverters made it an indispensable item for the success of renewable energy development. It emerged as a growing market in recent years.
The growing concern for the utilization of solar energy for generating electricity has propelled the sale of photovoltaic panels across the world, directly favouring the growth of the solar PV Inverters market globally.
Government organizations have also come forward, providing financial assistance in the form of tax benefits and subsidies to popularize the installation of Inverter solar panels at the industrial, commercial and individual levels.
The new policies formulated for installing on-grid solar inverters have provided the necessary impetus for the growth of the PV inverter market in Asia Pacific countries and others.
By government interventions, the production and operation cost of renewable energy has dropped dramatically across several countries. Due to cheap labor and higher manufacturing facilities, China is leading in production and export with lower hybrid solar Inverter prices than anywhere else.
“Growing environmental concern in the aftermath of degrading environmental factors and depleting energy sources solar panels have emerged to be the popular alternative electricity source swaying the market for off-grid hybrid solar inverters across the commercial and industrial units of different regions.”—opines an FMI analyst.
Compared to string inverters installed in PV farms, micro-inverter solar panels are more expensive.
Also, the easier installation and higher efficiency provided by string inverters are constantly replacing the traditional central inverters in all significant solar firms worldwide.
- Central PV Inverters will be the dominant segment of the global PV Inverter Market by Product that is poised to reach a market value of US$ 7.7 Bn by 2028 in terms of revenue generated.
- String inverters also constitute a significant segment of the experiencing increased traction of 5.2% CAGR during the forecast years.
- Asia Pacific region has emerged to be the most attractive region for manufacturers of solar Inverter panels and is estimated to reach a market value of more than US$ 11.3 Bn by 2028.
- With an attractive CAGR of 5.1%, the global solar PV Inver2028 market is going to reach an overall value beyond US$ 27.5 Bn by 2028.
The global PV Inverter market has become highly competitive by the presence of global and local players as well. Some of the key players covered by this market analysis report for photovoltaic inverters include Eaton, Sungrow, Growatt New Energy, Dragon Electronics Corp., Schneider Electric, Enphase Energy, Siemens, Fimer Group, Eaton.
Anticipating a positive growth in manufacturing and sale of solar PV Inverters, various local players have emerged in different geographies resulting in a highly competitive market. Adoption of advanced technologies with optimization of PV Inverter price for consumers is the primary strategy adopted by various major players in the global market.
- Sungrow Power of the United States (US) collaborated with a South African energy cleaning company named Hudaco Energy in November 2021 to expand its business of hybrid solar inverters in the market of South Africa. The collaboration is expected to provide long-term investment in developing sustainable energy sources in the region.
- In recent times more countries have imposed anti-dumping duties on the import of cheap solar panels and manufacturing devices that will provide a fair playground for solar PV Inverter manufacturers present at various locations.
These insights are based on a report by Future Market Insights