In the ever-evolving landscape of renewable energy, the solar inverter market is set to witness remarkable growth in 2032, driven by a burgeoning global appetite for sustainable power solutions. This anticipated surge is fueled by the increasing adoption of renewable energy sources in both residential and commercial sectors. With a projected year-on-year growth of 6.0%, the solar inverter market is expected to reach an impressive valuation of approximately US$ 18.9 billion by the end of 2032.
At the heart of this meteoric rise lies the indispensable role of solar inverters. These sophisticated devices play a pivotal role in transforming the direct current (DC) electricity generated by solar panels into the alternating current (AC) power that powers our homes, businesses, and even contributes to the grid in utility-scale solar arrays. As we delve deeper into the significance of solar inverters, it becomes evident that they are the linchpin of the solar power ecosystem, facilitating the seamless integration of clean energy into our daily lives.
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Driving Forces and Government Initiatives Shaping the Solar Inverter Market:
Solar inverters are influenced by critical factors such as roof orientation, shading, and roof inclination. Among renewable energy sources, solar photovoltaics have demonstrated significant cost reductions of around 72% for Levelized Cost of Electricity (LCOE), surpassing reductions seen in other sources like wind energy. This reduction stands as a major catalyst for the future growth of the solar inverter market.
Governments worldwide are taking proactive measures to promote solar inverters in industrial applications. For instance, China’s National Energy Administration (NEA) has set a target as part of its 14th Five-year Plan to account for over 50% of all installed capacities by 2025.
Notable Insights from the Solar Inverter Market:
North America commands the largest share of the market, largely due to the higher adoption rate of solar energy, particularly in the US.
The Asia-Pacific region is poised for rapid growth in the solar inverter market, with Japan and India taking the lead.
Favorable policies and incentives in Europe, including residential feed-in-tariffs (FITs), are expected to drive growth. Germany is leading the way, followed by the UK.
Recent Developments in Solar Inverter Industry:
In March 2022, Huawei Technologies forged a collaboration with Meienergy Technology Co., Ltd. to integrate smart energy storage into a 1 GW utility solar plant in Africa, incorporating a 500 MWh energy storage system developed by Meienergy.
SMA Solar Technology AG teamed up with LG Chem to blend SUNNY BOY Battery storage inverters with RESU 10M batteries, introducing innovative home storage solutions. This strategic alliance aims to develop integrated DC/DC converters to enhance the operational voltage of the batteries.
Canadian Solar Inc. unveiled its utility-scale battery storage solution, ‘SolBank,’ in September 2022, catering to the growing demand for energy storage in large-scale applications.
In January 2022, Sungrow introduced its innovative 1+X Modular central inverter during the World Future Energy Summit in Abu Dhabi. This inverter stands out for its modularity, which can be assessed at the inverter, system, and component levels.
In June 2022, V-Guard Industries Ltd. unveiled a new range of on-grid solar power inverters called ‘Solsmart.’ These inverters come with built-in switches that offer additional safety benefits, incorporating advanced safety features. Available in both three-phase and single-phase configurations, Solsmart On-Grid PV inverter also offers a 10-year warranty.
In April 2022, SMA Solar Technology AG launched a new 3-phase inverter series designed for residential and commercial solar PV systems with outputs nearing 135 kW. The series includes four new models with rated powers of 25 kW, 20 kW, 15 kW, and 12 kW, catering to various system sizes and requirements.
Key Companies Profiled:
- Siemens AG
- Fimer Group
- SMA Solar Technology AG
- Delta Electronics Inc
- SunPower Corporation
- Omron Corporation
- Eaton
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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
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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