The global residential solar PV inverter market is expected to maintain a steady CAGR of 5.2%, reaching USD 6,566.3 million by 2033, up from USD 3,955.1 million in 2023. Central PV inverters are anticipated to experience notable growth during this period, attributed to their advantages over other inverters, including affordability and reliability.
The demand for solar PV inverters has steadily increased in recent years, driven by growing environmental concerns about greenhouse gas emissions and the critical role of renewable energy, particularly solar power, in reducing these emissions.
As fossil fuel prices continue to rise, solar electricity is becoming a more cost-effective energy alternative. Additionally, the decreasing costs of solar PV inverters have made them more affordable, resulting in a significant increase in solar power system installations worldwide, across both developed and developing countries.
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The residential solar PV inverter market is shifting away from traditional inverters and toward string inverters. This trend is prominently seen in the increasing number of project planners and developers considering string inverters with a central architectural design. This is referred to as the virtual central inverter idea by Sungrow. It combines 1,500-volt string inverters with control typically associated with central PV inverters.
Central PV inverters are contained in protective enclosures, which reduces the chance of failure due to exposure to a hostile environment. However, the central PV inverters market has a few drawbacks that may limit their expansion relative to other types of inverters, although the situation is projected to improve shortly.
Increasing regulatory concerns about the effectiveness of grid-tied solar installations are expected to encourage the adoption of string-based household solar PV inverter systems.
Following paradigm changes are likely to continue to affect the corporate landscape:
- Effective manufacturing accuracy
- New product innovations
- Optimization
- Standardization of production processes for environmental compatibility
- Power production
- Cheap installation costs
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How Competitive is the Residential Solar PV Inverter Market?
The global market is fragmented. ABB Ltd, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, and Omron Corporation are the market’s leading companies. Some recent market developments in the residential solar PV inverter industry include:
- In March 2021, Fronius International GmbH introduced the GEN24 Plus, a revolutionary three-phase PV hybrid inverter from the Fronius Symo series. It provides a small and adaptable all-in-one solar energy supply solution. The device is available in power levels ranging from 3 to 10 kW. Additionally, this is an excellent PV hybrid inverter for single-family homes.
Key Segments
By Type:
- String Inverter
- Micro-Inverter
By Application:
- Single Phase
- Three Phase
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
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