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.
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
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 Players:
ABB Ltd; Schneider Electric SE; Siemens AG; Mitsubishi Electric Corporation; and Omron Corporation.
Key Segments Covered:
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)
Access Report Details for More In-Depth Information!
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)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
