The global solar invertor market is set to reach a valuation of US$ 11 Bn in 2022. Sales in the market are forecast to increase at a 6% CAGR over the forecast period. Increasing usage of solar panels and renewables energy will augment the growth in the market. Hig adoption of solar invertors in the residential, commercial, and industrial and utilities will continue driving sales in the market.
Over the past years, manufacturers are expanding their product lines with new technological advancement in the invertor technologies. As solar energy utilisation in photovoltaic systems is mostly dependent on the inverter, solar inverters are potentitally beneficial for lowering global warming and greenhouse impact.
“Increasing awareness regarding energy-efficient household equipment, along with stringent regulations pertaining to carbon emissions and energy consumption will drive sales of solar invertors,” says an FMI analyst.
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Key Takeaways:
- Based on product type, demand in the central invertors segment will create an absolute dollar opportunity of more than US$ 6.4 Bn over the forecast period.
- By end-use, the residential segment is forecast to create an absolute dollar opportunity of US$ 4.1 Bn over the assessment period.
- Total sales in the U.S. market are expected to increase at a 5.2% CAGR through 2032.
- Japan will emerge as a lucrative pocket, with demand growing at a 6% CAGR over the forecast period.
- The India solar invertor market will expand at a 7% CAGR through 2032, surpassing a valuation of US$ 827.2 Mn.
Micro invertors are gaining popularity due to heavy usage in most of the applications. Microinverters work in the same way as string inverters, except they are put beneath each solar panel on your roof.
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Competitive Landscape
The solar invertor market is consolidated with leading players holding around 80%-85% of the total market share. These players are likely to invest in new technology development and expansion of their distribution networks to maintain their market presence.
Some of the key players in this industry include
- Siemens AG
- Fimer Group
- SMA Solar Technology AG
- Delta Electronics Inc
- SunPower Corporation
- Omron Corporation
- Eaton
- Emerson Electric Co.
- ABB Ltd
- Mitsubishi Electric Corporation
- Schneider Electric SE
Each of these microinverters is roughly the size of a router. New electrical rules demand quick solar system shutdown to protect first responders and firemen from excessive voltage when on roofs or maintaining power lines. Microinverters meet these requirements for quick shutdown and have this capacity built into each module.
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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
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