In 2022, the global Solar Inverter Market is expected to be worth US$ 11 billion. Over the forecast period, market sales are expected to grow at a 6% CAGR. The growing use of solar panels and renewable energy will drive market growth. The widespread use of solar inverters in residential, commercial, industrial, and utility applications will continue to drive market sales.
Manufacturers have expanded their product lines with new technological developments in inverter technology in recent years. Solar inverters have the potential to reduce global warming and greenhouse gas emissions because they are the primary source of solar energy in photovoltaic systems.
“Increasing awareness of energy-efficient household equipment, as well as rigorous rules pertaining to carbon emissions and energy consumption, will increase sales of solar inverters,” an FMI analyst predicts.
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Key Takeaways:
- Based on product type, demand in the central inverters 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 inverters 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.
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
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