Press release
Solar Inverters Market Analysis and Forecast to 2033: By Type (Central Inverters, Micro Inverters), End User (Residential, Utility), and Region
The Solar Inverters market is a pivotal segment within the renewable energy and power electronics industries, providing essential devices for converting direct current (DC) generated by solar panels into alternating current (AC) suitable for grid connection. Solar Inverters play a crucial role in solar power systems, enabling the efficient and reliable integration of solar energy into electricity grids. The Solar Inverters market is integral to supporting the global transition towards clean and sustainable energy sources.
Market Outlook
The global solar inverters market was valued at US$ 8.4 billion in 2021 and it is anticipated to grow up to US$ 18.2 billion by 2031, at a CAGR of 8.0% during the forecast period.
The Solar Inverters market is experiencing significant growth, driven by the increasing adoption of solar photovoltaic (PV) systems, government initiatives promoting renewable energy, and advancements in inverter technologies. As the world shifts towards greener energy solutions, Solar Inverters emerge as key components for manufacturers, solar project developers, and end-users seeking efficient and grid-compatible solar power solutions. The market's outlook reflects the critical role of Solar Inverters in contributing to the expansion and viability of solar energy installations worldwide.
One of the key drivers propelling the market is the use of Solar Inverters in residential, commercial, and utility-scale solar projects, where they ensure the optimal conversion of solar energy, maximize energy harvest, and comply with grid requirements. Additionally, advancements such as string inverters, microinverters, and hybrid inverters contribute to the flexibility and efficiency of solar power systems. The market's outlook emphasizes the importance of Solar Inverters in meeting the evolving needs of industries and communities transitioning towards sustainable and decentralized energy solutions.
The positive trajectory of the market is further supported by ongoing innovations in inverter efficiency, durability, and smart grid integration features. Research and development efforts focus on improving the power conversion efficiency of Solar Inverters, exploring new materials and technologies for increased reliability, and integrating advanced monitoring and control functionalities. The evolution of the Solar Inverters market aligns with the dynamic landscape of renewable energy, where solar power plays a central role in the global quest for a cleaner and more sustainable energy future.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global solar inverters market based on type, system type, and end user, and region.
Global Solar Inverters Market by Type
Based on type, it is segmented into central, string, and micro. The central segment is likely to dominate the market during the forecast period. The market growth of the central segment is increasing at a faster rate because central inverters are highly reliable with timely maintenance and are housed in a protected location for their installation. The central inverters are integrated with large arrays installed on field installations, industrial facilities, and buildings, taking DC power from all the solar panels and converting it into AC power, becoming a single point for power distribution. Thus, numerous benefits of central segment are boosting the growth of the market.
Global Solar Inverters Market by System Type
Based on system type, it is bifurcated into on-grid and off-grid. The on-grid segment is likely to hold the major share of the market. The on-grid segment holds the largest share because of the rise in investment in the direct supply of electricity rather than storing it in batteries. In addition, advantages of being used as on-grid solar inverters include easy feeding of energy, easy installation, cost-efficiency, and managing high electricity demand, boosting the market's growth.
Global Solar Inverters Market by End User
Based on end user, it is segmented into residential, commercial, and utility. The utility segment is likely to dominate the market during the forecast period. The rising investment in utility-scale solar power plants, solar parks, and other solar structures is primarily boosting the market's growth. Moreover, the rise in construction projects such as decentralized solar power plants, rural electrification projects, solar power plants on the water body & rooftops and commercial buildings drive the growth of the solar inverter market for the utility segment across the globe.
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Major Players
The key players studied in the global solar inverters market are ABB Ltd (Switzerland), Delta Electronics, Inc. (Taiwan), Enertechups (India), GoodWe Technologies Co., Ltd. (China), Power Electronics S.L. (US), Power-One Micro Systems Pvt. Ltd. (India), Sineng Electric (China), SMA Solar Technology AG (Germany), Solaredge Technologies Inc. (Israel), and Hitachi Hi-Rel Power Electronics Pvt Ltd. (India).
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Research Scope
• Scope - Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing - Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics - Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework - Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape - Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles - Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 - $8.4 Billion
• Market Size in 2031 - $18.2 Billion
• CAGR % - 8.0%
• Historic Period - 2015 - 2020
• Forecast Period - 2022 - 2031
• Base Year - 2021
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With Global Insight Services, you receive:
• 10-year forecast to help you make strategic decisions
• In-depth segmentation which can be customized as per your requirements
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• Robust and transparent research methodology
• Unmatched data quality and after sales service
About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.
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