Global Solar Inverter Market Forecast Report 2023-2028,
Featuring Schneider Electric, SolarEdge Technologies, Sungrow Power Supply and Huawei – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The Global Solar Inverter Market Analysis and Forecast up to 2028 report has been added to ResearchAndMarkets.com’s offering.
In 2022, the global solar inverter market was valued at US$11.49 billion, and is forecast to reach US$21.34 billion by 2028.
The growing demand for solar power is expected to drive the expansion of the solar PV inverters market. Increased investments and ambitious solar energy targets are projected to boost the market’s growth. The solar inverter demand would increase, driven by the global solar installations, demand from utility scale projects and the replacement demand of old solar inverters.
“The global solar inverter market value is projected to grow at a CAGR of 10.87 %, during the forecast period of 2023-2028.”
Market Segmentation Analysis:
- By Type: String, Central and Micro. String segment acquired majority of share in the market in 2022. String inverters are very reliable with timely maintenance and adaptable enough to be installed in a secure location. Furthermore, string-type inverters are ideal for commercial and residential applications, including modest utility installations of less than 1 MW.
- By Phase: Three Phase and Single Phase. Three Phase segment acquired majority of share in the market in 2022, as the expansion in the demand of three phase solar inverter can be due to the increasing importance of the power generating, distribution, and transmission sectors. Whereas, Single Phase segment is expected to have the highest CAGR in the future as residential users usually utilize single-phase power supply. Single-phase solar inverters are commonly utilized in small-scale and domestic solar installations. As demand for home solar systems grows, so does the demand for single-phase inverters.
- By Connection Type: On Grid and Off Grid. On Grid segment acquired majority of share in the market in 2022, as the advantages of using on-grid solar inverters include easy energy feeding, easy installation, cost-efficiency, and managing high electricity demand, all of which are projected to fuel market expansion in the coming years. Whereas, Off Grid segment is expected to have the highest CAGR in the future as Off-grid solar inverters are in charge of converting the direct current (DC) electricity generated by solar panels into usable alternating current (AC) electricity for powering off-grid appliances and devices.
- By End User: Utilities, Residential and Commercial & Industrial. Utilities segment acquired majority of share in the market in 2022, because investment in utility-scale solar power plants, solar parks, and other solar structures has increased. Whereas, Residential segment is expected to have the highest CAGR in the future as the increased demand for solar renewable energy among consumers for electrification purposes. Governments in various countries have taken active steps with policies and financial incentives to promote captive power generation through renewable sources such as power in residential buildings.
- By Region: Asia Pacific solar inverter market enjoyed the highest market share in 2022, primarily due to the existence of significant players as well as a large consumer base in the region. Furthermore, the expansion of the renewable energy sector, increased investment in upgrading aging power infrastructure, and industrialization in the region are expected to fuel market growth in the coming years. The majority of demand is predicted to come from China, which is also the greatest producer of solar energy. China is the main contributor to this region’s quick expansion in the solar sector and a prominent global competitor. A growing number of solar installations in developing countries has also contributed significantly to the region’s market growth. In China, there has been a greater emphasis on solar inverters that provide a zero-voltage ride through (ZVRT) system. To meet the scheme’s requirements, the solar PV power plants must operate continuously. This is especially significant given that the country has the most solar power generation capacity in the world.
Global Solar Inverter Market Dynamics:
Growth Drivers
- Growing Replacement Demand for Solar Inverters
- Mounting Home Improvement
- Rapid Urbanization
- Rising Number Of Solar Installations Attributed To Government-led Incentives And Schemes
- Increasing Power Failures
Challenges
- Safety Risks Associated With High DC Voltages
- High Cost of Solar Inverters
Market Trends
- Inflation Reduction Act (IRA)
- Smart Solar Inverters
- Expansion Of Companies in ESS Market
- Sustainability
Competitive Landscape and Recent Developments:
Global solar inverter market is concentrated, with the top two players consisting of Huawei and Sungrow accounted for around 45% share of the market. Sungrow is the world’s second-largest maker of solar inverters and China’s largest energy storage systems (ESS) supplier, in terms of 2021 shipments.
The key players are constantly investing in strategic initiatives, such as new product launches, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, In April 2022, SMA Solar Technology AG, a German inverter manufacturer, launched a new line of four inverters with power ratings of 12kW, 15kW, 20kW, and 25kW for use in rooftop PV systems up to 135kW in size. Also, in May 2022, Fimer Spa, an Italy-headquartered solar PV inverter manufacturer, supplied 1 Mega Volt Ampere (MVA) inverters to a solar-plus-storage project with an 18MWh battery energy storage system in Gujarat, India. The company supplied its inverters to the Integrated Solar Energy Project in Modhera. The project belonged to Indian solar PV engineering, procurement, and construction (EPC) solution provider Mahindra Susten Pvt. Ltd and was awarded by the state’s utility, Gujarat Power Corporation Limited (GPCL).
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
7.1 Global Solar Inverter Players by Market Share
7.2 Global Residential Solar Inverter Players by Market Share
7.3 Global Solar Inverter (Ex. Residential) Players by Market Share
7.4 Global Solar Inverter Market Players by Plant Utilization
7.5 Global Solar Inverter Market Players by Capacity
7.6 Global Solar Inverter Market Players: Product Comparison
7.7 Global Solar Inverter Market Players: Accessories Supply Comparison
7.8 The US Solar Inverter Players by Market Share
8. Company Profiles
- Schneider Electric
- SolarEdge Technologies
- Delta Electronics
- GoodWe
- Sineng Electric
- Huawei Investment & Holding
- Sungrow Power Supply
- SMA Solar Technology
- FIMER
- Growatt
- Power Electronics
- Hitachi Hi-Rel Power Electronics
- Yaskawa Solectria Solar
- Ginlong (Solis) Technologies
For more information about this report visit https://www.researchandmarkets.com/r/vodjq1
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