The global PV inverter market is anticipated to grow at a significant CAGR of 8.5% during the forecast period. A solar inverter is one of the most important elements of the solar electric power system. It converts the variable direct current (DC) output of a photovoltaic (PV) solar panel into alternating 240V current (AC). The demand for renewable energy is growing rapidly due to environmental awareness is propelling the growth of the market. According to the International Energy Agency (IEA), the market for renewables in global electricity generation jumped to 29% in 2020, up from 27% in 2019. Moreover, renewable energy use increased by 3% in 2020, due to the decreased demand for all other fuels declined. Renewable electricity generation in 2021 is set to expand by more than 8% to reach 8 300 TWh, the fastest year-on-year growth since the 1970s. The primary driver was an almost 7% growth in electricity generation from renewable sources.
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The global PV inverter market is segmented based on the product, connection type, and end-user. Based on the product, the market is segmented into central plant inverter systems, string inverter systems, multi-string inverter systems, and microgrid inverter systems. Based on the connection type, the market is sub-segmented into on-grid PV inverters and off-grid PV inverters. Based on the end-user, the market is bifurcated into residential and non-residential. Among all segments, microgrid inverter systems are expected to contribute to the PV inverter market due to their higher efficiency, easier installation, and user-friendly operation & maintenance.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global PV Inverter Market by Product
- Central plant inverter system
- String Inverter System
- Multi-String Inverter System
- Microgrid Inverter System
Global PV Inverter Market by Connection Type
- On-Grid PV Inverter
- Off-Grid PV Inverter
Global PV Inverter Market by End User
- Residential
- Non-Residential
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Chilicon Power, LLC.
- Delta Electronics, Inc.
- Eaton Corp. Plc
- Emerson Electric Co.
- Fimer Group
- Fronius International GmbH
- Ginglong Technologies Co., Ltd.
- Hitachi Hi-Rel Power Electronics Pvt Ltd.
- Huawei Technologies Co., Ltd.
- KACO new energy GmbH
- Omran Corp.
- Power-One Micro Systems Pvt. Ltd.
- Seimens AG
- Sening Electric Co. Ltd.
- Shenzhen Growatt New Energy Co., Ltd.
- SMA solar technology AG
- Sungrow Power Supply Co., Ltd.
- TDK Corp.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global PV inverter market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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