Wilmington, Delaware, United States, May 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global PV Inverter Market stood at US$ 10.7 billion in 2022 and the global market is projected to reach US$ 37.6 billion in 2031. Global industry is anticipated to expand at a CAGR of 15% between 2023 and 2031.
Rapid development in the renewable energy sector across the globe acts as one of the major factors driving the growth of the photovoltaic (PV) inverter market. Rise in government initiatives to implement renewable power generation to reduce carbon footprint accelerates the market growth. Development of solar operations owing to the diminishing expense of solar elements and enlarged operational effectiveness further influence the market.
Surge in investments, growth in the electronics industry, rise in awareness, and expansion of the energy sector positively affect the photovoltaic (PV) inverter market. Investments in the electrification of rural and remote areas by public and private organizations extend profitable opportunities to the market players in the forecast period.
High costs associated with the component and high heat loss in large-sized solar inverters are expected to obstruct market growth. Absence of panel-level monitoring is projected to challenge the photovoltaic (PV) inverter market in the forecast period
Demand for energy has been escalating year on year, which is actually driving requirements for various renewables like solar inverters.
Value chain pertaining to solar inverters constitutes inverter manufacturers, component manufacturers, sellers, distributors, and end-users. Complexity does offer little room for technical disruption of solar devices.
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Numerous initiatives are being taken and relentless efforts are being put in by governments across the globe for promoting inverters in industrial applications, for instance – China’s National Energy Administration (NEA), did establish a target in the year 2020 as a part of the 14th Five-year Plan, where it aims at accounting for over 50% of all the installed capacities by the year 2025.
Key Takeaways of Market Report
- Global PV Inverter Market to generate absolute dollar opportunity worth US$ 37.6 billion until 2031.
- Global PV Inverter Market from 2023 to 2031 is 15%
- Global PV Inverter Market is currently valued at US$ 12.2 billion in 2023.
- Global PV Inverter Market stood at US$ 10.7 billion in 2022.
- Market value of the global PV Inverter Market from 2018 to 2022 is 14.7%
- North America is said to have a 5.2% market share with the United States being subject to the adoption of solar energy at a higher rate.
- The Asia-Pacific is expected to grow at a rapid rate with 5.8% in the solar inverter market going forward with China leading from the front.
Global PV Inverter Market: Regional Landscape
- Asia Pacific was a highly attractive market holding the dominant share in 2022 where the market in the region is expected to grow at an average CAGR, owing to an increase in demand for energy in commercial and utility sectors.
- China is one of the significant countries in the Asia Pacific, rising at a CAGR of 5.8% during the forecast period. The increase in trends of inverters and the growing population are expected to fuel the demand for PV inverters.
- North America is said to be followed by Asia Pacific where the United States is likely to register a 5.2% CAGR during the forecast period.
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Global PV Inverter Market: Growth Drivers
- Consistent increase in demand for renewable energy for the last few years has fueled the demand for solar energy, which in turn has propelled the demand for PV inverters. Grid connector inverters, a type of PV inverters synchronize with the electric grid and work efficiently by testing their output with input needed to be connected to solar panels into the grid.
- Demand for safe and secure inverters has been increasing for the last few years, due to the difference in incidences of electric shock, short circuits, and fire due to heavy loads and high temperatures driving the need for safe and secure inverters.
- PV inverter monitors the energy yield of the PV plant in which the temperature in the inverter housing also influences conversion efficiency, due to rising temperature, the inverter has to reduce its power. The communication interface allows it to control and monitor operational data and power yield, growing demand for safe and reliable inverters is anticipated to propel the PV inverter business growth during the forecast period.
Global PV Inverter Market: Key Players
SUNGROW
- Developments
- Sungrow introduced its new generation commercial and industrial (C&I) PV inverter solution SG125CX-P2 for the South African market, as the country’s businesses endure power shortages.
- Acquisition
- Sungrow dealt with an agreement with a local distributor in Pakistan to supply commercial and residential inverters to get rid of the electricity cut-off.
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Global PV Inverter Market: Segmentation
By Power Output
- 5kW
- 10-20kW
- 500-800kW
By Type
- Standalone inverters
- Grid-connected inverters
By End-use
- Residential
- Commercial
- Industrial
- Utility
Regions
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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