Europe Solar PV Inverters Market Forecast to 2030 -Regional Analysis

The Europe solar PV inverters market is expected to grow from US$ 2,300.54 million in 2023 to US$ 4,408.51 million by 2030; it is estimated to grow at a CAGR of 9.7% from 2023 to 2030.

Technological Innovations in Smart Inverters

Smart inverters are a more advanced type of power electronics that can make autonomous decisions to keep the grid stable and reliable. Smart inverters work autonomously while ensuring uninterrupted power flow without voltage fluctuations. Advanced features such as voltage and frequency sensors allow smart inverters to detect grid abnormalities and send feedback to utility operators. Moreover, smart inverters allow two-way communication with utility control centers, thereby enhancing their efficiency across residential and commercial applications.

Delta's smart solar inverter solutions enable smart and cost-effective designs for industrial and small utility-scale PV power plants by maximizing energy yields even in challenging landscapes and locations. The smart inverter has more direct current (DC) overloading options, flexible maximum power point tracking (MPPT) channels, fuse-less or in-line fuse options, and wireless communication systems. With the mentioned features, smart solar inverters are capable to reduce clipping loss.

Additionally, Interstate Renewable Energy Council (IREC) focuses on updating the existing technical standards and codes such as IEEE 1547 and UL 1741 to ensure optimum utilization of smart inverters owing to the constant increase in the number of DER grids. The organization focuses on promoting the integration of smart solar inverters across solar grids to increase the hosting capacity of DER, grid reliability, and consistency across deployments. All these innovative features are likely to spur the market growth during the forecast period.

Europe Solar PV Inverters Market Overview

The Europe solar PV inverters market is Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Solar is a major source of renewable energy in most European countries. Over the past few years, several solar power projects have been developed in the region, and many are under construction. For instance, in February 2022, AMPYR Solar Europe (ASE), a European conglomerate, secured a massive facility of US$ 455 million from CarVal Investors. This project would be executed across Europe to bring more than 2GW of solar power capacity into operation by 2025. The funds secured from CarVal Investors would be employed to cover the construction costs of solar assets, as well as to cover capital development and operational or maintenance expenses. Although the Netherlands, Germany, and the UK will be the first development sites for the ASE in this project, it further plans to develop solar power sites in other European countries in the later phases. The company has also planned to provide additional funds for energy storage projects.

Europe Solar PV Inverters Market Revenue and Forecast to 2030 (US$ Million)

Europe Solar PV Inverters Market Segmentation

The Europe solar PV inverters market is segmented based on product type, phase, connectivity, application, capacity, and country. Based on product type, the Europe solar PV inverters market is segmented into string, micro, and central. The central segment held the largest market share in 2023.

Based on phase, the Europe solar PV inverters market is bifurcated into single phase and three phase. The three phase segment held a larger market share in 2023.

Based on connectivity, the Europe solar PV inverters market is bifurcated into standalone and on-grid. The on-grid segment held a larger market share in 2023.

Based on application, the Europe solar PV inverters market is segmented into residential and community, commercial and industrial, and utility. The utility segment held the largest market share in 2023.

Based on capacity, the Europe solar PV inverters market is segmented into b5 kW, 5-15 kW, 15 -25 kW, 25 - 50 kW, and above 50 kW. The above 50 kW segment held the largest market share in 2023.

Based on country, the Europe solar PV inverters market is segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. The Rest of Europe dominated the Europe solar PV inverters market share in 2023.

Power Electronics SL; SMA Solar Technology AG; Solaredge Technologies Inc; Fimer SpA; Delta Electronics Inc.; and GoodWe Technologies Co. Ltd are the leading companies operating in the Europe solar PV inverters market.