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Global PV Inverter Market Size, Share & Trends Analysis Report by Product (String PV Inverter, Central PV Inverter), End-use (Commercial & Industrial, Utilities), Region, and Segment Forecasts, 2024-2030

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    Report

  • 93 Pages
  • November 2023
  • Region: Global
  • Grand View Research
  • ID: 5595780
Description Jump to:
The global PV inverter market size is expected to reach USD 41.87 billion by 2030, registering a CAGR of 18.3% during the forecast period, according to the report. The increasing renewable energy demand globally is driving the need for various equipment such as PV inverters. According to the International Energy Agency (IEA), renewable energy supply from hydro, solar, geothermal, wind, and ocean use rose by 8% in 2022. According to the same source, net renewable electricity capacity additions by PV-utility reached 112.6 GW in 2022 compared to 89.5 GW in the previous year. With increased utilization of solar energy, there is an increased manufacturing of solar equipment such as solar PV inverters, solar panels, and other solar devices. Thus, all these factors are expected to drive the market growth.

Given the critical juncture of our civilization, the adoption of clean energy is at an unprecedented scale, making renewable energy a predominantly feasible alternative. Presently, constructing a new solar or wind plant comes at a lower cost compared to the continued operation of natural gas or coal plants.

The declines in the prices of solar plant establishments and equipment installations have conceded the growth of the market. Moreover, rising private and government subsidies to promote solar power generation in emerging economies have also fueled the growth of the market worldwide. For instance, according to Energy Efficiency & Renewable Energy in August 2022, installed solar PV inverters in the U.S. were eligible for up to 30% tax credits offered by the U.S. government.

PV Inverter Market Report Highlights

  • Based on product, the string PV inverter dominated the market and accounted for the largest market share of 47.10% in 2023. This is due to its numerous advantages such as efficient energy conversion, grid integration, enhanced performance and monitoring, adaptability and scalability, and cost-effectiveness
  • Based on end-use, the residential segment is expected to grow at the fastest CAGR over the forecast period. The increasing adoption of solar PV in the residential sector is driving the demand for PV inverters. According to the Solar Energy Industries Association (SEIA), annual solar PV installation in the residential sector in California, U.S., was recorded at 2,000 MW in 2022, up by over 40% compared to the previous year
  • Asia Pacific dominated the market in 2023, owing to the increasing adoption of renewable energy in the residential, commercial and industrial sector. In addition, favorable government policies such as Pradhan Mantri Kisan Urja Suraksha Evam Uttham Mahabhiyan, Development of Solar Parks and Ultra Mega Solar Power Projects in India are further propelling the market growth
  • The strengthening of market presence by major players is primarily driven by strategies such as mergers, acquisitions, and product launches. For instance, in March 2023, Semiconductor Components Industries, LLC collaborated with Sineng Electric Co., Ltd. to develop next-generation solar PV inverters to meet the growing demand for solar energy systems by end-users.


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Table of Contents

Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Market Definitions
1.3 Information Procurement
1.3.1 Information analysis
1.3.2 Market formulation & data visualization
1.3.3 Data validation & publishing
1.4 Research Scope and Assumptions
1.4.1 List to Data Sources
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Competitive Landscape Snapshot
Chapter 3 Market Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.1.1 Global Solar Market
3.2 Industry Value Chain Analysis
3.3 Technology Trends
3.4 Regulatory Framework
3.4.1 Major plans and policies
3.4.2 Standard & Compliances
3.5 Market Dynamics
3.5.1 Market Driver Analysis
3.5.1.1 Growing Demand For Electric Power Through Clean Energy Sources
3.5.1.2 Reducing Renewable Power Generation Costs
3.5.2 Market Restraint Analysis
3.5.2.1 Presence Of Substitute Technology For Power Generation
3.5.3 Industry Challenges
3.5.3.1 Persistent Pressure On Equipment Suppliers Due To Anti-Dumping Tariffs
3.5.4 Industry Opportunities
3.5.5 Favorable policies and regulations
3.6 Business Environment Analysis: PV Inverter Market
3.6.1 Industry Analysis - Porter’s
3.6.2 PESTEL analysis
3.7 Impact of COVID-19 on PV Inverter Market
3.7.1 Challenges
3.7.2 Steps Taken
3.7.3 Impact Verdict - Medium
Chapter 4 PV Inverter Market: Product Estimates & Trend Analysis
4.1 Product Movement Analysis & Market Share, 2023 & 2030
4.2 PV Inverter Market Estimates & Forecast, by Product (USD Million)
4.2.1 Central PV Inverter
4.2.2 String PV Inverter
4.2.3 Micro PV Inverter
4.2.4 Others
Chapter 5 PV Inverter Market: End-use Estimates & Trend Analysis
5.1 End-Use Movement Analysis & Revenue Market Share, 2023 & 2030
5.2 PV Inverter Market Estimates & Forecast, By End-Use (USD Million)
5.2.1 Residential
5.2.2 Commercial & Industrial
5.2.3 Utility
Chapter 6 PV Inverter Market: Regional Estimates & Trend Analysis
6.1 PV Inverter Market: Regional Outlook
6.2 North America
6.2.1 North America PV Inverter Market Estimates & Forecasts, 2018 - 2030 (USD Million)
6.2.2 U.S.
6.2.2.1 Key country dynamics
6.2.2.2 U.S. PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.2.3 Canada
6.2.3.1 Key country dynamics
6.2.3.2 Canada PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.2.4 Mexico
6.2.4.1 Key country dynamics
6.2.4.2 Mexico PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.3 Europe
6.3.1 Europe PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.3.2 Germany
6.3.2.1 Key country dynamics
6.3.2.2 GERMANY PV Inverter Market Estimates & Forecasts, 2018 - 2030 (USD Million)
6.3.3 UK
6.3.3.1 Key country dynamics
6.3.3.2 UK PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.3.4 France
6.3.4.1 Key country dynamics
6.3.4.2 France PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.3.5 Italy
6.3.5.1 Key country dynamics
6.3.5.2 ITALY PV Inverter Market Estimates & Forecasts, 2018 - 2030 (USD Million)
6.3.6 Spain
6.3.6.1 Key country dynamics
6.3.6.2 Spain PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.3.7 Poland
6.3.7.1 Key country dynamics
6.3.7.2 POland PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.3.8 Netherlands
6.3.8.1 Key country dynamics
6.3.8.2 netherlands PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4 Asia Pacific
6.4.1 Asia Pacific PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.2 China
6.4.2.1 China PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.3 Japan
6.4.3.1 Japan PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.4 South Korea
6.4.4.1 South Korea PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.5 Taiwan
6.4.5.1 Taiwan PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.6 Indonesia
7.4.6.1 Indonesia PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.7 India
6.4.7.1 India PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.8 Malaysia
6.4.8.1 Malaysia PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.9 Thailand
6.4.9.1 Thailand PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.10 Vietnam
6.4.10.1 Vietnam PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.4.11 Australia
6.4.11.1 Australia PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.5 Central & South America
6.5.1 Central & South America PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.5.2 Brazil
6.5.2.1 BRAZIL PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.5.3 Argentina
6.5.3.1 ARGENTINA PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.5.4 Chile
6.5.4.1 Chile PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.6 Middle East & Africa
6.6.1 Middle East & Africa PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.6.2 UAE
6.6.2.1 UAE PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.6.3 Saudi Arabia
6.6.3.1 Saudi Arabia PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
6.6.4 South Africa
6.6.4.1 South Africa PV Inverter Market estimates & Forecasts, 2018 - 2030 (USD Million)
Chapter 7 PV Inverter Market: Competitive Landscape
7.1 Recent Developments & Impact Analysis, by Key Market Participant
7.2 Company Categorization
7.3 Participant’s Overview
7.3.1 Fimer Group
7.3.2 SMA Solar Technology AG
7.3.3 Delta Electronics, Inc.
7.3.4 SunPower Corporation
7.3.5 Siemens
7.3.6 Omron Corporation
7.3.7 Eaton
7.3.8 Emerson Electric Co.
7.3.9 Power Electronics S.L.
7.3.10 Hitachi Hi-Rel Power Electronics Private Limited
7.4 Financial Performance
7.5 Product Benchmarking
7.6 Company Market Share Analysis
7.7 Company Market Positioning
7.8 Company Heat Map Analysis
7.9 Strategy Mapping
7.9.1 Expansion
7.9.2 mergers & acquisition
7.9.3 collaborations
7.9.4 new product launches
7.9.5 Others
List of Tables
Table 1 List of abbreviations
Table 2 North America PV inverter market, by product, 2018 - 2030 (USD Million)
Table 3 North America PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 4 North America PV inverter market, by region, 2018 - 2030 (USD Million)
Table 5 U.S. PV inverter market, by product, 2018 - 2030 (USD Million)
Table 6 U.S. PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 7 Canada PV inverter market, by product, 2018 - 2030 (USD Million)
Table 8 Canada PV Inverter market, by application, 2018 - 2030 (USD Million)
Table 9 Mexico PV inverter market, by product, 2018 - 2030 (USD Million)
Table 10 Mexico PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 11 Europe PV inverter market, by product, 2018 - 2030 (USD Million)
Table 12 Europe PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 13 Europe PV inverter market, by region, 2018 - 2030 (USD Million)
Table 14 Germany PV inverter market, by product, 2018 - 2030 (USD Million)
Table 15 Germany PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 16 UK PV inverter market, by product, 2018 - 2030 (USD Million)
Table 17 UK PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 18 France PV inverter market, by product, 2018 - 2030 (USD Million)
Table 19 France PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 20 Italy PV inverter market, by product, 2018 - 2030 (USD Million)
Table 21 Italy PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 22 Spain PV inverter market, by product, 2018 - 2030 (USD Million)
Table 23 Spain PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 24 Poland PV inverter market, by product, 2018 - 2030 (USD Million)
Table 25 Poland PV Inverter market, by application, 2018 - 2030 (USD Million)
Table 26 Netherlands PV inverter market, by product, 2018 - 2030 (USD Million)
Table 27 Netherlands PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 28 Asia Pacific PV inverter market, by product, 2018 - 2030 (USD Million)
Table 29 Asia Pacific PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 30 Asia Pacific PV inverter market, by region, 2018 - 2030 (USD Million)
Table 31 China PV inverter market, by product, 2018 - 2030 (USD Million)
Table 32 China PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 33 Japan PV inverter market, by product, 2018 - 2030 (USD Million)
Table 34 Japan PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 35 India PV Inverter market, by product, 2018 - 2030 (USD Million)
Table 36 India PV Inverter market, by application, 2018 - 2030 (USD Million)
Table 37 Australia PV Inverter market, by application, 2018 - 2030 (USD Million)
Table 38 Australia PV inverter market, by product, 2018 - 2030 (USD Million)
Table 39 Thailand PV inverter market, by product, 2018 - 2030 (USD Million)
Table 40 Thailand PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 41 South Korea PV inverter market, by product, 2018 - 2030 (USD Million)
Table 42 South Korea PV Inverter market, by application, 2018 - 2030 (USD Million)
Table 43 Indonesia PV inverter market, by product, 2018 - 2030 (USD Million)
Table 44 Indonesia PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 45 Malaysia PV inverter market, by product, 2018 - 2030 (USD Million)
Table 46 Malaysia PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 47 Taiwan PV inverter market, by product, 2018 - 2030 (USD Million)
Table 48 Taiwan PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 49 Vietnam PV inverter market, by product, 2018 - 2030 (USD Million)
Table 50 Vietnam PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 51 Central & South America PV inverter market, by product, 2018 - 2030 (USD Million)
Table 52 Central & South America PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 53 Central & South America PV inverter market, by region, 2018 - 2030 (USD Million)
Table 54 Brazil PV inverter market, by product, 2018 - 2030 (USD Million)
Table 55 Brazil PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 56 Argentina PV inverter market, by product, 2018 - 2030 (USD Million)
Table 57 Argentina PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 58 Chile PV inverter market, by product, 2018 - 2030 (USD Million)
Table 59 Chile PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 60 Middle East and Africa PV inverter market, by product, 2018 - 2030 (USD Million)
Table 61 Middle East and Africa PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 62 Middle East and Africa PV inverter market, by region, 2018 - 2030 (USD Million)
Table 63 South Africa PV inverter market, by product, 2018 - 2030 (USD Million)
Table 64 South Africa PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 65 Saudi Arabia PV inverter market, by product, 2018 - 2030 (USD Million)
Table 66 Saudi Arabia PV inverter market, by end-use, 2018 - 2030 (USD Million)
Table 67 UAE PV inverter market, by product, 2018 - 2030 (USD Million)
Table 68 UAE PV inverter market, by end-use, 2018 - 2030 (USD Million)
List of Figures
Fig. 1 Market research process
Fig. 2 Data triangulation techniques
Fig. 3 Primary research pattern
Fig. 4 Market research approaches
Fig. 5 Value-chain-based sizing & forecasting
Fig. 6 QFD modeling for market share assessment
Fig. 7 Market formulation & validation
Fig. 8 PV inverter: Market outlook
Fig. 9 PV inverter: Competitive insights
Fig. 10 Parent market outlook
Fig. 11 Related/ancillary market outlook
Fig. 12 Penetration and growth prospect mapping
Fig. 13 Industry value chain analysis
Fig. 14 PV inverter market driver impact
Fig. 15 PV inverter market restraint impact
Fig. 16 PV inverter market strategic initiatives analysis
Fig. 17 PV inverter market: Product movement analysis
Fig. 18 PV inverter market: Product outlook and key takeaways
Fig. 19 String PV inverter market estimates and forecasts, 2018 - 2030
Fig. 20 Central PV inverter market estimates and forecasts, 2018 - 2030
Fig. 21 Micro PV inverter market estimates and forecasts, 2018 - 2030
Fig. 22 Other PV inverter market estimates and forecasts, 2018 - 2030
Fig. 23 PV inverter market: End-use movement analysis
Fig. 24 PV inverter market: End-use Outlook and key takeaways
Fig. 25 Commercial & industrial market estimates and forecasts, 2018 - 2030
Fig. 26 Utilities market estimates and forecasts, 2018 - 2030
Fig. 27 Residential market estimates and forecasts, 2018 - 2030
Fig. 28 Global PV inverter market: Regional movement analysis
Fig. 29 Global PV inverter market: Regional outlook and key takeaways
Fig. 30 North America market estimates and forecasts, 2018 - 2030
Fig. 31 U.S. market estimates and forecasts, 2018 - 2030
Fig. 32 Canada market estimates and forecasts, 2018 - 2030
Fig. 33 Mexico market estimates and forecasts, 2018 - 2030
Fig. 34 Europe market estimates and forecasts, 2018 - 2030
Fig. 35 UK market estimates and forecasts, 2018 - 2030
Fig. 36 Germany market estimates and forecasts, 2018 - 2030
Fig. 37 France market estimates and forecasts, 2018 - 2030
Fig. 38 Italy market estimates and forecasts, 2018 - 2030
Fig. 39 Spain market estimates and forecasts, 2018 - 2030
Fig. 40 Poland market estimates and forecasts, 2018 - 2030
Fig. 41 Netherlands market estimates and forecasts, 2018 - 2030
Fig. 42 Asia Pacific market estimates and forecasts, 2018 - 2030
Fig. 43 Japan market estimates and forecasts, 2018 - 2030
Fig. 44 China market estimates and forecasts, 2018 - 2030
Fig. 45 India market estimates and forecasts, 2018 - 2030
Fig. 46 Australia market estimates and forecasts, 2018 - 2030
Fig. 47 Thailand market estimates and forecasts, 2018 - 2030
Fig. 48 South Korea market estimates and forecasts, 2018 - 2030
Fig. 49 Indonesia market estimates and forecasts, 2018 - 2030
Fig. 50 Malaysia market estimates and forecasts, 2018 - 2030
Fig. 51 Taiwan market estimates and forecasts, 2018 - 2030
Fig. 52 Vietnam market estimates and forecasts, 2018 - 2030
Fig. 53 Central & South America market estimates and forecasts, 2018 - 2030
Fig. 54 Brazil market estimates and forecasts, 2018 - 2030
Fig. 55 Argentina market estimates and forecasts, 2018 - 2030
Fig. 56 Chile market estimates and forecasts, 2018 - 2030
Fig. 57 Middle East and Africa market estimates and forecasts, 2018 - 2030
Fig. 58 Saudi Arabia market estimates and forecasts, 2018 - 2030
Fig. 59 South Africa market estimates and forecasts, 2018 - 2030
Fig. 60 UAE market estimates and forecasts, 2018 - 2030

Companies Profiled

  • Fimer Group
  • SMA Solar Technology AG
  • Delta Electronics, Inc.
  • SunPower Corporation
  • Siemens
  • Omron Corporation
  • Eaton
  • Emerson Electric Co.
  • Power Electronics S.L.
  • Hitachi Hi-Rel Power Electronics Private Limited

Methodology

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Table Information

Report AttributeDetails
No. of Pages93
PublishedNovember 2023
Forecast Period2023 - 2030
Estimated Market Value ( USD ) in 2023 $ 13.09 Billion
Forecasted Market Value ( USD ) by 2030 $ 41.87 Billion
Compound Annual Growth Rate18.3%
Regions CoveredGlobal
No. of Companies Mentioned10

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