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Solar Inverter Market Research Report - Global Forecast till 2030

Solar Inverter Market Research Report: Information By Type (Central Inverter, Micro Inverter and String Inverter), By System Type (On-Grid and Off-Grid), By Application (Residential, Commercial and Utilities) - Forecast till 2030

ID: MRFR/E&P/2739-CR | October 2020 | Region: Global | 185 pages

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Solar Inverter Market Overview


Solar Inverter Market is projected to be worth USD 18.97 Billion by 2030, registering a CAGR of 5.78% during the forecast period (2022 - 2030). The market was valued at USD 9.7 Billion in 2020.


The solar inverter is an important component of the solar panels. They convert the DC power of the solar panels into AC power. Additionally, the solar inverters are used for tracking voltage, grid connection, and emergency shutdown. On-grid solar inverters offer more efficiency and safety of home appliances.


Apart from getting used in many residential and utility applications, these solar inverters are also getting used in a wide array of industrial and commercial projects. This has increased the Solar Inverter Market Demand in recent times.


COVID-19 Analysis


Since 2020, the Solar Inverter Industry growth had halted due to the COVID-19 pandemic. The demand for solar inverters was less as the residential, commercial, and industrial building and construction projects were halted for many months. These factors affected the Solar Inverter Market negatively.


Due to the rise in the demand for solar inverters, the Solar Inverter Market Growth is expected to happen at a rapid rate in the coming years.


Market Dynamics



  • Market Drivers


Across the globe, there is rapid development in the sector of renewable energy and solar energy is the most popularly used renewable energy. Solar inverters are easy to install. All these factors will drive the steady growth of the Solar Inverter Market during the forecast period.



  • Restraints


High installation cost, huge heat loss in large solar inverters, and absence of monitoring of panels are the main factors that could restrain the Solar Inverter Industry from having a consistent growth.



  • Opportunities


Increased demands, adoption of new technologies, and business expansions by the key players are going to open up many Solar Inverter Market Opportunities within the forecast period. An increase in government initiatives for different types of renewable energy sources is also going to help in the growth of the Solar Inverter Market in the coming years.



  • Challenges


High Operation and Maintenance Costs of solar inverters are the major challenges for the growth of the Solar Inverter Market in the coming years. The detailed Solar Inverter Market Analysis had revealed that high installation costs, large area for installation, and regular availability of sunlight are the challenges that may hinder the market growth across the globe.



  • Cumulative Analysis


According to the analysis of Solar Inverter Market Trends done in this report, the market is forecasted to grow at a CAGR of 8.8% during the forecast period. During the forecast period 2022-2028, the Solar Inverter Market Revenue is expected to rise to USD 17 Billion. Owing to the high prices of non-renewable energy sources and to reduce carbon footprint, the requirement for renewable energy is rising.



  • Value Chain Analysis


Rising concern about the ill-effects of conventional energy sources, adoption of new technologies for the generation of renewable energy, and huge investments made by the key players help in maintaining the demand-supply chain of the Solar Inverter Market. Continuous rise in the demand for renewable energy keeps the value chain analysis of this sector evolving.


Market Segmentations


The global Solar Inverter Market is segmented based on type, system, end-users, and region.


Based on product- type, the market is again divided into Central Inverter, String Inverter, and Micro Inverter sectors. As per the Solar Inverter Market Forecast, the central inverter segment is anticipated to hold the maximum share of the revenue. Central Inverters have huge demand from industry and utility sectors.


Additionally, fast industrialization and development of infrastructure for renewable power in developing countries such as India, China, Japan, and others would help in the growth of this sector.


Based on end-user, the market is segmented into residential, commercial & industrial, and utility sectors. The maximum portion of the Solar Inverter Market Revenue is occupied by the utility sector. By 2028, this sector is expected to experience steady growth owing to the setting up of solar parks, solar power plants, and other solar structures. Additionally, the rise in different types of construction projects such as commercial buildings, rural electrification projects, solar power plants on rooftops, and water bodies would drive the growth of the Solar Inverter Market.


Based on the system, the market of solar inverters is divided into on-grid and off-grid sectors. The on-grid system holds the maximum Solar Inverter Market Share. There is a rise in the investment for direct electricity supply as compared to battery storage facilities. This will contribute to the growth of the on-grid sector.


Regional Analysis


Based on the region, the global Solar Inverter Market is segmented into Europe, North America, Asia-Pacific, and the Rest of the world.


The Asia-Pacific region is expected to occupy a maximum portion of the global Solar Inverter Market Share within the forecast period. Rising demand for solar power, increasing investments in residential and commercial construction projects, and investment in the solar energy sector will drive the growth of the Solar Inverter Industry in the Asia-Pacific region. The governments of many Asia-Pacific countries are taking initiatives to encourage the use of alternative energy resources with minimal carbon emissions. The supportive initiatives by the government will help in boosting the Solar Inverter Market Growth in this region.


Competitive Analysis


The Solar Inverter Market Key Players are going for acquisitions, mergers, business expansion, product launches, and partnership deals to revive the steady growth rate of this industry. Most of the market players are investing strategically to foster business expansion plans and research and development projects.


In February 2021, Solarvest Holdings BHD had announced having MOUs with Sungrow Power Supply Co Ltd. and Huawei Technologies SDN BHD to get solar inverters. Some of the Solar Inverter Market Key Players are:



  • SMA Solar Technology AG (Germany)

  • Canadian Solar Inc. (Canada)

  • SolarEdge Technologies Inc. (Israel)

  • Sineng Electric Co., Ltd. (China)

  • ABB Ltd (Switzerland)

  • Delta Electronics, Inc. (Taiwan)

  • Power Electronics (Spain)

  • SunPower Corporation (US)

  • Hitachi Hi-Rel Power Electronics Pvt. Ltd (India)

  • Solectria Renewables, LLC (US)


Recent Development



  • In March 2021, Fronius International GmbH had launched Primo GEN24 Plus, a single-phase hybrid inverter. This single device has features such as flexibility, ease to use, and maximum yield.

  • In December 2020, Usha Shriram, a renowned manufacturer of solar power equipment had launched a new range of Solar Off-Grid Combo Systems. These unique systems are used to supply continuous power for critical loads, especially in those areas where no power grid is present.


Report Overview


The overview of the Solar Inverter Market Report is given below.



  • Market Overview

  • COVID-19 analysis

  • Dynamics of the market

  • Value chain analysis

  • Market segmentation

  • Regional analysis

  • Competitive analysis

  • Recent development


Report Scope and Segmentation


The scope of this Solar Inverter Market Forecast report is to provide valuable information by performing a detailed study of the market. According to this report, a solar inverter is required in solar panels to convert the DC power into AC power and ensures efficient running of different types of appliances and equipment in residential and industrial places. The report also provides important information like market segmentation, recent trends, challenges, growth forecast, key players, and CAGR value of the Solar Inverter Market. The information given in this report is collected from many primary as well as secondary sources.



  • Study Period-2022-2028

  • Base Year-2022

  • Forecast Period-2022-2028

  • Historical Period-2019-2021


Segmentation


Based on System



  • On-grid

  • Off-grid


Based on Type



  • Central Inverter

  • Micro-Inverter

  • String Inverter


Based on End-Users



  • Residential

  • Commercial & Industrial

  • Utilities


Based on Region



  • Europe

  • North America

  • Asia Pacific

  • Rest of the World



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 18.97 Billion
  CAGR   5.78% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, System Type and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   SMA Solar Technology AG (Germany), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), SunPower Corporation (US), Delta Electronics, Inc. (Taiwan), SolarEdge Technologies Inc. (Israel), Sineng Electric Co., Ltd. (China), Power Electronics (Spain), Solectria Renewables, LLC (US), and Hitachi Hi-Rel Power Electronics Pvt. Ltd (India)
  Key Market Opportunities   Electrification of unelectrified areas in developing countries
  Key Market Drivers

  • Growing solar power system installations
  • Measures to promote solar power systems


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    Frequently Asked Questions (FAQ) :

    Solar Inverter Market is projected to be worth USD 18.97 Billion by 2030, registering a CAGR of 5.78% during the forecast period (2022 - 2030). The market was valued at USD 9.7 Billion in 2020.

    The major market players operating in the global solar inverter market include SMA Solar Technology AG (Germany), ABB Ltd (Switzerland), Canadian Solar Inc. (Canada), SolarEdge Technologies Inc. (Israel), Delta Electronics, Inc. (Taiwan), Solectria Renewables, LLC (U.S.), SunPower Corporation (U.S.), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), Sineng Electric Co., Ltd. (China), and Power electronics (Spain), among others.

    The global solar inverter market segmentation is conducted based on type, system type, and end-users.

    The regional analysis of the global solar inverter market is conducted in four major regions, including the Asia Pacific, Europe, North America, and the rest of the world (including the Middle East and Africa, and Latin America).

    the report projects the fastest growth in the Asia Pacific, and mature growth in North America and Europe. Moreover, the rest of the world region is anticipated to witness a gradual market growth over the forecast period.

    The standard inverter is done primarily to convert current DC to AC. ... Solar Inverter also operates related to the regular inverter, but it has an extra feature to charge the battery using solar panels, and it runs in hybrid mode, it means it charges the battery using electricity as well as the solar panel.