PV Inverters Market is to surpass USD 15.99 billion by 2030 owing to growing Demand for Electric Power Through Clean Energy Sources

Based on SNS Insider's The PV inverters market has been steadily growing, reflecting the increasing adoption of solar energy worldwide. With a valuation of USD 9.88 billion in 2022, this market is poised for substantial expansion, projected to achieve a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030.
By the end of this period, it is estimated to reach a significant value of USD 15.99 billion. This growth trajectory underscores not only the escalating demand for renewable energy solutions but also the pivotal role played by PV inverters in converting solar energy into usable electricity. As governments, businesses, and consumers prioritize sustainability and seek to reduce carbon footprints, the PV inverters market stands as a beacon of progress towards a greener future.

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Major Key Players Included are:

Delta Electronics Inc
Eaton
Emerson Electric Co
Omron Corporation
Hitachi Hi-Rel Power Electronics Pvt Ltd
Power Electronics
Siemens AG
SMA Solar Technolgy AG and SunPower Corporation.
Siemens Energy
Fimer Group
SMA Solar
Technology AG
Delta Electronics, Inc
SunPower Corporation

Market Size-

The SNS Insider report indicates that the PV Inverters Market was valued at USD 9.88 billion in 2022, and is expected to reach market size of USD 15.99 billion by 2030, with a compound annual growth rate (CAGR) of 6.2% expected over the forecast period from 2023 to 2030.

Market Report Scope -

There are cost competitive options available in the field of green energy. In order to meet the demands of an increasing population, technical innovation must be accelerated over the next few years. In the European Union, the Americas, and the Asia Pacific, solar photovoltaic power generation systems have proved to be a lucrative option for generating electricity, which is environmentally friendly and renewable. In the coming years, demand for technology will be driven by different benefits of PV such as contribution to sustainability, reduction in carbon footprint and low-cost energy generation.

Market Growth Factors-

Over the past decade, renewables have grown at an extraordinary pace. It has also continually surpassed expectations, with new records being set annually and more companies committing to their respective energy transitions. Much progress has been made in considering renewable energy as a result of changing consumer preferences for a sustainable environment, ambitious government targets and adequate planning and policies.

Segmentation Analysis -

On the basis of product, the segment with the highest revenue share of 47.8% in 2022 was the string PV inverter segment. These inverters are highly reliable with timely maintenance and flexible enough to be housed in a protected location for their installation. Inverters convert DC energy from all PV panels to AC power, which will become a single point of distribution for electricity; they shall be interconnected with larger arrays set up in field installations, industrial facilities or buildings.

Sub Market segmentation

By Type

Central
String
Micro
Others

By Product

Central PV inverter
String PV inverter
Micro PV inverter
Other PV inverters

By Application

Residential
Commercial & Industrial
Utilities

By Connevtivity

Standalone
On-grid

Key Regional Development -

The largest market share in 2022 was accounted for by the Asia Pacific region, accounting for 43.3%. China is the world's biggest contributor to this region's rapidly growing photovoltaic market, and also a major competitor. The growth of the market in this region is also being driven by an increasing number of solar installations in developing countries. Solar and wind power accounted for 12% of China's electricity generation in 2021, according to EIA. Likewise, according to the Ministry of New and Renewable Energy, at the end of 2022, around 61.97 gigawatts of installed solar capacity were in place.

In 2022, the North American region accounted for a significant share of revenues, with the United States playing an important role in market growth. The United States is a major market for different types of PV inverters. The dominance of 60 kW plus 3 phase string inverters with a capacity of 1.5 MW, together with central independent converters are among the latest trends in this country. Although North America has seen robust growth in string inverters, Central PV Inverters are expected to retain their highest market shares over the forecast period.

Key Takeaway from PV Inverters Market Study -

The inverter is in charge of ensuring that there are a number of safety standards being adhered to, as well as continuous monitoring of the electricity network. In the commercial and utility sectors, PV Inverters are extensively employed. Regional and global manufacturers are estimated to benefit from significant opportunities in the Asia Pacific market for PV Inverters. The growth of the PV inverter market in Asia Pacific is expected to be driven by an increase in population and electricity demand over the forecast period.

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Recent Development Related to PV Inverters Market -

In July 2023, Enphase Energy, together with Flex, announced the delivery of Enphase IQ microinverters manufactured in Columbia. With its advanced technology and strategic local production, the company aims to accelerate the global shift to clean energy. This expansion will enable the company to become a leader in the microinverter sector and to further stimulate its growth.

In November 2022, Fimer Group supplied 9 PVS-100 inverters for the installation of a Vegitalia S.p.A. project in Italy to its partner Main Solution and Evolvere. The cost-efficient product is for decentralized PV systems suitable for rooftop and ground mounted applications. Consequently, the company has strengthened its micro inverter distribution network and expanded its activities in this field.

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Table of Contents - Major Key Points

Introduction
Research Methodology
Market Dynamics
Impact Analysis
COVID-19 Impact Analysis
Impact of Ukraine- Russia war
Impact of ongoing Recession
Value Chain Analysis
Porter's 5 Forces Model
PEST Analysis
Global PV Inverters Market Segmentation, by type
Global PV Inverters Market Segmentation, by Product
Global PV Inverters Market Segmentation, By Application
Global PV Inverters Market Segmentation, By connectivity
Regional Analysis
Company Profiles
Competitive Landscape
Conclusion

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Akash Anand - Head of Business Development & Strategy
info@snsinsider.com
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Website: https://www.snsinsider.com

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This release was published on openPR.