IMARC Group’s latest research report, titled “Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on the solar PV inverter market trends. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global solar PV inverter market size reached US$ 8.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.
Solar PV Inverter Market Overview:
A solar PV inverter is a critical component in a solar energy system, converting direct current (DC) electricity generated by solar panels into alternating current (AC) electricity, which can be used by home appliances and the power grid. The manufacturing of Solar PV Inverters involves intricate electrical engineering and the assembly of high-quality electronic components to ensure efficiency, reliability, and safety. The importance of solar PV inverters extends beyond mere conversion; they optimize the energy yield, monitor system performance, and ensure the safe operation of solar energy systems. The benefits of using Solar PV Inverters include increased energy efficiency, reduced dependency on fossil fuels, lower electricity bills, and contribution to environmental sustainability by reducing carbon emissions.
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Global Solar PV Inverter Market Trends:
The global market is primarily driven by the increasing global commitment to renewable energy and reducing carbon footprints has significantly boosted the demand for solar installations. Additionally, continual technological advancements in inverter technology, such as improvements in efficiency, reliability, and the integration of smart and grid-supportive features, are attracting investments and research is impelling market growth.
Moreover, the rise in solar energy adoption in both residential and commercial sectors, coupled with the growing trend of net metering, where excess solar power is sold back to the grid, expands the market forward. Furthermore, the growing awareness and societal push towards sustainability are influencing both individual and corporate decisions towards adopting renewable energy sources is creating a positive market outlook. In line with this, the rise of peer-to-peer (P2P) energy trading platforms is enabled by blockchain technology, which allows individuals and businesses with solar installations to sell excess energy directly to neighbors or other consumers without going through the traditional grid, creating a new market dynamic.
Competitive Landscape with Key Players:
ABB Ltd, Schneider Electric SE
Siemens AG
Mitsubishi Electric Corporation
Omron Corporation
General Electric Company
SMA Solar Technology AG
Delta Energy Systems Inc.
Enphase Energy Inc.
SolarEdge Technologies Inc.
Huawei Technologies Co. Ltd
Kstar New Energy Co. Ltd
Sineng Electric Co. Ltd
Sungrow Power Supply Co Ltd
Tabuchi Electric Co. Ltd
TBEA Sunoasis Co. Ltd
Toshiba Corporation
Key Market Segmentation:
Breakup by Technology:
central inverter
string inverter
microinverter
others
Breakup by Application:
utility scale
residential scale
small commercial scale
large commercial scale
industrial scale
Breakup by voltage:
< 1,000 V
1,000 – 1,499 V
> 1,500 V
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other
Key Highlights of the Report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
Why Choose IMARC Research Report:
Strong Market Research Expertise
Targeted Marketing Strategies
Innovative Solutions
Comprehensive Analysis
Accuracy and Reliability
Provides Insightful Forecasts
Available Customization Options
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Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.
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