Solar Inverter Market Size, Share, and Analysis, By Type (Central Inverter, String Inverter, Micro Inverter, and Others), By Connection Type (On-grid and Off-grid), By Application (Residential, Automotive, Commercial & Industrial, Utilities, and Others), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2023-2032
Solar Inverter Market Size, Share, and Analysis, By Type (Central Inverter, String Inverter, Micr%li%Inverter, and Others), By Connection Type (On-grid and Off-grid), By Application (Residential, Automotive, Commercial & Industrial, Utilities, and Others), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2023-2032
PRODUCT OVERVIEW
Solar Inverter Market is projected t%li%grow at a CAGR of 10% in the forecast period (2023-2032), with the market size valued at USD 13.15 billion in 2022 and projected t%li%reach USD 34.2 billion by 2032.
Solar Inverter is an essential component within photovoltaic systems which is responsible for converting the direct current (DC) electricity generated by solar panels int%li%alternating current (AC) power suitable for powering homes and supplying excess energy int%li%the electrical grid. Solar inverters are available in various types, such as string, micro, central, hybrid, and battery inverters, each suited t%li%specific applications. When selecting an inverter, it's crucial t%li%consider factors like efficiency, real-time monitoring capabilities, grid compatibility, safety features, appropriate sizing, durability, warranty, integration with solar panel system, and compliance t%li%local regulations. Selecting the right solar inverter is important for optimizing the efficiency, reliability, and overall performance of a solar power system.
MARKET HIGHLIGHTS
Solar Inverter Market is anticipated t%li%reach USD 34.2 billion, growing at a CAGR of 10% during the forecast period owing t%li%the increasing global adoption of solar energy solutions. The factors responsible for this expansion include the decreasing costs of solar panels, government incentives supporting renewable energy, and a growing focus on clean energy alternatives. Residential installations primarily favour string inverters, while commercial and utility-scale projects are increasingly turning t%li%central and microinverters. Additionally, there is a rising demand for hybrid inverters that seamlessly integrate solar power with energy storage systems. Continuous technological developments, such as increased efficiency and advanced monitoring features, als%li%support the market's upward trend.
Solar Inverter Market Segments:
Growth Drivers
Increasing Number of Solar Installation Due t%li%Government Subsidies Will Fuel Market Expansion
Expanding Demand for Electric Vehicles t%li%Support Market Growth
Restraint
High DC Voltages May Provide Safety Risks That Hinder Market Expansion
Key Players
PRODUCT OVERVIEW
Solar Inverter Market is projected t%li%grow at a CAGR of 10% in the forecast period (2023-2032), with the market size valued at USD 13.15 billion in 2022 and projected t%li%reach USD 34.2 billion by 2032.
Solar Inverter is an essential component within photovoltaic systems which is responsible for converting the direct current (DC) electricity generated by solar panels int%li%alternating current (AC) power suitable for powering homes and supplying excess energy int%li%the electrical grid. Solar inverters are available in various types, such as string, micro, central, hybrid, and battery inverters, each suited t%li%specific applications. When selecting an inverter, it's crucial t%li%consider factors like efficiency, real-time monitoring capabilities, grid compatibility, safety features, appropriate sizing, durability, warranty, integration with solar panel system, and compliance t%li%local regulations. Selecting the right solar inverter is important for optimizing the efficiency, reliability, and overall performance of a solar power system.
MARKET HIGHLIGHTS
Solar Inverter Market is anticipated t%li%reach USD 34.2 billion, growing at a CAGR of 10% during the forecast period owing t%li%the increasing global adoption of solar energy solutions. The factors responsible for this expansion include the decreasing costs of solar panels, government incentives supporting renewable energy, and a growing focus on clean energy alternatives. Residential installations primarily favour string inverters, while commercial and utility-scale projects are increasingly turning t%li%central and microinverters. Additionally, there is a rising demand for hybrid inverters that seamlessly integrate solar power with energy storage systems. Continuous technological developments, such as increased efficiency and advanced monitoring features, als%li%support the market's upward trend.
Solar Inverter Market Segments:
- By Type
- Central Inverter
- String Inverter
- Micr%li%Inverter
- Others
- By Connection Type
- On-grid
- Off-grid
- By Application
- Residential
- Automotive
- Commercial & Industrial
- Utilities
- Others
Growth Drivers
Increasing Number of Solar Installation Due t%li%Government Subsidies Will Fuel Market Expansion
Expanding Demand for Electric Vehicles t%li%Support Market Growth
Restraint
High DC Voltages May Provide Safety Risks That Hinder Market Expansion
Key Players
- SMA Solar Technology AG
- ABB Group
- Huawei Technologies Co., Ltd.
- Fronius International GmbH
- SolarEdge Technologies, Inc.
- Enphase Energy, Inc.
- Delta Electronics, Inc.
- Schneider Electric
- Sungrow Power Supply Co., Ltd.
- KACO New Energy GmbH
- Ginlong Technologies (Solis)
- GoodWe Power Supply Technology Co., Ltd.
- Growatt New Energy Technology Co., Ltd.
- Chint Power Systems Co., Ltd.
- TMEIC
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected t%li%witness the fastest growth as well as t%li%dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect t%li%recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight int%li%the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years t%li%come
- 3-month post-sales analyst support.
1. EXECUTIVE SUMMARY
1.1.Regional Market Share
1.2. Business Trends
1.3.Solar Inverter Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1. Paid Sources
2.5.2.Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Solar Inverter Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. SOLAR INVERTER MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview on world economy
4.3. Industry ecosystem Channel analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porters Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. SOLAR INVERTER MARKET
10.1.Overview
10.2. Historical Analysis (2019-2021)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Type
11.3.1.1.Central Inverter
11.3.1.1.1. By Value (USD Million) 2022-2032F
11.3.1.1.2.Market Share (%) 2022-2032F
11.3.1.1.3.Y-o-Y Growth (%) 2022-2032F
11.3.1.2. String Inverter
11.3.1.2.1.By Value (USD Million) 2022-2032F
11.3.1.2.2. Market Share (%) 2022-2032F
11.3.1.2.3. Y-o-Y Growth (%) 2022-2032F
11.3.1.3.Micro Inverter
11.3.1.3.1.By Value (USD Million) 2022-2032F
11.3.1.3.2. Market Share (%) 2022-2032F
11.3.1.3.3. Y-o-Y Growth (%) 2022-2032F
11.3.1.4.Others
11.3.1.4.1.By Value (USD Million) 2022-2032F
11.3.1.4.2. Market Share (%) 2022-2032F
11.3.1.4.3. Y-o-Y Growth (%) 2022-2032F
11.3.2. By Connection Type
11.3.2.1.On Grid
11.3.2.1.1.By Value (USD Million) 2022-2032F
11.3.2.1.2. Market Share (%) 2022-2032F
11.3.2.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.2.2. Off Grid
11.3.2.2.1. By Value (USD Million) 2022-2032F
11.3.2.2.2.Market Share (%) 2022-2032F
11.3.2.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.3. By Application
11.3.3.1.Residential
11.3.3.1.1.By Value (USD Million) 2022-2032F
11.3.3.1.2. Market Share (%) 2022-2032F
11.3.3.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.3.2. Automotive
11.3.3.2.1. By Value (USD Million) 2022-2032F
11.3.3.2.2.Market Share (%) 2022-2032F
11.3.3.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.3.3. Commercial and Industrial
11.3.3.3.1. By Value (USD Million) 2022-2032F
11.3.3.3.2.Market Share (%) 2022-2032F
11.3.3.3.3.Y-o-Y Growth (%) 2022-2032F
11.3.3.4. Utilities
11.3.3.4.1. By Value (USD Million) 2022-2032F
11.3.3.4.2. Market Share (%) 2022-2032F
11.3.3.4.3. Y-o-Y Growth (%) 2022-2032F
11.3.3.5. Others
11.3.3.5.1. By Value (USD Million) 2022-2032F
11.3.3.5.2.Market Share (%) 2022-2032F
11.3.3.5.3.Y-o-Y Growth (%) 2022-2032F
12. NORTH AMERICA SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Type
12.3.2.By Connection Type
12.3.3.By Application
12.4. Country
12.4.1. United States
12.4.2.Canada
13. EUROPE SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Type
13.3.2.By Connection Type
13.3.3.By Application
13.4. Country
13.4.1.Germany
13.4.2.United Kingdom
13.4.3.France
13.4.4. Italy
13.4.5.Spain
13.4.6.Russia
13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA-PACIFIC SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Type
14.3.2.By Connection Type
14.3.3.By Application
14.4. Country
14.4.1. India
14.4.2.China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Type
15.3.2.By Connection Type
15.3.3.By Application
15.4. Country
15.4.1. Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4. South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Type
16.3.2.By Connection Type
16.3.3.By Application
16.4. Country
16.4.1. Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2021
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.SMA Solar Technology AG
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2. Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.ABB Group
18.3.Huawei Technologies Co., Ltd.
18.4.Fronius International GmbH
18.5.SolarEdge Technologies, Inc.
18.6.Enphase Energy, Inc.
18.7.Delta Electronics, Inc.
18.8.Schneider Electric
18.9.Sungrow Power Supply Co., Ltd.
18.10.KACO New Energy GmbH
18.11. Ginlong Technologies (Solis)
18.12.GoodWe Power Supply Technology Co., Ltd.
18.13.Growatt New Energy Technology Co., Ltd.
18.14.Chint Power Systems Co., Ltd.
18.15.TMEIC
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
1.1.Regional Market Share
1.2. Business Trends
1.3.Solar Inverter Market: COVID-19 Outbreak
1.4.Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1. Research Objective
2.2.Research Approach
2.3.Data Sourcing and Methodology
2.4. Primary Research
2.5. Secondary Research
2.5.1. Paid Sources
2.5.2.Public Sources
2.6.Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1. Market Definition
3.2.Solar Inverter Market: COVID-19 Impact
3.3.Key Segmentations
3.4. Key Developments
3.5. Allied Industry Data
4. SOLAR INVERTER MARKET – INDUSTRY INSIGHTS
4.1.Industry Segmentation
4.2. COVID-19 overview on world economy
4.3. Industry ecosystem Channel analysis
4.4. Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7.MARKET DYNAMICS
7.1. Introduction
7.2.Growth Drivers
7.3.Market Opportunities
7.4. Market Restraints
7.5.Market Trends
8. RISK ANALYSIS
9. MARKET ANALYSIS
9.1. Porters Five Forces
9.2.PEST Analysis
9.2.1. Political
9.2.2.Economic
9.2.3.Social
9.2.4.Technological
10. SOLAR INVERTER MARKET
10.1.Overview
10.2. Historical Analysis (2019-2021)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11.SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
11.1.Overview
11.2. Key Findings
11.3. Market Segmentation
11.3.1.By Type
11.3.1.1.Central Inverter
11.3.1.1.1. By Value (USD Million) 2022-2032F
11.3.1.1.2.Market Share (%) 2022-2032F
11.3.1.1.3.Y-o-Y Growth (%) 2022-2032F
11.3.1.2. String Inverter
11.3.1.2.1.By Value (USD Million) 2022-2032F
11.3.1.2.2. Market Share (%) 2022-2032F
11.3.1.2.3. Y-o-Y Growth (%) 2022-2032F
11.3.1.3.Micro Inverter
11.3.1.3.1.By Value (USD Million) 2022-2032F
11.3.1.3.2. Market Share (%) 2022-2032F
11.3.1.3.3. Y-o-Y Growth (%) 2022-2032F
11.3.1.4.Others
11.3.1.4.1.By Value (USD Million) 2022-2032F
11.3.1.4.2. Market Share (%) 2022-2032F
11.3.1.4.3. Y-o-Y Growth (%) 2022-2032F
11.3.2. By Connection Type
11.3.2.1.On Grid
11.3.2.1.1.By Value (USD Million) 2022-2032F
11.3.2.1.2. Market Share (%) 2022-2032F
11.3.2.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.2.2. Off Grid
11.3.2.2.1. By Value (USD Million) 2022-2032F
11.3.2.2.2.Market Share (%) 2022-2032F
11.3.2.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.3. By Application
11.3.3.1.Residential
11.3.3.1.1.By Value (USD Million) 2022-2032F
11.3.3.1.2. Market Share (%) 2022-2032F
11.3.3.1.3. Y-o-Y Growth (%) 2022-2032F
11.3.3.2. Automotive
11.3.3.2.1. By Value (USD Million) 2022-2032F
11.3.3.2.2.Market Share (%) 2022-2032F
11.3.3.2.3.Y-o-Y Growth (%) 2022-2032F
11.3.3.3. Commercial and Industrial
11.3.3.3.1. By Value (USD Million) 2022-2032F
11.3.3.3.2.Market Share (%) 2022-2032F
11.3.3.3.3.Y-o-Y Growth (%) 2022-2032F
11.3.3.4. Utilities
11.3.3.4.1. By Value (USD Million) 2022-2032F
11.3.3.4.2. Market Share (%) 2022-2032F
11.3.3.4.3. Y-o-Y Growth (%) 2022-2032F
11.3.3.5. Others
11.3.3.5.1. By Value (USD Million) 2022-2032F
11.3.3.5.2.Market Share (%) 2022-2032F
11.3.3.5.3.Y-o-Y Growth (%) 2022-2032F
12. NORTH AMERICA SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
12.1. Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Type
12.3.2.By Connection Type
12.3.3.By Application
12.4. Country
12.4.1. United States
12.4.2.Canada
13. EUROPE SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
13.1. Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1. By Type
13.3.2.By Connection Type
13.3.3.By Application
13.4. Country
13.4.1.Germany
13.4.2.United Kingdom
13.4.3.France
13.4.4. Italy
13.4.5.Spain
13.4.6.Russia
13.4.7.Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14. ASIA-PACIFIC SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
14.1.Overview
14.2. Key Findings
14.3. Market Segmentation
14.3.1. By Type
14.3.2.By Connection Type
14.3.3.By Application
14.4. Country
14.4.1. India
14.4.2.China
14.4.3. South Korea
14.4.4. Japan
14.4.5. Rest of APAC
15. MIDDLE EAST AND AFRICA SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1. By Type
15.3.2.By Connection Type
15.3.3.By Application
15.4. Country
15.4.1. Israel
15.4.2.GCC
15.4.3.North Africa
15.4.4. South Africa
15.4.5.Rest of Middle East and Africa
16. LATIN AMERICA SOLAR INVERTER MARKET SIZE & FORECAST 2022A-2032F
16.1. Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Type
16.3.2.By Connection Type
16.3.3.By Application
16.4. Country
16.4.1. Mexico
16.4.2.Brazil
16.4.3.Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1. Company market share, 2021
17.2.Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.SMA Solar Technology AG
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2. Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2.ABB Group
18.3.Huawei Technologies Co., Ltd.
18.4.Fronius International GmbH
18.5.SolarEdge Technologies, Inc.
18.6.Enphase Energy, Inc.
18.7.Delta Electronics, Inc.
18.8.Schneider Electric
18.9.Sungrow Power Supply Co., Ltd.
18.10.KACO New Energy GmbH
18.11. Ginlong Technologies (Solis)
18.12.GoodWe Power Supply Technology Co., Ltd.
18.13.Growatt New Energy Technology Co., Ltd.
18.14.Chint Power Systems Co., Ltd.
18.15.TMEIC
18.16.Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
