PORTLAND — Allied Market Research published a report, titled, “Solar (PV) Inverter Market by Product Type (Central Inverter, String Inverter, and Micro Inverter), Connection Type (On-grid and Off-grid), Phase (Single-Phase and Three-Phase), and End User (Residential, Commercial & Industrial, and Utilities): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global solar (PV) inverter industry was estimated at $7.7 billion in 2020, and is anticipated to hit $17.9 billion by 2030, registering a CAGR of 8.8% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in development in the renewable energy sector drives the solar (PV) inverter industry. On the other hand, high heat loss and absence of panel level monitoring in string inverters impede the growth to some extent. However, several government initiatives & investment on electrification of remote and rural areas using solar energy are expected to create lucrative opportunities in the industry.
COVID-19 scenario-
- Halted commercial and industrial solar infrastructure activities, especially during the initial phase of the pandemic, impacted the global PV inverter market negatively.
- However, as the overall situation is getting better across the world, the market is projected to get back on track soon.
The central inverter segment to dominate by 2030-
Based on product type, the central inverter segment dominated with the largest share in 2020, holding around half of the global solar (PV) inverter market. Increase in demand for central inverters from large industrial and utility applications across the globe boosts the growth of the segment. The micro inverter segment, however, is expected to cite the fastest CAGR of 9.5% throughout the forecast period. Rise in consumer awareness toward high electricity bills has increased the demand for standalone rooftop based own power generation using solar PV modules and PV inverters, thereby augmenting the segment growth.
The on grid segment to maintain the dominant share-
Based on connection type, the on grid segment held the highest market share in terms of revenue, accounting for nearly two-thirds of the global solar (PV) inverter market. This is due to rise in investment for direct supply of electricity rather than storing it in batteries. Simultaneously, the off grid segment is estimated to exhibit the fastest CAGR of 9.2% during the forecast period. This is attributed to advantages associated with the off-grid solar inverters such as self-sustainable energy source, easy installation in the remote areas, independency on the grid failures or shutdowns, and high reliability.
Asia-Pacific, followed by North America, garnered the major share in 2020-
Based on region, the market across Asia-Pacific, followed by North America, dominated the market with major share in 2020, accounting for more than three-fifths of the global solar (PV) inverter market. The same region is also expected to witness the fastest CAGR of 9.2% from 2021 to 2030. This is owing to the presence of key players and huge consumer base in the region.
Key players in the industry-
- Fimer S.p.A.
- SolarEdge Technologies, Inc.
- Fronius International GmbH
- Ginlong Technologies
- Huawei Technologies Co., Ltd.
- Shenzhen Growatt New Energy Co., Ltd.
- Delta Electronics, Inc.
- Siemens AG
- SMA Solar Technology AG
- Sungrow Power Supply Co., Ltd.
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