PV Inverter Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast 2022 - 2030
PV Inverter Market Growth & Trends The global PV inverter market size is expected to reach USD 15.85 billion by 2030, registering a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Growing demand for solar energy-generated clean electricity across several end-use markets along with a reduction in renewable power generation costs is likely to strengthen market growth over the forecast period. Increasing demand for steady power supply in harsh climatic conditions or remote locations has led to the enhanced deployment of off-grid solar PV systems, thereby propelling the PV inverter product demand across such locations. In addition, favorable government policies and initiatives regarding the clean fuel usage agenda are expected to further bolster industry growth. The market is consolidated and highly competitive in terms of huge demand and vertically integrated market players. Technological advancements due to extensive R&D investments have led to more competitiveness in the industry. Some of the key competitive factors for the market include product quality, brand, maintenance, and distribution network. Browse full report with Table of Content (PDF with All Related Graph and Chart) @: https://www.grandviewresearch.com/industry-analysis/pv-inverters-market Governments in some of the major countries such as the U.S., Germany, and India have taken steps to extend the deadline for new and under construction solar power projects
to be eligible for incentives and tax credits. These factors are expected to make an impact on COVID-19 in the market to be at a medium level owing to supportive steps taken by the government which would result in sales growth in the PV inverters soon. PV Inverter Market Report Highlights
In 2021, the central PV inverter emerged as the largest segment and accounted for a revenue share of 49.81% owing to its enhanced efficiency, easy installation, and availability of three-phase variations
The U.S. emerged as the largest market in North America in 2021. The electricity sector is the second-largest source of greenhouse gas emissions owing to the combustion of fossil fuels in power plants. Thus, the U.S. government has taken subsequent steps to reduce carbon emissions from the power sector and is making continuous efforts to curb the greenhouse gas emission from the power plant
The residential end-use segment is expected to witness significant growth over the forecast period on account of increased demand for solar renewable energy among consumers for electrification purposes, home appliances, and other applications
The Asia Pacific accounted for the largest market revenue share in 2020, with China being the largest contributor to the regional market growth. A growing number of solar installations in the developing nations are attributed to the market expansion in the Asia Pacific
PV Inverter Market Segmentation Grand View Research has segmented the global PV inverter market based on product, end-use, and region: PV Inverter Product Outlook (Revenue, USD Million, 2019 - 2030) Central PV inverter
String PV inverter
Micro PV inverter
Other PV inverters
PV Inverter End-use Outlook (Revenue, USD Million, 2019 - 2030) Residential & Industrial
Commercial
Utilities
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PV Inverter Product Outlook (Revenue, USD Million, 2019 - 2030) North America
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U.S.
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Canada
o
Mexico
o
U.K.
o
Germany
o
Italy
o
China
o
India
o
Japan
Europe
Asia Pacific
Central and South America
Middle East and Africa
List of Key Players of the PV Inverter Market Siemens Energy
Fimer Group
SMA Solar Technology AG
Delta Electronics, Inc
SunPower Corporation
Omron Corporation
Eaton
Emerson Electric Co.
Power Electronics S.L.
Hitachi Hi-Rel Power Electronics Pvt. Ltd.
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