PV Inverter Market Size By Power Class (Single Phase, Three Phase {Low Power [≤99 kW], High Power [>99 kW]}), By Nominal Output Power (≤ 300 W, 300 - 3,000 W, 3,000 - 33,000 W, 33,000 - 110,000 W, > 110,000 W), By Nominal Output Voltage (≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V), By Product (Micro, String, Central {Transformer Based, Transformer Less}), By Connectivity (Stand-alone, On-grid), By Application (Residential, Commercial {College/University, Office, Government/Military}, Industrial {Chemical, Paper, Food Processing}, Utility), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Nov 2020  |  Report ID: GMI234  |  Authors: Ankit Gupta, Riya Gupta

Report Format: PDF   |   Pages: 886   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

PV inverter market size was valued at over USD 10 billion in 2019 and is expected to grow at a rate of over 8% through 2026. Stringent government norms to curb GHG emissions along with large-scale deployment of sustainable energy systems will boost the industry dynamics. Moreover, integration of advanced energy infrastructure favoured by growing electricity demand across the urban areas will fuel the business scenario.
 

PV inverter market

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PV Inverter Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 10.5 Billion (USD)
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 8.1% 2026 Value Projection: 16.2 Billion (USD)
Pages: 886 Tables, Charts & Figures: 1667
Geographies covered (27): U.S., Canada, UK, France, Netherlands, Italy, Germany, Sweden, Russia, Spain, Austria, China, Australia, India, Japan, South Korea, Israel, Saudi Arabia, UAE, Jordan, South Africa, Egypt, Algeria, Nigeria, Brazil, Chile, Mexico
Segments covered: Connectivity, Product, Application, Power Class, Nominal Output Power, Nominal Output Voltage
Companies covered (29): Fimer, Siemens AG, Power Electronics, Yaskawa – Solectria, General Electric, Huawei, SolarMax, KACO New Energy, Emerson Electric, Omron, Fronius, Chint Group, TBEA, Delta, SolarEdge, Sineng, SatCon, REFU, Kstar, Growatt, Furukawa Battery, Panasonic, TMEIC, Enertronica Santerno, Tabuchi, Schneider Electric, Enphase, Sungrow and SMA.
Growth Drivers:
  • North America & Europe
    • Positive clean energy outlook
    • Favorable regulatory inclination towards sustainable energy
  • Asia Pacific
    • Large-scale renewable integration
    • Growing energy demand across isolated areas
  • Middle East & Africa
    • Restructuring & revamping of existing electrical infrastructure
    • Large scale renewable integration prospects
  • Latin America
    • Integration of a sustainable energy infrastructure
Pitfalls & Challenges:
  • Availability of auxiliary technologies

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Rising number of solar farms across the developing regions will complement the photovoltaic (PV) inverter industry trends

Photovoltaic (PV) Inverter Market

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Single phase photovoltaic inverter market was valued at over USD 4 billion in 2019. Increasing operational ability of these systems across residential and commercial establishments will stimulate the product demand. In addition, positive regulatory prospects including feed-in-tariff, net metering and investment schemes have positively influenced the industry landscape. Growing inclination toward the integration of advanced inverter units across the developed economies will further fuel the business scenario.
 

Three phase PV inverter market will witness a significant growth on account of flexible product specifications along with the ability to integrate across high and low power industrial and utility sector. Increasing deployment of enhanced solar PV systems followed by rising number of solar farms across the emerging economies will drive the product adoption. Furthermore, applicability of these systems across on-grid and isolated grid networks offering monitoring & control as well as IoT based solutions will foster the technology demand.
 

Increasing investments toward development of large-scale solar PV infrastructure will propel the industry outlook

≤ 300 W powered photovoltaic (PV) inverter in 2019 exceeded an annual installation of over 1.5 GW and is projected to grow at rate of over 10% between 2020 and 2026. Stringent mandates across developed economies for low-power residential solar installations have driven advanced PV inverter technologies demand.
 

Positive consumer outlook along with regulatory measures to ensure energy security as well as provision of reliable and uninterruptible power supply will stimulate the industry potential. Two-way communication along with precise measurement and monitoring of electricity consumption enable consumers to institute an effective supply & demand scenario.
 

Rising utility and industrial based solar PV deployments owing to mandates toward energy mix will fuel the 33,000 W – 110,000 W photovoltaic inverter market demand. According to Bloomberg, in 2019 global investment across the solar industry accounted over USD 140 billion. Increasing public and private investments towards renewable grid integration will enhance the industry outlook. Moreover, ongoing utility inclination toward development of large-scale photovoltaic projects will foster the technology demand.
 

Ongoing advancements to monitor and control the energy consumption across residential sector will accelerate the product demand

≤ 230V PV inverter market is projected to exceed an annual installation of over 15 GW by 2026. Increasing deployment of distributed generation technologies favored by rising low-voltage solar consumer base owing to increasing small-scale residential installations will boost the product demand.
 

For instance, in 2019, Panasonic introduced EverVolt, a residential energy storage system, featuring a compatible design with a customer-friendly app ensuring easy customization. Increasing energy consumption across small-scale commercial establishments favored by government incentives and subsidy schemes toward solar PV adoption will further augment the industry outlook.
 

Integration of string inverters to enhance the operational efficiency and minimize safety risks will drive the business scenario

String PV inverter market will witness growth on account of rising applicability across large commercial and industrial establishments. In addition, high operational flexibility coupled with ability to provide power back-up and auxiliary line support will accelerate the product demand. Rapid industrial expansion favored by commercialization across the developing economies will further provide significant potential for product adoption.
 

Expansion of micro-grid networks across the developed and developing regions will augment the business scenario

PV inverter market across stand-alone grid network in 2019, was valued at over USD 900 million. Growing energy demand across the regional peripherals followed by increasing solar PV installation within the areas with limited grid access and complete isolation will further propel the product demand.
 

In addition, expansion of micro-grid networks in the developed countries for large-scale renewable installation has instituted a favorable industry dynamic. Advanced distributed generation technologies coupled with rapid expansion of sustainable networks will positively influence the business scenario.
 

Adoption of smart technologies across the energy storage systems will drive the business scenario

Paradigm shift toward the adoption of renewable energy resources coupled with advanced energy-efficiency agreements will fuel the adoption smart PV inverter units. In addition, ongoing technological enhancements toward integration of two-way communication platforms ensuring network reliability along with electricity demand & supply balance will positively stimulate the photovoltaic inverter market statistics. Deployment of cloud based remote monitoring solutions across the solar PV system will propel the industry dynamics.
 

Asia Pacific PV inverter market will dominate the overall business outlook

Asia Pacific Photovoltaic (PV) Inverter Market

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Asia Pacific PV inverter market exceeded USD 5 billion in 2019. Stringent regulatory measures followed by subsidized solar deployment with consequent fall in component prices have instituted a favorable business scenario. Moreover, rapid economic growth across developing countries coupled with the increasing energy demand has further instigated the business outlook.
 

Japan photovoltaic (PV) inverter market is expected to grow owing to paradigm shift toward advanced technological solutions along with increasing investments for clean energy network. Favorable government support programs, feed-in tariff, renewable integration targets, net-metering, investment subsidies, self-consumption schemes, and similar regulatory norms have positively influenced the regional industry trends.
 

Ongoing strategic partnerships and collaborations will act as a focal point for industry market players

The ongoing COVID-19 impact has caused a delay of project pipelines. In addition, decline in the overall clean energy investments will in turn affect the PV inverter industry outlook. However, industry is set to regain its strength in the third quarter of 2020 witnessing the fade out impact of the corona virus.
 

Eminent industrial participants operational across photovoltaic inverter market includes Fimer, Siemens AG, Power Electronics, Yaskawa – Solectria, General Electric, Huawei, SolarMax, KACO New Energy, Emerson Electric, Omron, Fronius, Chint Group, TBEA, Delta, SolarEdge, Sineng, SatCon, REFU, Kstar, Growatt, Furukawa Battery, Panasonic, TMEIC, Enertronica Santerno, Tabuchi, Schneider Electric, Enphase, Sungrow and SMA.
 

PV inverter market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW & USD from 2015 to 2026, for the following segments:

By Power Class

  • Single Phase
  • Three Phase
    • Low Power
    • High Power

By Nominal Output Power

  • ≤ 300 W
  • 300 W – 3000 W
  • 3000 W - 33000 W
  • 33000 W - 110000 W
  • >110000 W

By Nominal Output Voltage

  • ≤ 230 V
  • 230 - 400 V
  • 400 - 600 V
  • >600 V

By Product

  • Micro
  • String
  • Central
    • Transformer Based
    • Transformer Less

By Connectivity

  • Stand-alone
  • On-grid

By Application

  • Residential
  • Commercial
    • College/University
    •  Office
    •  Government/Military
    •  Others
  • Industrial
    • Chemical
    •  Paper
    •  Food Processing
    •  Others
  • Utility

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    •  France
    •  Netherlands
    •  Italy
    •  Germany
    •  Sweden
    •  Russia
    •  Spain
    •  Austria
  • Asia Pacific
    • China
    •  Australia
    •  India
    •  Japan
    •  South Korea
  • Middle East
    • Israel
    • Saudi Arabia
    • UAE
    • Jordan
  • Africa
    • South Africa
    • Egypt
    • Algeria
    • Nigeria
  • Latin America
    • Brazil
    • Chile
    • Mexico

 

Frequently Asked Questions (FAQ) :

The global PV inverter industry revenue was accounted for more than USD 10 billion in 2019 and is poised to expand at 8% through 2026, attributed to the strict government norms to curb GHG emissions and large-scale deployment of sustainable energy systems.
The single-phase photovoltaic inverter market share exceeded USD 4 billion in 2019 and the growing deployment of these systems across residential and commercial establishments will influence the product demand.
In 2019, <= 300 W powered PV invertors segment crossed an annual installation of over 1.5 GW. The segment will witness over 10% growth rate through 2026 owing to the stringent mandates across developed nations for low-power residential solar installations.
The Asia Pacific PV inverter industry revenue crossed USD 5 billion in 2019 and is likely to register substantial growth due to the rising adoption of renewable energy resources along with advanced energy-efficiency agreements.

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Premium Report Details

  • Published Date: Nov 2020
  • Pages: 886
  • Tables: 1609
  • Charts / Figures: 58
  • Companies covered: 29
  • Countries covered: 27

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