PV Inverter Market Size - By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), Application (Residential, Commercial & Industrial, Utility), Connectivity, Nominal Output Power, Nominal Output Voltage & Global Forecast, 2024 – 2032
Report ID: GMI234
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Published Date: August 2023
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Report Format: PDF
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Base Year: 2023
Companies covered: 24
Tables & Figures: 1334
Countries covered: 23
Pages: 500
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PV Inverter Market
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PV Inverter Market Size
PV Inverter Market size was valued at USD 13.32 billion in 2023 and is estimated to expand at a CAGR of 7.7% between 2024 and 2032. A photovoltaic inverter, referred to as a solar inverter, is an essential device in a solar energy system. It converts DC (direct current) power generated by solar panels into AC (alternating current) power, which is compatible with standard electrical systems used across homes, businesses, and industries.
Rising demand for clean and sustainable energy on the account of the growing concerns regarding harmful GHG emissions will positively influence the product adoption. Moreover, the gradual shift from local grids in line with the surging need for large-scale solar power plants will further show the diverse & sustainable growth of solar energy.
COVID– 19 Impact
The worldwide outbreak of coronavirus has had tremendous impact on the economy around the world. The COVID- 19 influenced the supply chain, elevating the prices of components and raw materials. The solar PV industry, on the other hand, experienced a positive impact upon its installation trend for the year 2020 because of helpful government programs including Feed-in Tariffs (FiTs) incorporated with accelerating rooftop installations. Additionally, industrialized economies are concentrating on mitigating for the recent effects of COVID- 19 by speeding up the development of their existing solar PV projects.
PV Inverter Market Trends
The global demand for solar energy has been steadily increasing owing to the enhanced efficiency of these systems. Higher efficiency means that more of the captured sunlight is converted into usable electricity, which ultimately leads to better overall system performance and increased energy yields. Furthermore, policymakers' persistent conceptualization of policies and efforts to promote solar PV deployments, in conjunction with favorable customer preferences, will enhance industry dynamics in the coming years.
PV Inverter Market Analysis
String PV inverter market dominated around USD 13.9 billion revenue in 2022. String inverters, which process the DC electricity from multiple solar panels in a string have been competing in the market. It offers advantages in terms of flexibility and shading tolerance, while central inverters may be more cost-effective for larger installations. However, increasing number of industry participants coupled with favorable regulatory interventions will further stimulate the business growth.
The three phase PV inverter market will witness healthy growth till 2032, owing to swift industrial development favored by commercialization throughout the emerging countries along with considerable operational flexibility across various applications. Rising collaborations, partnerships, and investments with focus on solar energy infrastructure development will propel the industry landscape. Moreover, shifting consumer awareness and acceptance for cost reduction and commercial viability will positively influence product deployment.
Standalone PV inverter market is anticipated to reach USD 13.7 billion by 2032, on the account of its utilization in remote areas, rural electrification projects, and off-grid applications such as water pumping, telecommunications, and remote cabins. Furthermore, advancements in off-grid technology, including improved energy storage solutions (batteries) and energy management systems along with increasing demand for reliable and clean energy solutions in off-grid locations will contribute to the business growth.
> 110 kW PV inverter market will gain remarkable momentum during the forecast timeline, driven by its capabilities including higher power density, improved efficiency, and enhanced grid compatibility to support large-scale solar projects. Grid support features, such as reactive power control and grid stabilization, are becoming more important as utility-scale solar installations increase. In addition to, favorable incentive programs including net metering and FITs will boost the demand for high output power systems.
>400 - 600 V PV inverter market is set to grow at a CAGR of 12.6% through 2032. Inverters with nominal output voltages in the >400 - 600 V range are often used in medium-scale solar installations, both commercial and utility-scale. Improved efficiency, cost reduction, and integration with advanced monitoring and control systems are some of the features supporting in exhibiting market potentials. Moreover, growing energy consumption across small-scale commercial establishments favored by the increasing solar consumer base will augment the industry outlook.
Residential PV inverter market in the recent years have gained a significant momentum. These inverters are designed for homes and small-scale solar installations. They focus on user-friendliness, aesthetics, and integration with home energy management systems. Owing to its features such as smart home integration, enhanced monitoring, and user-friendly mobile apps has rapidly increased product adoption. Furthermore, significant decline in the installation cost of solar coupled with stringent mandates toward manufacturing & integration of effective inverter technologies will foster the industry trend.
The Asia Pacific PV inverter market size held over USD 10.5 billion in 2022. Developing countries and regions with favorable solar conditions have become significant markets for PV inverters and solar installations. Stringent environmental regulations to increase adoption of renewable energy including solar will augment the business scenario.
Many regions have implemented or are considering grid codes and standards that require smart or grid-supportive features in PV inverters. These features include reactive power control, voltage and frequency regulation, and communication capabilities to support grid stability. Therefore, large scale deployment, technological advancement, supportive governmental initiatives, and growing demand for clean energy will significantly nourish the industry outlook.
PV Inverter Market Share
The major companies operating in the PV inverter market includes
PV Inverter Industry News
This PV inverter market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW & USD Million” from 2019 to 2032, for the following segments:
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Market, By Product
Market, By Phase
Market, By Connectivity
Market, By Nominal Output Power
Market, By Nominal Output Voltage
Market, By Application
The above information has been provided for the following regions and country: