Photovoltaic (PV) Inverter Market Size By Product (Standalone, On-Grid), By Technology (Micro, String, Central), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Spain, France, Netherland, China, India, Japan, Australia, South Korea, UAE, South Africa, Brazil, Chile), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: November 2016 | 142 Pages | Report ID: GMI234 Report Format: PDF
PV Inverter Market size was above USD 6 billion in 2015 with forecast to grow over 13% from 2016 to 2024.
U.S. PV Inverter Market share, by application, 2013 - 2024 (MW)
Favorable government initiatives to promote sustainable energy will foster the Photovoltaic inverter market size during forecast period. Financial support and various scheme such as feed in tariff, net metering promote deployment of new project and development of renewable energy technologies will further complement the growth of this industry. In 2015, 78% of global photovoltaic market are driven by financial incentives, 6% from competitive tenders and 15% through net metering.
Growing demand for off grid electricity will augment global PV inverter market share during the forecast period. Modern energy access is essential for safety and security purpose. As of 2015, over 1.2 billion people across globe has no electricity access. Over 85% of population belongs to developing Asia and sub Saharan Africa and majority of people living in rural area.
Decreasing solar component cost coupled with increasing operational efficiency will encourage the solar installation, which will drive the PV inverter market in future. Advancement of technology and manufacturing improvement in the has resulted into considerable decline in the prices of components. Strict government regulation to reduce the greenhouse gas emission and increasing demand for electricity will further compliment the industry outlook.
PV Inverter Market, By Product
Positive indicators towards off grid electricity demand coupled with cost effectiveness of renewable energy will favor the standalone PV inverter market size growth during forecast period.
On grid product, is anticipated to witness a gain at over 19% and is likely to reach over USD 10 billion by 2024 period. Net metering and Feed in tariff will encourage the business growth.
PV Inverter Market, By Technology
Micro PV inverter market share valued at over USD 1 billion in 2015. String technology are predicted to expand at the rate of over 19 % in future owing to its simple design and low maintenance cost.
Increasing installation of utility and commercial solar scale project will boost the demand for central Photovoltaic inverter during forecast period.
PV Inverter Market, By Application
Residential PV inverter market size was valued over USD 1,480 million in 2015 and is anticipated to expand at the rate of over 12 % in future. Electrification program in developing countries focusing on decentralize generation will favor this industry outlook.
Government initiatives to reduce carbon footprints and increasing demand for uninterrupted power supply is likely to augment the commercial application growth.
Utility segment was estimated over 20 GW in 2015. Engagement of power purchase agreement with beneficiaries will encourage the solar PV installation in coming years.
PV Inverter Market, By Region
U.S. PV inverter market share is projected to witness substantial gains over 19% owing to government measures toward energy conservation and adoption of renewable energy over conventional fuel. Minnesota, Colorado and Massachusetts will collectively install over 100 MW of solar community in 2016.
South Africa was valued at 144 MW and is expected to reach over USD 37 million by 2024 subject to increasing demand for off grid electricity. Implementation of Renewable Energy Independent Power Producer Programs by various African government will encourage this industry growth. It has target to install 10,000GWh of renewable energy.
China PV inverter market share is expected to reach over 70 GW by 2024. NEA announced its target to install 18.1 GW PV, out of which 12.6GW are account for standard installation including distributed and ground mounted project and 5.5 GW accounted for demonstration project under front runner program. In 2016, China is also planning to execute photovoltaic poverty alleviation program, up to 2020 to install 10 GW of solar panels.
Chile was valued at USD 33.95 million in 2015 and is likely to be grow at the rate of over 13% by 2024. Increasing installation of large solar projects coupled with huge untapped potential may favor the business.
Competitive Market Share
Major industry players include SMA Solar Technology, KACO New Energy Inc, Mitsubishi Electric, Advanced Energy Industries, Growatt New Energy Technology, REFUsol, Omron, Schneider Electric, Bonfiglioli Riduttori, Ingeteam, Siemens AG., ABB, Enphase Energy, Sungrow Power Supply, Fronius International Gmbh, Huawei Technologies, Tabuchi Electric Co., Ltd., Elettronica Santerno, Jiangsu Zeversolar New Energy.
PV Inverter Industry Background
Photovoltaic inverter is used to convert dc into alternating current and then feed into grid. It has power optimization, monitoring and securing and low loss conversion efficiency. Stringent government regulation to reduce carbon emission will favor the growth of this industry during forecast period. Increasing awareness regarding fossil fuel conservation and clean fuel demand will complement the industry growth. Lack of customer awareness regarding subsidies and technologies may hamper the growth.
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