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PV Inverter Market Trends

Report ID: GMI234
Published Date: Aug 2023
Report Format: PDF

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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.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of PV inverter recorded USD 13.32 billion in 2023 and is set to reach USD 24.17 billion by 2032, due to rising demand for clean and sustainable energy sources along with the growing concerns regarding harmful GHG emissions worldwide.

The string product segment was values at USD 13.9 billion in 2022, on account of its flexibility and shading tolerance.

Asia-Pacific market reached USD 10.5 billion in 2022, owing to the stringent environmental regulations in the region.

SMA Solar Technology AG, Sungrow, Growatt New Energy, Darfon Electronics Corp., Schneider Electric, Enphase Energy, Siemens, Fimer Group, Eaton, SolarEdge Technologies, Inc., and Huawei Technologies Co., Ltd. are some of the major PV inverter companies worldwide.