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Residential Solar PV Inverter Market Size, By Product (String Inverter, Micro Inverter), By Phase (Single Phase, Three Phase), Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI5167
  • Published Date: Dec 2021
  • Report Format: PDF

Industry Trends

Residential Solar PV Inverter Market size exceeded USD 4 billion in 2021 and is set to grow at a rate of over 4% between 2022 and 2028. A solar PV inverter is a vital component of the solar electric power systems, which converts the variable direct current output of a solar PV panel to alternating current to provide electricity across housing units. Ongoing technological advancements, evolving regulatory and consumer proximity along with the deployment of effective inverter units will augment the industry outlook.
 

Residential Solar PV Inverter Market

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Increasing deployment of solar PV modules to enhance the microgrid network along with replacement of conventional storage technology will fuel the business dynamics. Significant variations and upgrading of existing techniques coupled with cost-competitiveness will positively sway industry dynamics.

 

Residential solar PV units account for two-thirds of the overall industry across the distributed PV capacity owing to adoption of renewable powered sources across housing sector along with rising net metering schemes. In addition, smart communication ensuring network reliability coupled with electricity demand and supply balance, will encourage product adoption.

 

Stringent government mandates to reduce GHG emissions along with rising electricity demand will complement the product adoption

Global Residential Solar PV Inverter Market Size, By Product

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Increasing regulatory concerns toward effective interconnection to grid-tied solar installations will foster string based residential solar PV inverter deployments. Paradigm shift toward effective manufacturing precision, new product innovations, optimization, and standardized product processes for environmental compatibility, power output, and low installation costs will further sway the business landscape.
 

For instance, in October 2021, SolarEdge launched a residential inverter power ranging from 7.6 kW to 11.4 kW PV, offering up to 10.3 kW backup power ranges along with DC oversizing of up to 200% delivering a higher power yield for residential purposes.

 

Micro inverter technology across the residential solar PV inverter market will witness growth on account of its workability across the solar arrays to operate as plug & play device. Furthermore, ability of these inverters to produce grid-matching power (AC) directly through the back of each solar panels will sway the product demand. Parallel connection of these systems across the PV module reduces the failing of panel and inverter further preventing the entire string from offline.

 

A positive outlook toward clean energy along with large-scale renewable integration will augment the industry outlook

Single phase residential solar PV inverter market is expected to surpass USD 5 billion by 2028. High operational feasibility, reduced cost of solar components along with rising working efficiency will positively stimulate the industry share. For instance, in September 2021, APsystems improved its single-phase microinverter range by launching the DS3 Series, offering fast installation, enhanced communication, reduced transportation cost, and better efficiency & reliability. Adoption of effective solar technologies in line with the ongoing technological advancements by key manufacturers will augment the industry statistics.
 

Asia Pacific residential solar PV inverter market is anticipated to grow owing to favorable government schemes, incentive programs and large-scale solar energy adoption

Asia Pacific Residential Solar PV Market Size, By Country

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Asia Pacific residential solar PV inverter industry is set to surpass an annual installation of over 20 GW by 2028. Favorable reforms including FITs, soft loans, incentives, subsidies, and tax rebates will drive product penetration across the region. For instance, in December 2020, Vietnam witnessed a large-scale deployment of rooftop solar due to the expiring Feed-in-Tariff scheme of the government. Government efforts toward introduction of new schemes and policies toward continuous expansion solar PV infrastructure will foster the overall scenario.
 

Stringent emission norms along with consumer inclination toward sustainable energy development will complement the business scenario. Ongoing government schemes across Australia have witnessed large scale adoption of solar PV energy sources and storage systems across the residential sector.
 

For instance, the Government of Australia introduced Small-Scale Renewable Energy Scheme (SRES) program providing financial incentives for small businesses, community groups, and households to deploy eligible small-scale renewable energy solutions including solar PV systems across the country.
 

Increasing deployment of renewable power storage systems will propel the industry outlook

The COVID-19 impact across the industry witnessed an increase in the overall cost of PV inverters due to large-scale disruptions in supply chains and mining of raw materials. During the scenario, the industry observed delays in a wide array of projects including the manufacturing and production of solar PV modules and inverters, which have marginally impacted the business dynamics.
 

 However, despite the pandemic impact, the majority of renewable-powered generating and storage systems were deployed as per the schedule and have not witnessed a significant delay.
 

Strategic partnerships along with collaborations and agreements will enhance the industry presence of key players

Inorganic growth ventures, contracts, and new product innovations to expand the product portfolios of leading players will augment the industry outlook. For instance, in March 2021, Fronius International GmbH launched an innovative three-phase hybrid inverter of the Fronius Symo series named GEN24 Plus, offering a compact & versatile all-in-one solar energy supply solution. The product offers power ranges between 3 and 10 kW. Additionally, this can be an ideal hybrid inverter for individual households.
 

Prominent players operating in the residential solar PV inverter market include General Electric, SMA Solar Technology AG, Sungrow, Darfon Electronics Corp., Schneider Electric, Enphase Energy, Siemens, Fimer Group, Eaton, SolarEdge Technologies, Huawei Technologies, Fronius International GmbH, Delta Electronics, Altenergy Power System, Hitachi Hi-Rel Power Electronics Private Limited, TMEIC, Sineng Electric, Tabuchi Electric, Canadian Solar, Panasonic Corporation, Ginlong Technologies, GoodWe, and SHENZHEN SOFARSOLAR.
 

The global residential solar PV inverter market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW’ & ‘USD’ from 2022 to 2028 for the following segments:

By Product

  • String Inverter
  • Micro Inverter

By Phase

  • Single Phase
  • Three Phase

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

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • Italy
    • Poland
    • Netherlands
    • Austria
    • UK
    • France
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
  • Middle East & Africa
    • Israel
    • Saudi Arabia
    • UAE
    • South Africa
    • Egypt
    • Nigeria
  • Latin America
    • Brazil
    • Chile
    • Mexico
       
Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

Global market for residential solar PV inverter crossed USD 4 billion in 2021 and may record 4% CAGR through 2028.

Single phase residential solar PV inverter market share may exceed USD 5 billion by 2028, driven by lower cost of solar components, increasing working efficiency, and high operational feasibility.

Asia Pacific residential solar PV inverter industry size may cross 20 GW by 2028, in terms of annual installations, on account of supportive reforms such as subsidies and tax rebates.

Prominent players in residential solar PV inverter industry are SMA Solar Technology AG, SolarEdge Technologies, Fronius International GmbH, General Electric, Delta Electronics, Schneider Electric, etc.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 23
  • Tables & Figures: 353
  • Countries covered: 23
  • Pages: 109

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