Home > Energy & Power > Electrical Equipment > Solar Parts and Components > Residential Solar PV Inverter Market

Residential Solar PV Inverter Market Trends

Report ID: GMI5167
Published Date: Jun 2023
Report Format: PDF

Download Free Sample

Residential Solar PV Inverter Market Trends

The growing environmental concerns and strict government mandates to reduce emissions have prompted residential consumers to adopt effective energy conservation measures. In this context, photovoltaic inverters have become essential components in modern solar power systems over the past decade. The solar industry has witnessed significant restructuring in key power markets, impelled by rapid technological advancements in terms of product operations, efficiency, and flexibility. These advancements have played a crucial role in the evolution of photovoltaic inverters.

Manufacturers have focused on implementing variations and upgrades in manufacturing practices to enhance the performance and capabilities of inverters. This includes improving efficiency, reliability, and grid integration features. Furthermore, cost-competitiveness has become a key factor in the industry, augmenting manufacturers to optimize production processes and reduce overall costs.

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market valuation of residential solar PV inverter crossed USD 6.95 billion in 2023 and is likely to grow at over 10.9% CAGR through 2032, says this GMI report.

The residential application accounted for over USD 2.8 billion in 2022 due to their cost-effectiveness compared to micro inverters.

Europe residential solar PV inverter market has been steadily expanding owing to the transition of the industrial landscape.

SolarEdge Technologies, Inc., Eaton, Enphase Energy, Siemens, Sungrow, Panasonic Corporation, Fronius International GmbH, Delta Electronics, Inc., SMA Solar Technology AG, Schneider Electric.