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Residential Solar PV Inverter Market size to exceed $6bn by 2028
- Published Date: December 15, 2021
Residential Solar PV Inverter Market size is anticipated to surpass USD 6 billion by 2028, as reported in the latest study by Global Market Insights Inc.
Rapid expansion of renewable networks to cater to rural areas with limited grid access along with rising concerns toward curbing carbon emissions will escalate the deployment of solar PV inverter across residential sector. Net metering schemes coupled with increase in home renovation projects will accelerate industry outlook.
Ongoing investments toward deployment of rooftop solar systems will boost the business outlook
Shifting consumer and regulatory focus toward the adoption of solar technologies owing to effective energy utilization norms, will propel the industry growth. In addition, large scale renewable integration along with growing demand for distributed energy will positively stimulate the business scenario. For instance, in June 2021, China announced its plans for a new policy program to stimulate rooftop development in pilot counties, which will consist of over 20% rural residences.
Growing technological advancements for effective operational performance will complement product adoption
Three-phase residential solar PV inverter market will witness growth owing to flexible product specifications along with the ability to integrate single-phase inverter units. Declining costs of solar components coupled with increasing operational efficiency will foster product penetration. Furthermore, positive regulatory prospects including feed-in tariff (FiT) schemes combined with enhancement of primitive solutions and consumer inclination toward integration of advanced inverter units will positively influence the business landscape.
Browse key industry insights spread across 109 pages with 319 market data tables & 34 figures & charts from the report, “Residential Solar PV Inverter Market Statistics By Product (String Inverter, Micro Inverter), Phase (Single Phase, Three Phase), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Declining component costs followed by stringent reforms for the integration of effective PV inverters will stimulate the industry expansion across North America
Rising focus of solar manufacturers across the region toward the integration of extensive distribution networks, regional expansion, development of new applications, and sale of powerful systems with higher cost margins will foster business expansion. Government initiatives and schemes to support the deployment of solar systems will further complement the industry outlook across the region. For instance, the renewable capacity in the U.S. is anticipated to grow by adding more than 200 GW from 2021 to 2026 on account of federal tax incentives, state-level targets, and the rising economic attractiveness of corporate procurement of renewable electricity.
Initiatives by government to increase renewable capacity will augment the business outlook.
The pandemic outbreak has marginally affected the global residential solar PV inverter market on account of large-scale supply chain disruptions as well as reduced raw material mining. Additionally, delay in deployment and installation projects followed by low manufacturing of solar PV modules & inverters owing to closing down of industries and lockdown impositions had marginal impact on the industry. However, resuming of industrial operations in line with government guidelines and safety measures will boost the business dynamics.
Ongoing joint ventures along with agreements and partnerships among the key players will stimulate the industry spectrum
Strategic implications including mergers, agreements, and partnerships among the key players to provide advanced solutions across solar industry will drive the residential solar PV inverter market outlook. For instance, in September 2020, Enphase Energy entered a partnership with three solar distribution companies in the Netherlands and Belgium including Solarclarity, Carbomat Group, and Libra Energy. The partnered firms will be distributing Enphase IQ 7 range of microinverters to residential installers across the Netherlands and Belgium and strengthen Enphase’s presence across the Europe solar market.
The eminent players operating in the residential solar PV inverter market include SMA Solar Technology AG, General Electric, Sungrow, Schneider Electric, Darfon Electronics, Siemens, Enphase Energy, Eaton, Fimer Group, Huawei Technologies, SolarEdge Technologies, Fronius International GmbH, Altenergy Power System, Delta Electronics, TMEIC, Hitachi Hi-Rel Power Electronics, Tabuchi Electric, Sineng Electric, Panasonic Corporation, Canadian Solar, GoodWe, Ginlong Technologies, and SHENZHEN SOFARSOLAR.