The global inverter market is projected to grow from USD 12.8 billion in 2020 to USD 26.5 billion by 2025; it is expected to grow at a CAGR of 15.6% from 2020 to 2025. The growth of the market is driven by a large inflow of investments in the renewable energy sector and rise in the number of residential solar rooftop installations. The report covers the inverter market segmented into type, output power rating, output voltage, sales channel, end user, and region.
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The below 10 kW segment held the largest share of the inverter market in 2019
Inverters with power rating below 10 kW are suitable for use in the residential and commercial sectors. Residential solar PV systems are mostly used in rooftop installations, which offer benefits of feed-in tariffs and net metering. Installations of solar PV systems in the residential sector have been increasing significantly across the world, and this trend is projected to continue during the forecast period as well.
The indirect sales channel segment projected to account for a larger share of the inverter market than the direct sales channel segment during the forecast period
Indirect sales channels or third parties hold a significant share of the inverter market as these channels are adopted by inverter manufacturers to provide their inverter solutions to different end users. Most key players in the market have well-established sales networks and provide their products globally. Solar inverters are mainly adopted by residential and commercial end users, as well as by PV plants. These inverters require expertise for their integration with the solar panels and, thus, require system integrators to install and maintain them.
APAC projected to dominate the solar inverter market during the forecast period
Increased investments for the deployment of industrial automation solutions, emphasis on regulations that demand operational and workforce safety, expansion of power generation capacities of plants, electrification of the transportation sector, and reduction in the production and operational costs of power plants owing to advancements in technologies in emerging economies of APAC are driving the growth of the solar inverter market in APAC.
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Key Market Players
Huawei Technologies (China), Sungrow Power Supply (China), SMA Solar Technology (Germany), Power Electronics (Spain), and ABB (Switzerland) are the major players operating in the market.