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Solar Inverter Market is projected to be worth USD 18.97 Billion by 2030, registering a CAGR of 5.78% during the forecast period (2022 – 2030). The market was valued at USD 9.7 Billion in 2020.
The demand for renewable energy is growing at a very high pace owing to global environmental awareness which is driving the demand for clean and green energy on an unprecedented scale now. Keeping with this trend, solar Inverters now enjoy tremendous popularity worldwide due to their capacity to quickly convert DC power into AC while staying connected to the on-grid system – in an environment friendly manner. The ever-increasing number of solar power plants connected with the grid through an on-grid solar inverter pushes growth in the solar inverter market size globally.
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Escalating off-grid solar panel installations for commercial, industrial, and residential purposes drive the solar inverter market growth ad creates substantial demand for reliable and safe power source converters.
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Major Key players:
Solar Inverter By application:
Presently, the utility scale segment exhibits dominance in the market.
Solar Inverter By Region:
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Since the Swiss engineering group bought the inverter company in 2013, sales have plummeted. Inverters turn direct power from solar panels into alternating current that can be fed into the electricity grid. Despite the fact that solar power is the fastest-growing form of electricity generation, equipment prices have fallen in recent years as a result of increased Chinese competition and demand. ABB did not mention whether it tried to sell the company until opting to sell it to FIMER, but it did say that the operating EBITA margin at its electrification division would increase by more than 50 basis points as a result of the divestiture.
The Asia Pacific reason is expected to lead the market with a heavy demand for solar inverters during the forecast period. Increasing investments in the construction sector, burgeoning demand for solar power energy sources, growing investments in solar power projects and an ever-escalating demand for solar energy as a viable substitute to conventional energy sources will be seen driving growth in this region. An impetus to reduce carbon emission by meeting the region’s electricity needs, and various favourable government initiatives like energy-saving certificates and incentives by the governments in Thailand, Malaysia, China, and India are adding to the global solar inverter market growth in the region.
In contrast, the European solar inverter is predicted to have slow growth over the forecast period owing to an increase in the anti-dumping tariffs on Chinese manufactured components, a downward trend on minimum import prices, and depreciation of the Euro.
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Solar inverters are an efficient solution for reliable, safe and green power in off-grid solar panels for commercial & industrial sector for a very long time. Now however, with the installation costs getting lower with technological advancements, the residential use of these inverters is also rising. This creates a plethora of opportunities in the residential applications and impacts the global solar inverter industry positively.
The in-depth solar inverter market analysis brings to fore factors such as high initial installation cost, the regular need of sunlight, and the requirement of a large area for installation as the major factors which will hamper the global solar inverter market in the coming years.
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