Solar Inverter Market Research Report and Growth Anlysis 2022 By Type (Central Inverter, Micro Inverter and String Inverter), By System Type (On-Grid and Off-Grid), By Application (Residential, Commercial and Utilities) – Forecast till 2030
As per the research that has been made on the solar inverter market, it is showing a potential growth at the valuation of USD 18.97 Billion during the forecast timeline which is till 2030 at 5.78% CAGR.
From the time covid 19 outbreaks happened in the year 2020, the market of the solar inverter industry had to pause. The solar inverters demand was quite less as the commercial, residential and industrial buildings along with construction projects got halted after a lot of many months. Such factors affected the market for the solar inverter in a negative manner. Because of the increase in the solar inverters demand, the market growth of the solar inverter has been happening at a faster pace in the coming years. However but the rate at which now the progress is happening there are high chances that the market soon shall have a better pace in the coming years.
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The solar inverter is one of the crucial solar panel components. It manages to convert the DC power of the solar panels into AC power. Also, the solar inverter can further be used to trace down the voltage, connection of the grid and emergency shutdown. The on-grid solar inverter offers better efficiency and good safety for home appliances.
Other than getting used in different utility and residential applications, such solar inverter is also getting used in a wide range of commercial and industrial projects. This further has increased the market demand for solar inverters in recent times. Across the world, there seems to be a huge development in the renewable energy sector and also solar energy which is well used renewable energy.
The solar inverters can be installed easily. All such factors would drive the steady solar inverter market growth during the forecast timeline. Also, the increased demand, new technologies adoption and expansion of the business are some of the key players which shall open up different solar inverter market scopes within the forecast timeline. The rise in the initiatives set by the government for different renewable energy sources will further help the solar inverter market growth in the coming years.
Fronius International GmbH in March 2021 launched Primo GEN24 Plus which is a single-phase hybrid inverter with features like flexibility, ease to use, and maximum yield.
USD 18.97 Billion
5.78% CAGR (2022-2030)
2019 & 2020
Value (USD Million)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Solar Inverter Market Regional Classification:
As per the regional classification that has been done, the market is categorized into Europe, North America, Asia-Pacific, and the Rest of the world. Presently, Asia pacific region is showing good growth while holding a notable share of the market in the solar energy sector. Followed by it North America and Europe are also showing a good improvement in this field and soon shall reach the share of the market.
Solar Inverter Market Segmentation:
There is a significant market categorization that has been done as per the type, system, geography and end users
As per the System
As per the Type
As per the End-Users
As per the Region
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1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS 15
1.1.1 GLOBAL SOLAR INVERTER MARKET, BY TYPE 16
1.1.2 GLOBAL SOLAR INVERTER MARKET, BY SYSTEM TYPE 17
1.1.3 GLOBAL SOLAR INVERTER MARKET, BY END USE 18
1.1.4 GLOBAL SOLAR INVERTER MARKET, BY REGION 19
2 MARKET INTRODUCTION
2.1 DEFINITIONS 20
2.2 SCOPE OF THE STUDY 20
2.3 RESEARCH OBJECTIVE 20
2.4 MARKET STRUCTURE 20
2.5 KEY BUYING CRITERIA 21
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 22
3.2 PRIMARY RESEARCH 23
3.3 SECONDARY RESEARCH 24
3.4 MARKET SIZE ESTIMATION 24
3.5 FORECAST MODEL 26
3.6 LIST OF ASSUMPTIONS 27
4 MARKET INSIGHTS
5 MARKET DYNAMICS
5.1 INTRODUCTION 30
5.2 DRIVERS 31
5.2.1 GROWING SOLAR POWER SYSTEM INSTALLATIONS 31
5.2.2 MEASURES TO PROMOTE SOLAR POWER SYSTEMS 31
5.3 RESTRAINTS 32
5.3.1 HIGH OPERATION AND MAINTENANCE COSTS 32
5.4 OPPORTUNITIES 32
5.4.1 ELECTRIFICATION OF UNELECTRIFIED AREAS IN DEVELOPING COUNTRIES 32
6 MARKET FACTOR ANALYSIS
6.1 SUPPLY CHAIN ANALYSIS 33
6.1.1 DESIGN & DEVELOPMENT 33
6.1.2 RAW MATERIAL & COMPONENT SUPPLY 34
6.1.3 MANUFACTURE & ASSEMBLY 34
6.1.4 SALES & DISTRIBUTION 34
6.1.5 END USE 34
6.2 PORTER’S FIVE FORCES MODEL 35
6.2.1 THREAT OF NEW ENTRANTS 35
6.2.2 BARGAINING POWER OF SUPPLIERS 36
6.2.3 BARGAINING POWER OF BUYERS 36
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