Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

The global solar PV inverter market reached a value of US$ 7.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.7 Billion by 2027, exhibiting a CAGR of 4.83% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

A solar inverter is one of the most essential elements of a solar electric power plant. Often considered as the brain of the system, its basic function is to convert direct current (DC) from solar panels to alternating current (AC). Apart from this, solar inverters help in maximizing electricity production by constantly varying the resistance (load) as well as ensuring compliance with regulations about feeding electricity into the grid. Some of the other capabilities of these inverters include optimizing power, managing temperature, and controlling and monitoring all parameters, yields, and operational data of the power plant. At present, solar PV inverters majorly find applications in the utilities and industrial sectors.

Global Solar PV Inverter Market Trends:

The global demand of solar inverters has been rising robustly over the last few years. A key factor catalyzing this demand is the increasing environmental concerns regarding greenhouse emissions and the importance of solar and other renewable energy sources to reduce these emissions. Morever, the increasing cost of fossil fuels is also making solar power a more economical energy source. Additionally, the prices of solar inverters have also declined in recent years making them more affordable to the general population. This has resulted in a strong growth in the installation of solar electric systems across both developed and developing regions across the globe. Other factors driving this market include the need for rural electrification, technological advancements, increasing government support, rising investments in renewable energy, etc.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar PV inverter market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on technology, voltage and application.

Breakup by Technology:

Central Inverters
String Inverters

Based on the technology, the market has been segmented into central inverter, string inverter, microinverter and others. String inverters currently represent the biggest segment.

Breakup by Voltage:

< 1,000 V
1,000 – 1,499 V
> 1,500 V

Based on the voltage, the market has been segmented into < 1,000 V, 1,000 – 1,499 V and > 1,500 V.

Breakup by Application:

Utility Scale
Residential Scale
Small Commercial Scale
Large Commercial Scale
Industrial Scale

On the basis of application, the market has been segregated into utility scale, residential scale, small commercial scale, large commercial scale and industrial scale.

Breakup by Region:

Asia Pacific
North America
Middle East and Africa
Latin America

Region-wise, Asia Pacific exhibits a clear dominance in the global solar PV inverter market. Other major regions include Europe, North America, Middle East and Africa and Latin America.

Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being ABB Ltd, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, Omron Corporation, General Electric Company, SMA Solar Technology AG, Delta Energy Systems Inc., Enphase Energy Inc., SolarEdge Technologies Inc., Huawei Technologies Co. Ltd, Kstar New Energy Co. Ltd, Sineng Electric Co. Ltd, Sungrow Power Supply Co Ltd, Tabuchi Electric Co. Ltd, TBEA Sunoasis Co. Ltd and Toshiba Corporation.
Key Questions Answered in This Report:
How has the global solar PV inverter market performed so far and how will it perform in the coming years?
What are the key regional markets in the global solar PV inverter industry?
What has been the impact of COVID-19 on the global solar PV inverter market?
What is the breakup of the global solar PV inverter market on the basis of technology?
What is the breakup of the global solar PV inverter market on the basis of voltage?
What is the breakup of the global solar PV inverter market on the basis of application?
What are the various stages in the value chain of the global solar PV inverter market?
What are the key driving factors and challenges in the global solar PV inverter market?
What is the structure of the global solar PV inverter market and who are the key players?
What is the degree of competition in the global solar PV inverter market?
How are solar PV inverters manufactured?

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Solar PV Inverter Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Technology
5.5 Market Breakup by Voltage
5.6 Market Breakup by Application
5.7 Market Breakup by Region
5.8 Market Forecast
6 Market Breakup by Technology
6.1 Central Inverters
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 String Inverters
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Microinverters
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Voltage
7.1 < 1,000 V
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 1,000 – 1,499 V
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 > 1,500 V
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Application
8.1 Utility Scale
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Residential Scale
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Small Commercial Scale
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Large Commercial Scale
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Industrial Scale
8.5.1 Market Trends
8.5.2 Market Forecast
9 Market Breakup by Region
9.1 Asia Pacific
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Europe
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 North America
9.3.1 Market Trends
9.3.2 Market Forecast
9.4 Middle East and Africa
9.4.1 Market Trends
9.4.2 Market Forecast
9.5 Latin America
9.5.1 Market Trends
9.5.2 Market Forecast
10 Global Solar PV Inverter Industry: SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Global Solar PV Inverter Industry: Value Chain Analysis
11.1 Overview
11.2 Research and Development
11.3 Raw Material Procurement
11.4 Manufacturing
11.5 Marketing
11.6 Distribution
11.7 End-Use
12 Global Solar PV Inverter Industry: Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Global Solar PV Inverter Industry: Price Analysis
13.1 Price Indicators
13.2 Price Structure
13.3 Margin Analysis
14 Solar PV Inverter Manufacturing Process
14.1 Product Overview
14.2 Raw Material Requirements
14.3 Manufacturing Process
14.4 Key Success and Risk Factors
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 ABB Ltd
15.3.2 Schneider Electric SE
15.3.3 Siemens AG
15.3.4 Mitsubishi Electric Corporation
15.3.5 Omron Corporation
15.3.6 General Electric Company
15.3.7 SMA Solar Technology AG
15.3.8 Delta Energy Systems Inc.
15.3.9 Enphase Energy Inc.
15.3.10 SolarEdge Technologies Inc.
15.3.11 Huawei Technologies Co. Ltd
15.3.12 Kstar New Energy Co. Ltd
15.3.13 Sineng Electric Co. Ltd
15.3.14 Sungrow Power Supply Co Ltd
15.3.15 Tabuchi Electric Co. Ltd
15.3.16 TBEA Sunoasis Co. Ltd
15.3.17 Toshiba Corporation

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