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PV Inverter Market Size By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On-grid), By Nominal Output Power, Phase, Application & Forecast, 2023 - 2032

Publisher Global Market Insights
Published May 22, 2023
Length 500 Pages
SKU # GMI18271195

Description

PV Inverter Market Size By Product (String, Micro, Central), By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On-grid), By Nominal Output Power, Phase, Application & Forecast, 2023 - 2032


PV Inverter Market size is projected to expand at 11.4% CAGR from 2023 to 2032 attributed to the ongoing advancements in energy storage technologies for facilitating seamless integration. With the evolution of efficient battery storage solutions, the intermittency challenges associated with solar power generation have mitigated, further fostering grid stability and resilience. The optimization of load management and peak shaving capabilities through integrated storage solutions is bolstering the appeal of PV systems in both residential and commercial sectors.

Furthermore, numerous market players are continuously introducing advanced PV inverters to match the increasing demand for high-performance, reliable, and cost-effective solar power solutions, further propelling the industry growth. For instance, in September 2022, Chinese inverter manufacturer Solinteg introduced a new single-phase hybrid inverter range for residential applications to deliver increased performance, ease of installation, and long-term stability.

The overall PV inverter industry is segmented in terms of product, phase, connectivity, nominal output power, nominal output voltage, application, and region.

Based on product, the market value from the micro segment is expected to gain significant traction between 2023 and 2032, attributed to the rising demand for small-scale solar power solutions. The increasing emphasis on decentralized energy generation and the growing popularity of rooftop solar installations is driving the adoption of micro-PV inverters. Additionally, the surging requirements of compact size, scalability, and enhanced energy production capabilities to cater to the evolving energy needs of small-scale solar applications will contribute to the segment growth.

In terms of application, the PV inverter industry from the commercial & industrial segment generated considerable revenue in 2022 and is foreseen to exhibit notable CAGR from 2023-2032. With businesses increasingly prioritizing cost savings, energy efficiency, and sustainability, the demand for high-capacity and grid-tied PV inverters has significantly surged. The integration of advanced technologies, such as smart grid capabilities and maximum power point tracking is also enhancing the operational performance and reliability of PV inverters.

Europe PV inverter industry is set to record robust growth from 2023-2032. The rising demand for residential and commercial solar photovoltaic systems coupled with the growing awareness of clean energy benefits has positioned Europe as a key hub for PV inverter deployment and innovation. To cite an instance, in June 2023, LG Energy Solution, a prominent worldwide manufacturer of sophisticated lithium-ion batteries, announced its plans to introduce a new hybrid inverter system to address the varied demands of European families.

Table of Contents

500 Pages
Chapter 1 Methodology & Scope
1.1 Market scope and definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Unpaid sources
Chapter 2 Executive Summary
2.1 PV inverter industry 360 degree synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Phase trends
2.1.4 Connectivity trends
2.1.5 Nominal output power trends
2.1.6 Nominal output voltage trends
2.1.7 Application trends
2.1.8 Regional trends
Chapter 3 PV Inverter Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.2 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Porter's Analysis
3.6.1 Bargaining power of suppliers
3.6.2 Bargaining power of buyers
3.6.3 Threat of new entrants
3.6.4 Threat of substitutes
3.7 PESTEL Analysis
Chapter 4 Competitive Benchmarking
4.1 Competitive landscape, 2022
4.1.1 Strategic dashboard
4.2 Innovation & technology landscape
Chapter 5 PV Inverter Market, By Product (MW & USD Million)
5.1 Key trends, by product
5.2 String
5.3 Micro
5.4 Central
Chapter 6 PV Inverter Market, By Phase (MW & USD Million)
6.1 Key trends, by phase
6.2 Single phase
6.3 Three phase
Chapter 7 PV Inverter Market, By Connectivity (MW & USD Million)
7.1 Key trends, by connectivity
7.2 Standalone
7.3 On grid
Chapter 8 PV Inverter Market, By Nominal Output Power (MW & USD Million)
8.1 Key trends, by nominal output power
8.2 ≤ 0.8 kW
8.3 0.8 - 3 kW
8.4 >3 - 33 kW
8.5 >33 - 110 kW
Chapter 9 PV Inverter Market, By Nominal Output Voltage (MW & USD Million)
9.1 Key trends, by nominal output voltage
9.2 ≤ 230 V
9.3 230 - 400 V
9.4 >400 - 600 V
9.5 > 600 V
Chapter 10 PV Inverter Market, By Application (MW & USD Million)
10.1 Key trends, by application
10.2 Residential
10.3 Commercial & industrial
10.4 Utility
Chapter 11 PV Inverter Market, By Region (MW & USD Million)
11.1 Key trends, by region
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 Germany
11.3.2 Italy
11.3.3 Poland
11.3.4 Netherlands
11.3.5 Austria
11.3.6 UK
11.3.7 France
11.4 Asia Pacific
11.4.1 China
11.4.2 Australia
11.4.3 India
11.4.4 Japan
11.4.5 South Korea
11.5 Middle East & Africa
11.5.1 Israel
11.5.2 Saudi Arabia
11.5.3 UAE
11.5.4 South Africa
11.5.5 Egypt
11.5.6 Nigeria
11.6 Latin America
11.6.1 Brazil
11.6.2 Chile
11.6.3 Mexico
Chapter 12 Company Profiles
12.1 General Electric
12.2 SMA Solar Technology AG
12.3 Sungrow
12.4 Growatt New Energy
12.5 Darfon Electronics Corp.
12.6 Schneider Electric
12.7 Enphase Energy
12.8 Siemens
12.9 Fimer Group
12.10 Eaton
12.11 SolarEdge Technologies, Inc.
12.12 Huawei Technologies Co., Ltd.
12.13 Fronius International GmbH
12.14 Delta Electronics, Inc.
12.15 Altenergy Power System, Inc.
12.16 Hitachi Hi-Rel Power Electronics Private Limited
12.17 TMEIC
12.18 Sineng Electric Co., Ltd.
12.19 Tabuchi Electric Co., Ltd.
12.20 Canadian Solar
12.21 Panasonic Corporation
12.22 Ginlong Technologies
12.23 GoodWe
12.24 SHENZHEN SOFARSOLAR CO., LTD.

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