Anticipating significant expansion, the solar inverter market is on track to reach a noteworthy valuation of US$ 11,660.98 million by 2023, exhibiting a remarkable upward trend with a sustained Compound Annual Growth Rate (CAGR) of 6% until 2033. Projections underscore the market’s continued growth, forecasting an impressive valuation of US$ 20,883.04 million by the same year.
String inverters, celebrated for their cost-effectiveness and durability, maintain their popularity as a preferred choice for numerous solar installations. Their installation in easily accessible locations such as basements and garages further solidifies their reputation as low-maintenance solutions. As the global commitment to renewable energy intensifies, the solar inverter market emerges as a pivotal player in the conversion of solar power into usable electricity. The positive trajectory of the market not only presents opportunities for consumers and businesses to harness the potential of solar energy but also contributes to fostering a greener and more sustainable future.
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Driving Forces and Government Initiatives Shaping the Solar Inverter Market:
Solar inverters are influenced by critical factors such as roof orientation, shading, and roof inclination. Among renewable energy sources, solar photovoltaics have demonstrated significant cost reductions of around 72% for Levelized Cost of Electricity (LCOE), surpassing reductions seen in other sources like wind energy. This reduction stands as a major catalyst for the future growth of the solar inverter market.
Governments worldwide are taking proactive measures to promote solar inverters in industrial applications. For instance, China’s National Energy Administration (NEA) has set a target as part of its 14th Five-year Plan to account for over 50% of all installed capacities by 2025.
Notable Insights from the Solar Inverter Market:
North America commands the largest share of the market, largely due to the higher adoption rate of solar energy, particularly in the US.
The Asia-Pacific region is poised for rapid growth in the solar inverter market, with Japan and India taking the lead.
Favorable policies and incentives in Europe, including residential feed-in-tariffs (FITs), are expected to drive growth. Germany is leading the way, followed by the UK.
Recent Developments in Solar Inverter Industry:
In March 2022, Huawei Technologies forged a collaboration with Meienergy Technology Co., Ltd. to integrate smart energy storage into a 1 GW utility solar plant in Africa, incorporating a 500 MWh energy storage system developed by Meienergy.
SMA Solar Technology AG teamed up with LG Chem to blend SUNNY BOY Battery storage inverters with RESU 10M batteries, introducing innovative home storage solutions. This strategic alliance aims to develop integrated DC/DC converters to enhance the operational voltage of the batteries.
Canadian Solar Inc. unveiled its utility-scale battery storage solution, ‘SolBank,’ in September 2022, catering to the growing demand for energy storage in large-scale applications.
In January 2022, Sungrow introduced its innovative 1+X Modular central inverter during the World Future Energy Summit in Abu Dhabi. This inverter stands out for its modularity, which can be assessed at the inverter, system, and component levels.
In June 2022, V-Guard Industries Ltd. unveiled a new range of on-grid solar power inverters called ‘Solsmart.’ These inverters come with built-in switches that offer additional safety benefits, incorporating advanced safety features. Available in both three-phase and single-phase configurations, Solsmart On-Grid PV inverter also offers a 10-year warranty.
In April 2022, SMA Solar Technology AG launched a new 3-phase inverter series designed for residential and commercial solar PV systems with outputs nearing 135 kW. The series includes four new models with rated powers of 25 kW, 20 kW, 15 kW, and 12 kW, catering to various system sizes and requirements.
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Key Companies Profiled:
- Siemens AG
- Fimer Group
- SMA Solar Technology AG
- Delta Electronics Inc
- SunPower Corporation
- Omron Corporation
- Eaton
Global Solar Inverter Market by Category:
By Type:
- Central Inverter
- Micro-Inverter
- String Inverter
By System Type:
- Off Grid
- On Grid
By Phase:
- Single Phase
- Three Phase
By End-Use:
- Residential
- Commercial and Industrial
- Utilities
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- The Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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