PV Inverter Market Size, Trends, Share, Growth | Report 2022-2030
The global PV inverter market size was estimated at around USD 9.4 billion in 2021 and it is projected to hit around USD 16.3 billion by 2030, growing at a CAGR of 6.31% from 2022 to 2030
Growing demand for solar energy-generated clean electricity across several end-use markets along with a reduction in renewable power generation costs is likely to strengthen market growth over the forecast period.
Increasing demand for steady power supply in harsh climatic conditions or remote locations has led to the enhanced deployment of off-grid solar PV systems, thereby propelling the PV inverter product demand across such locations. In addition, favorable government policies and initiatives regarding the clean fuel usage agenda are expected to further bolster industry growth.
The market is consolidated and highly competitive in terms of huge demand and vertically integrated market players. Technological advancements due to extensive R&D investments have led to more competitiveness in the industry. Some of the key competitive factors for the market include product quality, brand, maintenance, and distribution network.
Persistent pressure on equipment suppliers due to anti-dumping tariffs is anticipated to hinder the market growth over the forecast period. Such duties have been levied by several countries on account of price deterioration that has hampered the domestic market for solar equipment. The tremendous price declines have forced nations such as the U.S. to levy anti-dumping duties on the inflow of cheaper equipment from countries such as China.
Governments in some of the major countries such as the U.S., Germany, and India have taken steps to extend the deadline for new and under construction solar power projects to be eligible for incentives and tax credits. These factors are expected to make an impact on COVID-19 in the market to be at a medium level owing to supportive steps taken by the government which would result in sales growth in the PV inverters soon.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 9.4 billion |
| Revenue Forecast by 2030 | USD 16.3 billion |
| Growth rate from 2022 to 2030 | CAGR of 6.31% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Product, end-use, region |
| Companies Covered | Siemens Energy; Fimer Group; SMA Solar Technology AG; Delta Electronics, Inc; SunPower Corporation; Omron Corporation; Eaton; Emerson Electric Co.; Power Electronics S.L.; Hitachi Hi-Rel Power Electronics Private Limited |
End-use Insights
In terms of revenue, the utilities segment led the PV inverter market in 2021, accounting for a revenue share of around 44.03%. The most widely used PV Inverter in the utility sector is the central & string inverter. Increased renewable energy demand, declining cost of solar power & equipment, and emerging government subsidies are primary reasons for the growth of the utility sector. The presence of key players, providing consumers with industry-leading utility-scale solutions to achieve higher efficiency and reduced balance-of-system costs with their pre-integrated power stations is driving the growth of the segment.
Based on end-use, the market has been segmented into commercial, residential & industrial, and utilities. The residential end-use segment has witnessed growth on account of the increased demand for solar renewable energy among consumers for electrification purposes. Governments in various countries have taken active steps with policies and financial incentives to promote captive power generation through renewable sources such as power in residential buildings. Commercial buildings include malls, retail stores, offices, hospitals, and schools that are installing solar power systems for captive consumption. These sectors require a continuous supply of electricity for their uninterrupted functioning.
Product Insights
In terms of revenue, central inverter accounted for the largest revenue share of over 49.11% in 2021. These inverters are highly reliable with timely maintenance and are housed in a protected location for their installation. The inverters are integrated with large arrays installed on field installations, industrial facilities, and buildings, taking DC power from all the PV panels and converting it into AC power becoming a single point for power distribution.
The string inverter segment occupied the second largest market share in 2021. The string inverter is mainly used in commercial and residential sectors. Lower initial cost and easy installation are among the primary factors responsible for the segment growth. These inverters are robust, allow for high design flexibility, deliver high efficiency, offer three-phase variations, are well-supported (with trusted brands), and have remote system monitoring capabilities.
The micro PV inverters segment is projected to witness a substantial growth rate over the forecast period. Micro PV inverters are module-level electronics and have become a popular choice for commercial and industrial sectors. These inverters have the advantage of high reliability, increased efficiency & performance through Maximum Power Point Tracker (MPPT), ease of installation, no space constraints, and are cost-effective.
Regional Insights
The Asia Pacific is expected to account for the largest revenue share of over 43.23% over the forecast period. China is the largest contributor to the rapid growth of this region’s solar market and is also a major global competitor. A growing number of solar installations in developing nations has also significantly contributed to the growth of the market in the region.
North America occupied a significant revenue share in 2021, with the U.S. being the major contributor to the market growth. The U.S. is a prominent market for different types of PV inverters. Some of the recent inverter trends in the country include the dominance of 60 kW plus capacity three-phase string inverters and 1.5 MW plus capacity central inverters. Though North America witnessed sturdy growth for string inverters, the central PV inverters are expected to maintain the largest market share over the forecast period.
Europe is expected to witness a significant CAGR over the forecast period owing to the presence of favorable government policies and the provision of subsidies such as residential feed-in tariffs (FITs) that encourage customers to invest in renewable energy. Germany holds a leading position in the manufacturing of solar inverters in tandem with the hi-tech nature of the inverters. German solar companies thus pose a competitive advantage over other players.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on PV Inverter Market
5.1. COVID-19 Landscape: PV Inverter Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global PV Inverter Market, By Product
8.1. PV Inverter Market, by Product, 2022-2030
8.1.1. Central PV inverter
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. String PV inverter
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Micro PV inverter
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Other PV inverters
8.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global PV Inverter Market, By End-use
9.1. PV Inverter Market, by End-use, 2022-2030
9.1.1. Commercial
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Residential & Industrial
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Utilities
9.1.3.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global PV Inverter Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.2. Market Revenue and Forecast, by End-use (2017-2030)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.1.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2017-2030)
10.2.6.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2017-2030)
10.3.6.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.4.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2017-2030)
10.4.6.2. Market Revenue and Forecast, by End-use (2017-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2017-2030)
10.5.2. Market Revenue and Forecast, by End-use (2017-2030)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2017-2030)
10.5.3.2. Market Revenue and Forecast, by End-use (2017-2030)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2017-2030)
10.5.4.2. Market Revenue and Forecast, by End-use (2017-2030)
Chapter 11. Company Profiles
11.1. Siemens Energy
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Fimer Group
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. SMA Solar Technology AG
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Delta Electronics, Inc
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. SunPower Corporation
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Omron Corporation
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Eaton
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Emerson Electric Co.
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Power Electronics S.L.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Hitachi Hi-Rel Power Electronics Private Limited
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers