June 4, 2024

PV Inverters Market Size to Rake USD 73.07 Billion by 2033

The global PV inverters market size was estimated at USD 13.52 billion in 2023 and is projected to reach around USD 73.07 billion by 2033, expanding at a CAGR of 18.38% from 2024 to 2033.

Key Points

  • Asia Pacific dominated the market with the biggest market share of 45% in 2023.
  • By product, the string PV inverter segment has generated more than 48% of the market share in 2023.
  • By product, the micro-PV inverters segment is anticipated to grow at a significant CAGR over the forecast period.
  • By end use, in 2023, the utility segment has held the major market share of 45% in 2023.
  • By end use, the residential segment is expected to grow significantly during the forecast period.

PV Inverters Market Size 2024 to 2033

The PV inverters market refers to the segment within the renewable energy industry dedicated to the production and distribution of photovoltaic (PV) inverters. These devices play a crucial role in solar energy systems by converting the direct current (DC) generated by solar panels into alternating current (AC) suitable for use in residential, commercial, and utility-scale applications. As the demand for clean and sustainable energy sources continues to rise globally, the PV inverters market has experienced significant growth in recent years. This growth is driven by various factors, including technological advancements, government incentives, declining solar panel costs, and increasing environmental awareness among consumers and businesses.

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PV Inverters Market Growth Factors:

Several key factors contribute to the growth of the PV inverters market. One of the primary drivers is the declining cost of solar energy systems, including solar panels and inverters. Technological advancements and economies of scale have led to reduced manufacturing costs, making solar power more accessible and affordable for a wider range of consumers and businesses. Additionally, government initiatives and incentives, such as feed-in tariffs, tax credits, and renewable energy targets, have stimulated investment in solar energy infrastructure, further driving market growth. Moreover, growing environmental concerns and the need to reduce carbon emissions have prompted individuals and organizations to adopt solar energy solutions, boosting demand for PV inverters.

PV Inverters Market Region Insights:

The PV inverters market exhibits regional variations driven by factors such as solar resource availability, government policies, electricity prices, and infrastructure development. In regions with abundant sunlight and supportive regulatory frameworks, such as parts of North America, Europe, and Asia-Pacific, the market for PV inverters has seen rapid expansion. Countries like China, the United States, Germany, and India have emerged as leading markets for solar energy deployment, driving significant demand for PV inverters. Additionally, off-grid and remote areas in developing regions often rely on solar power systems with inverters for electricity generation, further contributing to market growth.

PV Inverters Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 18.38%
Global Market Size in 2023 USD 13.52 Billion
Global Market Size by 2033 USD 73.07 Billion
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product and By End-use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

PV Inverters Market Dynamics

Drivers:

Several drivers propel the growth of the PV inverters market. Technological innovation plays a significant role, with manufacturers continuously improving the efficiency, reliability, and functionality of PV inverters. Advancements such as maximum power point tracking (MPPT), reactive power control, and grid integration capabilities enhance the performance and flexibility of solar energy systems, driving adoption. Furthermore, supportive government policies, including subsidies, net metering, and renewable energy targets, create a favorable regulatory environment for solar energy deployment, incentivizing investment in PV inverters. Moreover, the increasing adoption of distributed generation and energy storage systems further boosts the demand for PV inverters, as they facilitate the integration of solar power into existing electricity grids.

Opportunities:

The PV inverters market presents various opportunities for manufacturers, investors, and stakeholders. Expansion into emerging markets and regions with high solar potential offers significant growth opportunities for companies operating in the PV inverters sector. Additionally, technological innovation and product diversification allow manufacturers to develop advanced inverters tailored to specific applications, such as residential, commercial, and utility-scale solar installations. Furthermore, partnerships and collaborations with other stakeholders in the solar energy value chain, such as solar panel manufacturers, EPC contractors, and energy retailers, enable companies to leverage synergies and capture a larger share of the market. Moreover, the growing demand for energy management solutions and smart grid technologies presents opportunities for the integration of PV inverters with digital and IoT-enabled platforms, enhancing grid stability and energy efficiency.

Challenges:

Despite its rapid growth and widespread adoption, the PV inverters market faces several challenges that could impede its development. One of the primary challenges is the intermittency and variability of solar energy generation, which can pose integration and grid stability issues, particularly in regions with high solar penetration. Addressing these challenges requires the development of advanced grid management and energy storage solutions to balance supply and demand effectively. Additionally, regulatory and policy uncertainties, such as changes in government incentives and tariffs, can impact market dynamics and investor confidence, creating instability and hindering long-term planning and investment in the PV inverters sector. Moreover, supply chain disruptions, raw material shortages, and geopolitical tensions may affect manufacturing operations and increase production costs, posing challenges for industry players.

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Recent Developments

  • In February 2024, SMA Solar Technology AG established a strategic partnership with ENGIE, a major energy corporation, to speed up the development and deployment of distributed solar and storage systems throughout Europe.
  • In February 2024, Sungrow Power Supply Co. Ltd. announced its latest string inverter series, the “SG iNext,” claiming considerable efficiency gains and improved grid support features.
  • In January 2023, Schneider Electric SE announced the acquisition of IGE+X AO, a Russian energy storage solutions provider, to strengthen its position in the distributed energy market.
  • In September 2022, the diversity, equity, and inclusion (DE&I) commitments of SunPower, a leading residential solar technology and energy services provider, have made progress toward their goals of giving historically marginalized families, job seekers, and businesses greater access to the many advantages of solar and energy storage.
  • In December 2022, the tender offer time for Siemens Gamesa minority stockholders was successfully concluded by Siemens Energy.
  • In April 2022, SMA Solar Technology AG, a German inverter manufacturer, launched a new line of four inverters with power ratings of 12kW, 15kW, 20kW, and 25kW for use in rooftop PV systems up to 135kW in size.

PV Inverters Market Companies

  • Delta Electronics, Inc
  • Eaton
  • Emerson Electric Co.
  • Fimer Group
  • Hitachi Hi-Rel Power Electronics Private Limited
  • Omron Corporation
  • Power Electronics S.L.
  • Siemens Energy
  • SMA Solar Technology AG
  • SunPower Corporation

Segments Covered in the Report

By Product

  • String PV Inverter
  • Central PV Inverter
  • Micro PV Inverter
  • Other PV Inverter

By End-use

  • Commercial & Industrial
  • Utilities
  • Residential

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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