Outlook on the PV Inverter Global Market 2022 to 2032 - Featuring Eaton, Sungrow, Growatt New Energy, Darfon Electronics Corp, Schneider Electric, Enphase energy, Seimens and Fimer Group, Among Others.
NEWARK, Del., Nov. 16, 2022 /PRNewswire/ -- The global PV inverter market is anticipated to reach a valuation of US$ 2.15 Bn by 2032, with sales growing at a moderate CAGR of 5.1% from 2022 to 2032. Valued at 1.28 Bn in 2021, the target market is set to reach an estimated US$ 1.66 Bn by 2026. Escalating concerns regarding the environment, increasing carbon emissions, and rising demand for clean, green, and sustainable energy will bolster the growth of the PV inverter market during the forecast period.
The rising awareness of the environmental crisis and the need for clean and green energy as well as the mass integration of renewable energy are the primary growth drivers of the PV inverter market. In addition, the surging awareness of solar panel systems/units resulting in several people installing these rooftop units in the past two years also contributes significantly to the overall market growth. The demand for alternative energy sources and how they are beneficial for the environment are certain thoughts that have been driving the target market growth during the past few years.
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Furthermore, governments across the globe are launching new initiatives and programs to attract the attention of the general public toward alternative power and energy sources so as to lessen their carbon footprint and help preserve the environment. This is expected to have a positive impact on the global PV inverter market growth. A few of these PV inverters include the hybrid solar inverter, sungrow inverter, and solar PV inverter.
The PV inverter market is especially driven by the upsurge in the adoption of string inverters and growing home renovation projects. The rising usage of string inverters in applications like commercial, residential, and industrial projects bodes well for the market.
"Rising need for alternative and sustainable energy sources as well as favorable government initiatives across the world will drive the global growth of the PV inverter market over the forecast period," says an FMI analyst.
Key Takeaways:
- Rising demand for meticulous and renewable energy will strengthen market prospects.
- Accessibility of raw materials and maintenance needs may impede the market growth.
- By connectivity, the on-grid segment will present impressive growth during 2022-2032.
- By phase type, the three phase segment will lead the market during the forecast period.
- By product type, the central inverter segment will generate the highest demand.
- The PV inverter market in North America dominates the global market space.
Competitive Landscape
Eaton, Sungrow, Growatt New Energy, Darfon Electronics Corp, Schneider Electric, Enphase energy, and Seimens and Fimer Group among others are some of the major players in the PV inverter market profiled in the full version of the report.
In a dynamic market space, key market participants are keen on branching out to different regions and upgrading features like installation, pricing, and durability. These enterprises also adopt strategic partnerships, collaborations, and merger tactics to gain an upper hand in the global market.
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More Insights into PV Inverter Market Report
In its latest report, FMI offers an unbiased analysis of the global PV inverter market, providing historical data and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (string, micro, central), phase (single phase, three phase), connectivity (standalone, on-grid), nominal power output (= 0.5 kW, 0.5 - 3 kW, 3 - 33 kW, 33 - 110 kW, > 110 kW), nominal output voltage (= 230 V, 230 - 400 V, 400 - 600 V, > 600), application (residential, commercial, industrial), and region.
According to the latest FMI reports, based on segmentation, the central inverters segment will present substantial growth during 2022-2032 due to its application in large industries all over the world. In terms of connectivity, the on-grid segment will account for the largest share while the three phase type will perform extremely well during the projected period.
Based on region, the PV inverter market in North America will exhibit considerable growth during 2022-2032. Heightened usage of solar panels, favorable government initiatives for the solar energy sector, and frequent price fall of solar panels are fueling the growth of the target market in this region as PV inverters are extensively used for solar panels and their implementation. Besides, regions like South America, Asia Pacific, and Europe are also expected to perform well in the PV inverters market during the forecast period.
Key Segments
By Product:
- String
- Micro
- Central
By Phase:
- Single Phase
- Three Phase
By Connectivity:
- Standalone
- On-grid
By Nominal Power Output:
- = 0.5 kW
- 0.5 - 3 kW
- 3 - 33 kW
- 33 - 110 kW
- 110 kW
By Nominal Output Voltage:
- = 230 V
- 230 - 400 V
- 400 - 600 V
- 600 V
By Application:
- Residential
- Commercial & Industrial
- Utility
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on PV Inverter Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Componentulation and Product Development Trends
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