Solar PV Inverter Market: Exploring Growth Drivers and Market Dynamics

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According to a report by TechSci Research titled "Global Solar PV Inverter Market - By Region, Competition, Forecast & Opportunities, 2028," the Global Solar PV Inverter Market is expected to register a CAGR of 12.06%. Various government initiatives worldwide aimed at promoting solar power adoption are anticipated to offer significant growth opportunities for the solar PV inverters market. For instance, the Ministry of New and Renewable Energy in India announced in January 2022 that families can install rooftop solar panels by any vendor of their choice, qualifying for benefits or subsidies under the government scheme upon submission of a photograph of the installed system to the distribution utility.

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The Central inverters segment is witnessing market dominance due to its utilization in utility-scale applications. These inverters, available in monolithic or modular configurations, offer enhanced energy harvest under partial shading conditions and maximize efficiency in low-insolation environments. Notably, Sungrow introduced its new 1+X central modular inverter in January 2022, featuring an output capacity of 1.1MW, expandable up to 8.8MW, and designed with a DC/ESS interface for energy storage systems connection.

Report Scope:

In this report, the Global Solar PV Inverter Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Global Solar PV Inverter Market, By Inverter Type:

o   Central Inverters

o   String Inverters

o   Micro Inverters

• Global Solar PV Inverter Market, By Power:

o   Residential

o   Commercial and Industrial (C&I)

o   Utility-scale

• Global Solar PV Inverter Market, By Region:

o   North America

• United States
• Canada
• Mexico

o   Asia-Pacific

• China
• India
• Japan
• South Korea
• Indonesia

o   Europe

• Germany
• United Kingdom
• France
• Russia
• Spain

o   South America

• Brazil
• Argentina

o   Middle East & Africa

• Saudi Arabia
• South Africa
• Egypt
• UAE
• Israel

In terms of regional dominance, Asia-Pacific led the solar PV inverter market in 2021 and is expected to maintain its position in the coming years. China, being the largest producer of solar energy globally, is anticipated to drive significant demand in the region. India's substantial solar potential, with a possibility of achieving around 479 GW of solar PV installed capacity by 2047, further boosts market growth. Notably, Sungrow has shipped over 10 GW of solar inverters in India since 2014, with increased fab capacity to 10GW/annum in March 2022, indicating significant market development.

Key market players in the Global Solar PV Inverter Market include:

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

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Innovative features such as Delta's smart solar inverter solutions, promoting smart inverter integration across solar grids, are expected to drive market growth during the forecast period. Organizations like the Interstate Renewable Energy Council focus on updating technical standards and codes to ensure optimal utilization of smart inverters, fostering grid reliability and consistency across deployments.

The report titled "Solar PV Inverter Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Inverter Type (Central Inverters, String Inverters, and Micro Inverters), By Application (Residential, Commercial and Industrial (C&I), and Utility-scale), By Region, Competition" evaluates the future growth potential of the Global Solar PV Inverter Market, providing comprehensive statistics and information on market structure, size, share, and future growth. It aims to provide cutting-edge market intelligence and assist decision-makers in making sound investment decisions, while also identifying emerging trends, drivers, challenges, and opportunities in the Global Solar PV Inverter Market.

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