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.

According to Vision Research Report Reports, the global PV inverter market size was valued at US$ 9.4 billion in 2021 and expected to be worth around US$ 16.3 billion by 2030, at a CAGR of 6.31% from 2022 to 2030.

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.

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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.

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Market Dynamics

Drivers

According to the United Nations, in 2020, the global population was 7.8 billion, of which approximately 1 billion people were deprived of electricity. The world population will reach 8.6 billion by 2030, driving the energy requirement even further. The power industry has shifted its focus toward large-scale electricity generation through renewable energy to meet the demand for electricity due to increasing awareness regarding sustainable energy sources.

Renewable power generation has witnessed a growth of an unprecedented pace over the past decade. It has also continually surpassed expectations, with new records being set annually and more companies committing to their respective energy transitions. The changing consumer preference for a sustainable environment, ambitious targets by the government, and adequate planning and policies have led to much advancement in considering renewable energy.

Asia-Pacific is a major electricity consumer and plays a vital role in the global energy market. Various governments in the Asia-Pacific region have recently adopted targets to develop their renewable energy sources contribution to their energy mix. Pacific is likely to promote the renewable energy sector by providing preferable tariffs and tax benefits. These factors are expected to drive the market for PV inverters during the forecast period.

Restraint

The global electricity demand is anticipated to witness an increase of nearly two-thirds of the current demand over the forecast period. A growing focus on distributed power and utility projects is expected to bolster the market growth over the next eight years. The availability of natural gas in large quantities coupled with its relatively lower prices, especially in North America, China, and Thailand, has led to an increase in power generation using natural gas. Increasing focus on generating electricity through cleaner sources and the degradation of coal reserves are anticipated to increase the share of gas-fired power generation in the global energy mix, thereby restraining the growth of the PV inverter market.

COVID-19 Impact

Global study on PV inverter market explains that covid-19 has impacted most of the global markets, damaging their supply and demand chains. The restrictions on logistics and shutting down the manufacturing units has led to multiple market slowdown.

The accessibility of raw materials and maintenance have barred the market from expanding. Though, some markets have become exceptional and performed better during the pandemic. The global PV inverter market is one of those exceptional markets as it has performed better during the pandemic spike.

It has pushed the sales of PV inverters and other complementary products like solar power optimizers, sunny TriPower inverters. The factors behind this unusual growth are the growing awareness of the solar panel system/units that led people to install these rooftop units in the free time they got because of the work from the home process. This also led them to rethink the energy sources and how alternative energy sources can be useful for the environment.

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

• 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

Market Segmentation

By Product Outlook

• Central PV inverter


• String PV inverter


• Micro PV inverter


• Other PV inverters

By End-use Outlook

• Commercial


• Residential & Industrial


• Utilities

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