Solar Inverter Market By Technology Segment (Central Inverter, String Inverter, Micro Inverter, Others), By Application (Utility Scale, Residential Scale, Small Commercial Scale, Large Commercial Scale, Industrial Scale), By Voltage (Automotive, < 1,000 V, 1,000 - 1,499 V, > 1,500 V) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

Increasing Adoption of Renewable Sources of Energy to Ensure Rapid Growth for the Solar Inverter Market

Globally, the solar inverter market is expected to grow at a CAGR of 5.5% during the forecast period from 2019 to 2027, starting from US$6.9 Bn in 2018.

The solar inverter or photovoltaic (PV) inverter is used to convert the direct current (DC) produced from the solar panels into alternating current (AC), which can be used for commercial, residential, and industrial purposes. The rising demand for energy and power is an essential factor for the growth of the solar inverter globally, as are the prices for non-renewable sources of energy. Moreover, increasing pollution due to the burning of fuels and concerns related to greenhouse emissions are major factors driving the solar inverter market.

One of the major benefits of the solar inverter is that the energy it produces is pollution-free and environmentally friendly. Additionally, the technological advancements and investments made by companies and organizations are also fueling the growth of the market. In 2017, a total of 99.1 GW of grid-connected solar was installed. In several countries, the government is also supporting the production of electricity from solar energy by providing subsidies and other benefits to individuals.

Market Synopsis

By technology, the central inverters dominate the solar inverter market.

Based on technology, the solar inverter has been segmented as a central inverter, a string inverter, a micro-inverter, and others. Central inverters hold the largest market share. In the central inverters, the solar panels of the whole system are connected in series, through which the DC power is converted to AC with the help of solar converters. Central inverters have their main application in large-scale industries. When compared with a string and microcomputer, the investment for the central inverter is low per watt. Further, the rising demand for energy from various industries is also boosting the growth of the market.

Asia Pacific to Register the Fastest Growth

The solar inverter market is led by the Asia-Pacific region due to the presence of various countries such as China, India, Japan, and others and investments made by the players in the region. The rising regulations and rising demand for power in the region boost the growth of the market. The Asia-Pacific region holds more than 50% of the market share in solar inverters. In 2017, China installed more than half of the world's solar capacity when compared to worldwide. The low cost of the power generated is another factor in the growth of the market in the region.

Some of the prominent players operating in the solar inverter market include Huawei Technologies Co. Ltd., TBEA Sunoasis Co. Ltd., ABB Ltd., Schneider Electric SE, Sungrow Power Supply Co. Ltd., Omron Corporation, Siemens AG, General Electric Company, Enphase Energy Inc., SMA Solar Technology AG, SolarEdge Technologies Inc., Sineng Electric Co. Ltd., Kstar New Energy Co. Ltd., Mitsubishi Electric Corporation, Tabuchi Electric Co. Ltd., TMEIC Corporation, and TMEIC Corporation.

Historical and Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The solar inverter market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global solar inverter market based on technology, voltage, application, and geography. Key segments covered in the report are as follows:

Key questions are answered in this report.

  • What was the market size of solar inverters in 2018, and what is the forecast up to 2027?
  • Which is the largest regional market for central inverters?
  • What are the major trends followed in the solar inverter market across different regions?
  • Who are the key solar inverter companies leading the market?
  • What are the key strategies adopted by the leading solar inverter companies on the market?

Unique data points of this report

  • Statistics on solar inverter penetration and spending worldwide
  • Recent trends across different regions in terms of the adoption of solar inverters for various vehicles
  • Notable developments are going on in the solar inverter industry.
  • Attractive investment propositions for segments as well as geography
  • Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

Frequently Asked Question:

The market for Solar Inverter Market is expected to reach USD$ 6.9 Bn in 2027.

The Solar Inverter Market is expected to see significant CAGR growth over the coming years, at 5.5%.

The report is forecasted from 2019 -2027.

The base year of this report is 2018.

Omron Corporation, Siemens AG, General Electric Company, Enphase Energy Inc., SMA Solar Technology AG, SolarEdge Technologies Inc., Sineng Electric Co. Ltd., Kstar New Energy Co. are some of the major players in the global market.

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Published Date:  Jul 2019
Category:  Technology & Media
Report ID:   59780
Report Format:   PDF
Pages:   120
Rating:    4.2 (69)
Delivery Time: 24 Hours to 48 Hours   
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