News

Oct 21, 2023

Photovoltaic Inverter Market size to grow by USD 4,054.38 million from 2022 to 2027, ABB Ltd. and Canadian Solar Inc. emerge as key contributors to growth

NEW YORK, June 2, 2023 /PRNewswire/ -- The photovoltaic inverter market is

NEW YORK, June 2, 2023 /PRNewswire/ -- The photovoltaic inverter market is expected to grow by USD 4,054.38 million from 2022 to 2027. The market is estimated to be progressing at a CAGR of 7.3% during the forecast period. APAC is estimated to account for 52% of the growth of the global photovoltaic inverter market during the forecast period. The market in the region is estimated to grow at the fastest pace during the forecast period. The regional market growth for photovoltaic inverters can be attributed to the increasing adoption of renewable energy and favorable government policies and incentives to support the development of the solar energy industry. China is the largest market for photovoltaic inverters in the region with the Chinese government having set ambitious targets for renewable energy development, including increasing the share of non-fossil fuels in primary energy consumption from 16% in 2020 to 20% by 2025. Furthermore, other countries in the Asia-Pacific region such as Japan, South Korea, and Australia are also experiencing significant growth in the photovoltaic industry, increasing the demand for photovoltaic inverters. Hence, such factors make APAC a leading region for market growth during the forecast period. For more insights on market size - Request the Sample Report

Photovoltaic Inverter Market: Segmentation Analysis

Technavio has segmented the photovoltaic inverter market by product (string, central, and micro), type (on-grid and off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The market share growth by the string segment will be significant during the forecast period. Governments around the world offer incentives to install solar power systems, increasing the demand for string inverters. Another demand-driving factor for the market is their reliability and efficiency and some inverters are designed to handle large amounts of power, which makes them suitable for use in commercial and industrial environments. Additionally, it is highly efficient and can convert the direct current produced by solar panels into alternating current that can be used to power buildings. Hence, such factors drive segment growth for string inverters during the forecast period.

Ready to streamline your business operations? Download Sample Report

Key factors driving market growth

Rising demand for renewable energy notably drives the Photovoltaic (PV) Inverter Market growth. Environmental benefits and government support, the falling cost of solar panels, and the increased efficiency of photovoltaic inverters are some of the factors that make solar power systems more affordable and attractive to consumers. This results in the demand for photovoltaic inverters growing rapidly.

Furthermore, as people and businesses become more aware of the environmental benefits of renewable energy, photovoltaic systems have become a popular choice for power generation. Thus, this will create a favorable market environment for photovoltaic inverter manufacturers as more people will invest in solar energy systems. Hence, the increasing demand for renewable energy is driving the growth of the market as more people and businesses adopt photovoltaic systems to meet their energy demands.

Leading trends influencing the market

The rapid growth of smart cities is an emerging trend influencing the photovoltaic (PV) inverter market growth. The need to improve urban sustainability, energy efficiency, and quality of life drives the demand for smart cities. A key component of smart cities is the integration of renewable energy sources, especially solar energy. These inverters play a key role here as they are required to convert the DC power produced by solar panels into AC power that can be used to power buildings and infrastructure.

They often have advanced energy management systems that use data and analytics to optimize energy use and reduce costs. Moreover, since more cities and urban areas around the world become smarter and adopted renewable energy sources such as solar power, the demand for photovoltaic inverters is expected to increase further. Hence, such factors boost the market growth during the forecast period.

Download the sample to get a holistic overview of the photovoltaic (PV) inverter market by industry experts to evaluate and develop growth strategies.

Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth, and market share, among others, Buy the Report

What are the key data covered in this photovoltaic (PV) inverter market report?

The photovoltaic inverter market size is expected to accelerate at a CAGR of 7.3% during the forecast period.

The photovoltaic inverter market is segmented into the product (String, Central, and Micro), Type (On-grid and Off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The market is fragmented due to the presence of many/few established vendors holding significant market share.

The research report offers information on several market vendors, including ABB Ltd., Canadian Solar Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., SunPower Corp., and Yaskawa Solectria Solar

Gain access to 17,000+ market research reports

Technavio's SUBSCRIPTION platform

Related Reports:

The Solar Hybrid Inverter Market is poised to grow by USD 76.44 million during 2022-2026, accelerating at a CAGR of 10.19% during the forecast period. Furthermore, this report extensively covers solar hybrid inverter market segmentation by end-user (commercial and residential) and geography (APAC, Europe, North America, MEA, and South America). One of the key factors driving the solar hybrid inverter market growth is the rise in solar energy installations.

The inverter market is estimated to grow at a CAGR of 6.7% between 2022 and 2027. The size of the market is forecasted to increase by USD 3,0136.2 million. This report extensively covers market segmentation by application (motor drive, renewable energy, and UPS), type (on-grid and off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The rise in wind energy consumption is notably driving the market growth.

Photovoltaic Inverter Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 7.3%

Market growth 2023-2027

USD 4,054.38 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.27

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 52%

Key countries

US, China, India, Japan, and Vietnam

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Canadian Solar Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., SunPower Corp., and Yaskawa Solectria Solar

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global photovoltaic inverter market 2017 - 2021

4.2 Product Segment Analysis 2017 - 2021

4.3 Type Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product

6.1 Market segments

6.2 Comparison by Product

6.3 String - Market size and forecast 2022-2027

6.4 Central - Market size and forecast 2022-2027

6.5 Micro - Market size and forecast 2022-2027

6.6 Market opportunity by Product

7 Market Segmentation by Type

7.1 Market segments

7.2 Comparison by Type

7.3 On-grid - Market size and forecast 2022-2027

7.4 Off-grid - Market size and forecast 2022-2027

7.5 Market opportunity by Type

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 US - Market size and forecast 2022-2027

9.10 India - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 Vietnam - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 ABB Ltd.

12.4 Danfoss AS

12.5 DARFON ELECTRONICS CORP.

12.6 Delta Electronics Inc.

12.7 Eaton Corp. Plc

12.8 Enphase Energy Inc.

12.9 Fronius International GmbH

12.10 General Electric Co.

12.11 Huawei Technologies Co. Ltd.

12.12 OMRON Corp.

12.13 Powerone Micro Systems Pvt. Ltd.

12.14 Schneider Electric SE

12.15 Siemens AG

12.16 SMA Solar Technology AG

12.17 SolarEdge Technologies Inc.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/photovoltaic-inverter-market-size-to-grow-by-usd-4-054-38-million-from-2022-to-2027--abb-ltd-and-canadian-solar-inc-emerge-as-key-contributors-to-growth---technavio-301840238.html

SOURCE Technavio