Global PV Inverter Market Research Report 2023

PV Inverter Market Trends

The PV inverter industry has been significantly influenced by the global shift toward renewable energy sources, particularly solar power. Solar installations are increasing as a result of the growing recognition of solar energy's economic and environmental advantages by governments and enterprises worldwide. PV inverters are critical components of solar power systems because they transform the direct current (DC) generated by solar panels into usable alternating current (AC). Incentives and favorable policies have been implemented by numerous countries to encourage the use of solar energy. Feed-in tariffs, tax credits, and subsidies for solar installation are some of these policies. Such programs boost the market for PV inverters by encouraging people and companies to fund solar installations.

The PV inverter sector has experienced major technological developments, which have produced goods that are more effective, dependable, and economical. The performance of PV inverters has improved thanks to advancements in power electronics, digital control systems, and grid integration capabilities. Additionally, energy production has been optimized thanks to the invention of microinverters and power optimizers, particularly in systems with shading or complex orientations. Solar PV systems, which include PV inverters, have significantly decreased in price over time. Prices for PV inverters have decreased as a result of economies of scale, enhanced production techniques, and more competition among producers. As a result, solar energy has increased in economic viability, fueling the PV Inverter Market expansion.

Modernization efforts for the grid are being driven by the deteriorating electrical infrastructure in many areas. PV inverters are necessary for effectively and steadily integrating solar power into the grid. Local solar installations now require more PV inverters due to the trend toward decentralized energy generation, which produces electricity at or close to the point of consumption. The urgent need to combat climate change and rising environmental awareness have accelerated the adoption of renewable energy technologies. PV inverters are crucial to capturing solar energy, which is a clean and sustainable energy source. The market for PV inverters is anticipated to increase as people and organizations try to lower their carbon footprint.

PV Inverter Market Share Analysis

SMA, Huawei, among other companies, are significant market participants for PV inverters. About 30% of the global market is controlled by the top 2 competitors.

Over 60% of the global market is located in Asia-Pacific, making it the primary market. Due to its strong promotion of the adoption of solar energy, China is the largest market for PV inverters worldwide. The number of solar installations has increased significantly in Japan and India as well, which has increased demand for PV inverters. The market in this region has been further encouraged by supporting regulatory frameworks, feed-in tariffs, and government programs.

With a market share of roughly 60%, String Inverter is the dominant type.

The dominant application, with a market share of around 45%, is public utilities.

• Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, by type, by application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
• Chapter 2: Detailed analysis of PV Inverter manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
• Chapter 3: Production/output, value of PV Inverter by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
• Chapter 4: Consumption of PV Inverter in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
• Chapter 5: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
• Chapter 6: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
• Chapter 7: Provides profiles of key players, introducing the basic situation of the key companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
• Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
• Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
• Chapter 10: The main points and conclusions of the report.