PV Inverter Market
Global PV Inverter Market Size, Share & Trends Analysis Report by Product (Central Plant Inverter System, String Inverter System, Multi-String Inverter System, and Microgrid Inverter System), by Connection Type (On-Grid PV Inverter and Off-Grid PV Inverter), and by End-User (Residential and Non-Residential) Forecast 2021-2027 Update Available - Forecast 2024-2030
The global PV inverter market is anticipated to grow at a significant CAGR of 8.5% during the forecast period. A solar inverter is one of the most important elements of the solar electric power system. It converts the variable direct current (DC) output of a photovoltaic (PV) solar panel into alternating 240V current (AC). The demand for renewable energy is growing rapidly due to environmental awareness is propelling the growth of the market. According to the International Energy Agency (IEA), the market for renewables in global electricity generation jumped to 29% in 2020, up from 27% in 2019. Moreover, renewable energy use increased by 3% in 2020, due to the decreased demand for all other fuels declined. Renewable electricity generation in 2021 is set to expand by more than 8% to reach 8 300 TWh, the fastest year-on-year growth since the 1970s. The primary driver was an almost 7% growth in electricity generation from renewable sources.
Impact of COVID-19 Pandemic on Global PV Inverter Market
Due to COVID-19 pandemic government imposed a lockdown, which resulted in a ban on manufacturing and processing activities across the globe. The temporary ban on manufacturing and processing had also resulted in a decline in the growth of the market. However, by 2022 it is expected to improve the situation globally and surge the demand for PV inverters.
Segmental Outlook
The global PV inverter market is segmented based on the product, connection type, and end-user. Based on the product, the market is segmented into central plant inverter systems, string inverter systems, multi-string inverter systems, and microgrid inverter systems. Based on the connection type, the market is sub-segmented into on-grid PV inverters and off-grid PV inverters. Based on the end-user, the market is bifurcated into residential and non-residential. Among all segments, microgrid inverter systems are expected to contribute to the PV inverter market due to their higher efficiency, easier installation, and user-friendly operation & maintenance.
Global PV Inverter Market Share by Product, 2020 (%)
The String Inverter System is Expected to Hold a Prominent share in the Global PV Inverter Market
Among all segments, the string inverter system is expected to hold a prominent share in the global PV inverter market during the forecast of 2021-2027. The ease of maintenance and troubleshooting, trusted technology, lower failure rates, and lower costs stimulate the growth of the segment. Additionally, string inverters can be used and installed in all applications including residential, commercial & industrial, and large-scale utility projects.
Regional Outlooks
The global PV inverter market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. The North America region is expected to contribute to healthy growth in the PV inverter market, due to the availability of different PV inverters in the region during the forecast period.
Global PV Inverter Market Growth, by Region 2021-2027
The Asia-Pacific Region Holds the Major Share in the Global PV Inverter Market
The Asia Pacific is expected to hold a considerable share in the global PV inverter market during the forecast of 2021-2027. The rapid industrialization in the region and the rise in investment in power infrastructure is propelling the growth of the PV inverter market. For instance, as per the national survey report of PV power applications in china, a total of 30,100 PV power capacity were installed in 2019. Moreover, The annual photovoltaic power generation capacity was 22.43 billion kWh, accounting for 3.1% of China's total annual power generation (723.41 billion kWh), an increase of 0.5% year-on-year. Moreover, according to the international energy agency, China alone should account for almost half of the global increase in renewable electricity in 2021, followed by the United States, the European Union, and India.
Market Players Outlook
The major companies serving the global PV inverter market include ABB ltd., Enphase Energy, Inc., Renesola Zhejiang Ltd., SolarEdge Technologies Ltd., Delta Electronics Ltd., Seimens AG, Ginglong Technologies Co. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2021, Sungrow, the global leading inverter solution supplier for renewables, showcased the latest PV and energy storage product solutions and Signed a 50 MW Distribution Contract at Solar Pakistan, furthering its commitment to renewable energy and fueling the national transition to a low carbon economy.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global PV inverter market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global PV Inverter Market
• Recovery Scenario of Global PV Inverter Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. ABB Ltd.
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Enphase Energy, Inc.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Renesola Zhejiang Ltd.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Schneider Electric SE
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. SolarEdge Technologies, Inc.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
3.7. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global PV Inverter Market by Product
4.1.1. Central plant inverter system
4.1.2. String Inverter System
4.1.3. Multi-String Inverter System
4.1.4. Microgrid Inverter System
4.2. Global PV Inverter Market by Connection Type
4.2.1. On-Grid PV Inverter
4.2.2. Off-Grid PV Inverter
4.3. Global PV Inverter Market by End User
4.3.1. Residential
4.3.2. Non-Residential
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Chilicon Power, LLC.
6.2. Delta Electronics, Inc.
6.3. Eaton Corp. Plc
6.4. Emerson Electric Co.
6.5. Fimer Group
6.6. Fronius International GmbH
6.7. Ginglong Technologies Co., Ltd.
6.8. Hitachi Hi-Rel Power Electronics Pvt Ltd.
6.9. Huawei Technologies Co., Ltd.
6.10. KACO new energy GmbH
6.11. Omran Corp.
6.12. Power-One Micro Systems Pvt. Ltd.
6.13. Seimens AG
6.14. Sening Electric Co. Ltd.
6.15. Shenzhen Growatt New Energy Co., Ltd.
6.16. SMA solar technology AG
6.17. Sungrow Power Supply Co., Ltd.
6.18. TDK Corp.
1. GLOBAL PV INVERTER MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2020-2027 ($ MILLION)
2. GLOBAL CENTRAL PLANT INVERTER SYSTEM MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL STRING INVERTER SYSTEM MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL MULTI-STRING INVERTER MARKET MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL MICROGRID INVERTER SYSTEM MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
6. GLOBAL PV INVERTER MARKET RESEARCH AND ANALYSIS BY CONNECTION TYPE, 2020-2027 ($ MILLION)
7. GLOBAL ON-GRID PV INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL OFF-GRID PV INVERTER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL PV INVERTER MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
10. GLOBAL PV INVERTER FOR RESIDENTIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL PV INVERTER FOR NON-RESIDENTAL MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
12. GLOBAL PV INVERTER MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
13. NORTH AMERICAN PV INVERTER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
14. NORTH AMERICAN PV INVERTER MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2020-2027 ($ MILLION)
15. NORTH AMERICAN PV INVERTER MARKET RESEARCH AND ANALYSIS BY CONNECTION TYPE, 2020-2027 ($ MILLION)
16. NORTH AMERICAN PV INVERTER MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
17. EUROPEAN PV INVERTER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
18. EUROPEAN PV INVERTER MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2020-2027 ($ MILLION)
19. EUROPEAN PV INVERTER MARKET RESEARCH AND ANALYSIS BY CONNECTION TYPE, 2020-2027 ($ MILLION)
20. EUROPEAN PV INVERTER MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
21. ASIA-PACIFIC PV INVERTER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
22. ASIA-PACIFIC PV INVERTER MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2020-2027 ($ MILLION)
23. ASIA-PACIFIC PV INVERTER MARKET RESEARCH AND ANALYSIS BY CONNECTION TYPE, 2020-2027 ($ MILLION)
24. ASIA-PACIFIC PV INVERTER MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
25. REST OF THE WORLD PV INVERTER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
26. REST OF THE WORLD PV INVERTER MARKET RESEARCH AND ANALYSIS BY PRODUCT, 2020-2027 ($ MILLION)
27. REST OF THE WORLD PV INVERTER MARKET RESEARCH AND ANALYSIS BY CONNECTION TYPE, 2020-2027 ($ MILLION)
28. REST OF THE WORLD PV INVERTER MARKET RESEARCH AND ANALYSIS BY END-USER, 2020-2027 ($ MILLION)
1. IMPACT
OF COVID-19 ON GLOBAL PV INVERTER MARKET, 2020-2027 ($ MILLION)
2.
IMPACT OF COVID-19 ON GLOBAL PV INVERTER MARKET
BY SEGMENT, 2020-2027 ($ MILLION)
3.
RECOVERY OF GLOBAL PV INVERTER MARKET, 2021-2027
(%)
4.
GLOBAL PV INVERTER MARKET SHARE BY PRODUCT, 2020
VS 2027 (%)
5.
GLOBAL CENTRAL PLANT INVERTER SYSTEM MARKET SHARE BY GEOGRAPHY, 2020
VS 2027 (%)
6.
GLOBAL STRING INVERTER SYSTEM MARKET SHARE BY GEOGRAPHY, 2020 VS 2027
(%)
7.
GLOBAL MULTI-STRING INVERTER SYSTEM MARKET SHARE BY GEOGRAPHY, 2020
VS 2027 (%)
8.
GLOBAL MICROGRID INVERTER SYSTEM MARKET SHARE BY GEOGRAPHY, 2020 VS
2027 (%)
9.
GLOBAL PV INVERTER MARKET SHARE BY CONNECTION
TYPE, 2020 VS 2027 (%)
10.
GLOBAL ON-GRID PV INVERTER MARKET SHARE BY
GEOGRAPHY, 2020 VS 2027 (%)
11.
GLOBAL OFF-GRID PV INVERTER MARKET SHARE BY GEOGRAPHY,
2020 VS 2027 (%)
12.
GLOBAL PV INVERTER MARKET SHARE BY END-USER,
2020 VS 2027 (%)
13.
GLOBAL PV INVERTER FOR RESIDENTIAL MARKET
SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
14.
GLOBAL PV INVERTER FOR NON-RESIDENTIAL MARKET
SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
15.
GLOBAL PV INVERTER MARKET SHARE BY GEOGRAPHY,
2020 VS 2027 (%)
16.
US PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
17.
CANADA PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
18.
UK PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
19.
FRANCE PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
20.
GERMANY PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
21.
ITALY PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
22.
SPAIN PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
23.
REST OF EUROPE PV INVERTER MARKET SIZE,
2020-2027 ($ MILLION)
24.
INDIA PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
25.
CHINA PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
26.
JAPAN PV INVERTER MARKET SIZE, 2020-2027 ($
MILLION)
27.
SOUTH KOREA PV INVERTER MARKET SIZE, 2020-2027
($ MILLION)
28.
REST OF ASIA-PACIFIC PV INVERTER MARKET SIZE,
2020-2027 ($ MILLION)
29. REST
OF THE WORLD PV INVERTER MARKET SIZE, 2020-2027 ($ MILLION)
