The global solar inverter market is set to reach a valuation of US$ 11 Bn in 2022. Sales in the market are forecast to increase at a 6% CAGR over the forecast period. Increasing usage of solar panels and renewable energy will augment the growth in the market. Hig adoption of solar inverters in the residential, commercial, industrial and utilities will continue driving sales in the market.
Over the past years, manufacturers are expanding their product lines with new technological advancements in inverter technologies. As solar energy utilisation in photovoltaic systems is mostly dependent on the inverter, solar inverters are potentially beneficial for lowering global warming and greenhouse impact.
Micro inverters are gaining popularity due to heavy usage in most applications. Microinverters work in the same way as string inverters, except they are put beneath each solar panel on your roof. Each of these microinverters is roughly the size of a router. New electrical rules demand quick solar system shutdown to protect first responders and firemen from excessive voltage when on roofs or maintaining power lines. Microinverters meet these requirements for quick shutdown and have this capability built into each module.
“Increasing awareness regarding energy-efficient household equipment, along with stringent regulations pertaining to carbon emissions and energy consumption will drive sales of solar inverters,” says an FMI analyst.
Key Takeaways:
Based on product type, demand in the central inverters segment will create an absolute dollar opportunity of more than US$ 6.4 Bn over the forecast period.
By end-use, the residential segment is forecast to create an absolute dollar opportunity of US$ 4.1 Bn over the assessment period.
Total sales in the U.S. market are expected to increase at a 5.2% CAGR through 2032.
Japan will emerge as a lucrative pocket, with demand growing at a 6% CAGR over the forecast period.
The India solar inverter market will expand at a 7% CAGR through 2032, surpassing a valuation of US$ 827.2 Mn.
Competitive Landscape
The solar inverter market is consolidated with leading players holding around 80%-85% of the total market share. These players are likely to invest in new technology development and expansion of their distribution networks to maintain their market presence.
Some of the key players in this industry include Siemens AG, Fimer Group, SMA Solar Technologies, Eaton, ABB Ltd, Schneider Electric, and others.
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Driving the U.S. Solar Inverter Market
“Increasing Awareness Regarding Renewable Energy in the U.S. Will Drive Sales of Solar Inverters”
In 2022, the solar inverter market in the U.S. is predicted to expand at a 5.2% CAGR. The development of new and innovative products by manufacturers operating in the U.S. will augment the growth in the market. According to the study, total sales in the U.S. market will reach US$ 2.7 Bn by the end of 2032.
Japan Solar Inverter Market Faring
“Growing Demand for Solar Inverters in Japan Will Fuel Growth”
Japan is predicted to account for a dominant share in the East Asia solar inverters market, with sales projected to increase at a 6.0% CAGR. The presence of some of the world’s largest manufacturers along with the implementation of stringent regulations regarding energy consumption in the country will boost sales in the forthcoming years. The Japan market will surpass a valuation of US$ 786 Mn by 2032.
Demand for the Solar Inverters is Rising in India
“Rising Preference for Cost Effective Inverters in India Will Spur Demand for Solar Inverters”
As per FMI, sales in the Indian market are anticipated to rise at a 7% CAGR over the forecast period. High demand for energy-efficient inverters in India is expected to augment the growth in the market in the forthcoming years. By the end of 2032, total demand in India will exceed a valuation of US$ 827.6 Mn.
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