Solar (PV) Inverter Market: Driving Solar Adoption | Europe Growth by Italy, Ireland, UK, Germany, Netherlands, Poland
Global Solar (PV) Inverter Market projected to hit USD 17.9 billion by 2030
WILMINGTON, DELAWARE, UNITED STATES, March 6, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The solar (PV) inverter market size was valued at $7.7 billion in 2020, and is projected to reach $17.9 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.
A solar PV inverter, also known as a photovoltaic inverter, is a crucial component of a solar power system. Its main function is to convert the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity suitable for use in homes, businesses, or the electricity grid.
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Asia-Pacific garnered the dominant share in 2020, and is anticipated to maintain this dominance in solar (PV) inverter market trend during the forecast period. This is attributed to the presence of key players and huge consumer base in the region.
Top Solar (PV) Inverter Industry Players
Delta Electronics, Inc., Fimer S.p.A., Fronius International GmbH, Ginlong Technologies, Huawei Technologies Co., Ltd., Shenzhen Growatt New Energy Co., Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies, Inc., and Sungrow Power Supply Co., Ltd., Goodwe, Canadian Solar, Sunpower Corporation, Sineng Electric Co., Ltd., SunPower, Omron Corporation
The utilities segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 8.3%. This is due to increase in investment in the utility scale solar power plants, solar parks, and other solar structures.
Increase in construction projects such as decentralized solar power plants, rural electrification projects, solar power plants on the water body & rooftops, and commercial buildings drive the growth of the solar (PV) inverter market for the utilities segment across the globe.
A solar inverter, factors such as system size, panel configuration, shading conditions, monitoring requirements, and budget should be considered. It is advisable to consult with a professional solar installer or engineer who can recommend the most suitable inverter for your specific solar power system needs.
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Significant development of the end-use industries such as oil & gas, telecom, mining, pharmaceutical, chemicals, and healthcare has fueled the demand for off–grid solar installations for their respective manufacturing and operations, which in turn drives the growth of the solar (PV) inverter market during the forecast period.
The three-phase segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the gaining importance in power generation, distribution, and transmission sector.
Rise in trend from 1,000-volt solar arrays to 1,500-volt solar arrays has resulted in increased size of PV power plants in the large commercial & industrial and utility installations; thereby, fueling the growth of the three-phase solar (PV) inverter market during the forecast period.
Increase in demand for solar inverter from developing economies such as India, China, and Japan fuel the growth of the market, globally.
High heat generation from large size solar inverters and installation of solar panels in different directions are the key factors that are expected to hamper the growth of the global solar inverter market in the upcoming years.
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Rapid expansion of the renewable energy sector, rise in investment toward upgradation of aged power infrastructure, and rapid industrialization in the region are further anticipated to fuel the growth of the market in the upcoming years.
Single phase is the fastest-growing phase segment in the global solar (PV) inverter market, expected to grow at a CAGR of 9.2% during 2021–2030.
Commercial & industrial segment is expected to grow at the fastest rate, registering a CAGR of 9.4%, throughout the forecast period.
In 2020, the on-grid segment accounted for 65.5% solar (PV) inverter market share in the year 2020, and is anticipated to grow at a rate of 8.5% in terms of revenue, increasing its share in the global solar (PV) inverter market.
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Solar panels produce DC electricity when exposed to sunlight. However, most appliances and the electricity grid operate on AC. The inverter's primary function is to convert this DC electricity into AC electricity.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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