Global Solar PV Inverter Market

BROOKLYN, NEW YORK, USA, May 30, 2024 /EINPresswire.com/ -- IMARC Group’s latest research report, titled “Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the solar PV inverter market outlook. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

The global solar PV inverter market size reached US$ 8.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.3 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032.

Solar PV Inverter Market Overview:

A solar PV inverter is a critical component in a solar energy system, converting direct current (DC) electricity generated by solar panels into alternating current (AC) electricity, which can be used by home appliances and the power grid. The manufacturing of Solar PV Inverters involves intricate electrical engineering and the assembly of high-quality electronic components to ensure efficiency, reliability, and safety. The importance of solar PV inverters extends beyond mere conversion; they optimize the energy yield, monitor system performance, and ensure the safe operation of solar energy systems. The benefits of using Solar PV Inverters include increased energy efficiency, reduced dependency on fossil fuels, lower electricity bills, and contribution to environmental sustainability by reducing carbon emissions.

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Global Solar PV Inverter Market Trends:

The global market is primarily driven by the increasing global commitment to renewable energy and reducing carbon footprints has significantly boosted the demand for solar installations. Additionally, continual technological advancements in inverter technology, such as improvements in efficiency, reliability, and the integration of smart and grid-supportive features, are attracting investments and research is impelling market growth. Moreover, the rise in solar energy adoption in both residential and commercial sectors, coupled with the growing trend of net metering, where excess solar power is sold back to the grid, expands the market forward.

Furthermore, the growing awareness and societal push towards sustainability are influencing both individual and corporate decisions towards adopting renewable energy sources is creating a positive market outlook. In line with this, the rise of peer-to-peer (P2P) energy trading platforms is enabled by blockchain technology, which allows individuals and businesses with solar installations to sell excess energy directly to neighbors or other consumers without going through the traditional grid, creating a new market dynamic.

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/solar-pv-inverter-market

Competitive Landscape with Key Players:

• ABB Ltd, Schneider Electric SE
• Siemens AG
• Mitsubishi Electric Corporation
• Omron Corporation
• General Electric Company
• SMA Solar Technology AG
• Delta Energy Systems Inc.
• Enphase Energy Inc.
• SolarEdge Technologies Inc.
• Huawei Technologies Co. Ltd
• Kstar New Energy Co. Ltd
• Sineng Electric Co. Ltd
• Sungrow Power Supply Co Ltd
• Tabuchi Electric Co. Ltd
• TBEA Sunoasis Co. Ltd
• Toshiba Corporation

Key Market Segmentation:

Breakup by Technology:

• central inverter
• string inverter
• microinverter
• others

Breakup by Application:

• utility scale
• residential scale
• small commercial scale
• large commercial scale
• industrial scale

Breakup by voltage:

• < 1,000 V
• 1,000 – 1,499 V
• > 1,500 V

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Why Choose IMARC Research Report:

• Strong Market Research Expertise
• Targeted Marketing Strategies
• Innovative Solutions
• Comprehensive Analysis
• Accuracy and Reliability
• Provides Insightful Forecasts
• Available Customization Options
• Strong Customer Service

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Who we are:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Elena Anderson
IMARC Services Private Limited
+ + +1 631-791-1145
email us here

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