The PV inverter market is predicted to capture a valuation of USD 1.5 billion in 2023, and is rising to USD 2.8 billion by 2033. The market is estimated at a CAGR of 6.4% during the forecast period.
Factors influencing the market growth are:
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Growing Trends Drives the Market Size:
The increasing adoption of PV inverter on the top roof of commercial, household, and industrial usage propels market trends. The growing production of meticulous and renewable energy plants in various developing and developed countries to reduce the carbon footprint is increasing market trends.
Rising government schemes, such as FiTs (Feed-in Tariffs) to increase the installation of solar inverters, are enhancing the market trend. In an initiative program, the Chinese administration launched its new rooftop hybrid solar panel. The growing trade, government support, and adoption of solar conversion on several platforms are increasing the market trends.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6.4% |
| Market Valuation (2023) | USD 1.5 billion |
| Market Valuation (2033) | USD 2.8 billion |
According to Future Market Insights, the global PV inverter market is predicted at a healthy 6.4% CAGR during the forecast period. Historically, the market registered a CAGR of 9.1% between 2017 to 2022.
Several end-use industries, including industrial, commercial, residential, and others, are flourishing the market growth. The global market pushes its sales of complementary products and solar inverters during the COVID-19 crisis. Due to growing consumer preference, awareness and alternative energy sources drive the market size.
Short Term (2023 to 2026): Rising demand for alternative electricity consumption and carbon emission control are bolstering market growth.
Medium Term (2026 to 2029): Growing adoption of PV inverter to provide sustainable, clean, and renewable energy is driving the market expansion.
Long Term (2029 to 2033): Rising investment, key companies, government initiatives, and innovations are expanding the market opportunities.
The market is estimated to reach USD 2.8 billion during the forecast period. Historically, the market stood at USD 1.4 billion from 2017 to 2022.
Based on connectivity type, the market is categorized into on-grid and standalone. The on-grid connectivity is expected to lead the global market by securing a higher CAGR during the forecast period. The rising demand for on-grid connectivity is due to efficient cost, energy, and increasing electricity consumption. The growing investment and focus on direct current electricity are boosting the demand for on-grid connectivity.
Three Phase Type - Dominating the Global Market
Based on phase type, the three-phase type is leading the global market by capturing a CAGR of 6.0% during the forecast period. Growing demand is there for three phase types for better performing equal distribution, advanced power, and transmission. The adoption of three phase types is increasing due to their accuracy and flexibility.
Three phase types contain maximum operational energy, limit energy waste and work efficiently, which are driving the market growth. Historically, the segment secured a CAGR of 8.6% between 2017 to 2022.
Based on product type, the market is further categorized into central, micro, and string. The central type category is leading the market by occupying a CAGR of 6.2% during the forecast period. Several large enterprises and organizations are increasing the adoption of central-type inverters for efficient and constant work.
Increasing urbanization, infrastructure, and alternative power resources, including micro-inverter and solar panels, are boosting the demand for central-type inverters. Historically, the segment secured a CAGR of 8.9% between 2017 to 2022.
| Countries | United States |
|---|---|
| CAGR (2017 to 2022) | 8.7% |
| CAGR (2023 to 2033) | 6.2% |
| Valuation (2023 to 2033) | USD 992.0 million |
| Countries | United Kingdom |
|---|---|
| CAGR (2017 to 2022) | 7.7% |
| CAGR (2023 to 2033) | 5.5% |
| Valuation (2023 to 2033) | USD 117.8 million |
| Countries | China |
|---|---|
| CAGR (2017 to 2022) | 8.3% |
| CAGR (2023 to 2033) | 5.8% |
| Valuation (2023 to 2033) | USD 200.9 million |
| Countries | Japan |
|---|---|
| CAGR (2017 to 2022) | 7.2% |
| CAGR (2023 to 2033) | 5.0% |
| Valuation (2023 to 2033) | USD 164.2 million |
| Countries | South Korea |
|---|---|
| CAGR (2017 to 2022) | 3% |
| CAGR (2023 to 2033) | 4.6% |
| Valuation (2023 to 2033) | USD 99.6 million |
The United States is likely to capture a CAGR of 6.2% with a valuation of USD 992.0 million during the forecast period. The increasing demand for hybrid solar inverters, solar panel installation, and government subsidies propel the United States PV inverter market growth.
Growing consumer preferences, urbanization, and large enterprises are further bolstering the market in the country.
The increasing demand for alternative sources and growing awareness is rising the sales of PV inverter. The United States government provided a 26% tax credit for installing the solar system in 2022. The adoption of central and three phase inverters is expected to propel the United States market size. Historically, the United States captured a CAGR of 8.7% between 2017 and 2022.
During the forecast period, the United Kingdom is expected to record a CAGR of 5.5% with a valuation of USD 117.8 million. The rising key manufacturing companies, technical experts, and high efficiency of solar devices are fueling the United Kingdom PV inverter market.
The end-user industries, distribution channels, and prominent vendors are surging market opportunities in the country.
The investors invest the maximum amount in the market to acquire maximum output in the United Kingdom. The rising demand for renewable energy and the manufacturing of advanced inverters are expected to boost the market. Historically, the United States secured a CAGR of 7.7% between 2017 to 2022.
China is one of the significant countries in the Asia Pacific region that captures a CAGR of 5.8% during the forecast period. The increasing number of solar installations and electricity cut-offs are enhancing the market expansion in China. Increasing trends of inverters and the growing population are expected to fuel the demand for PV inverter.
Key players, investors, and urbanization are accelerating the demand for PV inverter in China. The growth of several industries, infrastructure, and significant development is flourishing in China's PV inverter market. Historically, China captured a CAGR of 8.3% between 2017 to 2022.
Several key vendors are focused on providing non-hazardous solar inverters that maintain a healthy environment. These players are adopting advanced and innovative skills to develop unique solar devices. Recently, the adoption of automatic gadgets, machines, and robotic devices is popularly attracting consumers' attention to work smoothly and efficiently without any workload.
The manufacturers are adopting several easy atmospheric inverters that may boost market expansion. The key vendor implements several plans and policies to develop durable, effective, and last-long PV inverters to satisfy consumers' demands. These players are adopting marketing tactics, including mergers, acquisitions, partnerships, collaborations, and agreements.
Other Key Players in the Market are
Recent Developments in the Market are
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Northern Africa, Türkiye, and South Africa |
| Key Segments Covered | Product, Phase, Connectivity, Nominal Power Output, Nominal Output Voltage, End-use Industry, Region |
| Key Companies Profiled | Eaton; Sungrow; Growatt New Energy; Darfon Electronics Corp; Schneider Electric; Enphase energy; Seimens; Fimer Group |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The United States is expected to be worth around USD 992 million by 2033.
The United Kingdom is estimated to record a growth of 5.5% through 2033.
Residential solar installations as people switch to solar power for environmental and cost-saving reasons.
Development of microinverters and the integration of smart grid technologies.
Government initiatives that encourage the use of renewable energy, such as subsidies and incentives, fuel the market expansion.
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PV Inverter Market
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