Solar Inverter Market Overview:
Solar Inverter Market share is projected to be worth USD 18.93 Billion by 2030, registering a CAGR of 5.70% during the forecast period (2022 - 2030).
Our Market Overview and Regional Analysis provide an understanding of the industries, companies and products within the market. Our Trends section provides an analysis of how the market is currently performing and looks set to perform in the future. Our Growth Forecast section gives you an idea about how our Market Analysis works, by giving us further details on how we can build our Market Forecast model for a particular domain within this report. Lastly, in our Metrics section we outline important data points relating to each of these sections as well as our current forecasted price range.
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Central Solar Inverters to Dominate Market
Central solar inverters can lead in market demand owing to use of low numbers of inverters for management and centralized for power storage. They are available with high power ratings, with high powered solar inverters comprising a step-up transformer for converting direct current to alternate current.
Industrial Application to Lead in Market Share
The industrial application can witness massive market growth due to rapid industrialization globally caused by rise in international trade. Shift to renewable sources of energy and pressure by governments to lower impact of pollution can bode well for the solar inverter market. This is evident with many industrial leaders taking efforts to contain emission levels through changes in production approaches.
Investments in Solar Energy to Drive APAC Solar Inverter Market
The Asia-Pacific (APAC) region is expected to be lucrative for the solar inverter market owing to investments in solar parks, presence of various inverter and photovoltaic panel component manufacturers, and rapid industrialization. Efforts by governments to conserve power through renewable energy sources can drive regional market growth. Thailand, India, and China can contribute the maximum to the market due to applications in industrial and commercial sectors.
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SolarEdge Technologies Inc. (Israel), Solectria Renewables, LLC (US), Canadian Solar Inc. (Canada), ABB Ltd (Switzerland), SunPower Corporation (US), Hitachi Hi-Rel Power Electronics Pvt. Ltd (India), Sineng Electric Co., Ltd. (China), Power Electronics (Spain), Delta Electronics, Inc. (Taiwan), and SMA Solar Technology AG (Germany) are key players in the global solar inverter market.
Delta Electronics has launched a 250kW solar string inverter for onshore photovoltaic plants capable of working in harshest environmental conditions.