Rise in development in the renewable energy sector drives the solar (PV) inverter industry. However, several government initiatives & investment on electrification of remote and rural areas using solar energy are expected to create lucrative opportunities in the industry.

The solar (PV) inverter market is projected to reach $17.9 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030. Rise in development in the renewable energy sector drives the solar (PV) inverter industry. On the other hand, high heat loss and absence of panel level monitoring in string inverters impede the growth to some extent. However, several government initiatives & investment on electrification of remote and rural areas using solar energy are expected to create lucrative opportunities in the industry.

Increase in demand for central inverters from large industrial and utility applications across the globe boosts the growth of the segment. The micro inverter segment, however, is expected to cite the fastest CAGR of 9.5% throughout the forecast period. Rise in consumer awareness toward high electricity bills has increased the demand for standalone rooftop based own power generation using solar PV modules and PV inverters, thereby augmenting the segment growth.

Based on connection type, the on grid segment held the highest market share in terms of revenue, accounting for nearly two-thirds of the global solar (PV) inverter market. This is due to rise in investment for direct supply of electricity rather than storing it in batteries. Simultaneously, the off grid segment is estimated to exhibit the fastest CAGR of 9.2% during the forecast period. This is attributed to advantages associated with the off-grid solar inverters such as self-sustainable energy source, easy installation in the remote areas, independency on the grid failures or shutdowns, and high reliability.

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. In addition, increase in demand for solar inverter from developing economies such as India, China, and Japan fuel the growth of the market, globally.

However, 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.

The global solar (PV) inverter market analysis covers in-depth information of the major solar (PV) inverter industry participants. The key players operating and profiled in the report include 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.

COVID-19 scenario-
• Halted commercial and industrial solar infrastructure activities, especially during the initial phase of the pandemic, impacted the global PV inverter market negatively.
• However, as the overall situation is getting better across the world, the market is projected to get back on track soon.