Solar Inverter Market Analysis Report 2023: Growing Replacement Demand for Solar Inverters Fuels Sector

Solar Inverter Market Growth: Anticipated Expansion at 6% CAGR, Reaching US$ 20,883.04 Million by 2033. A solar PV inverter is a power inverter that converts electricity from a photovoltaic (PV) solar panel in direct current (DC) to alternating current (AC) at utility frequency. This can be utilized for residential and business electrical grids, as well as a local off-grid electrical network like micro grids.

NEWARK, Del, Dec. 14, 2023 (GLOBE NEWSWIRE) — The solar inverter market is on the brink of a substantial valuation, projected to reach US$ 11,660.98 million by 2023. The growth is primarily driven by the burgeoning interest and insights surrounding the solar inverter market. The trend is expected to open doors to new opportunities within the market, with a projected CAGR of 6% from 2023 to 2033. By 2033, the market is poised to soar to an estimated total valuation of around US$ 20,883.04 million.

The solar inverter market is on a trajectory of remarkable growth, primarily driven by several key factors reshaping the renewable energy landscape. Rapid advancements in technology and installation processes are significantly simplifying solar inverter installations. These innovations are enhancing the performance and efficiency of solar inverters, making solar power systems more accessible and effective.

A crucial driver of this growth is the increasing preference for green energy solutions. Solar energy, in particular, has gained immense popularity due to its renewable and sustainable nature. Governments worldwide actively promote and invest in solar energy projects to electrify rural areas and meet the growing demand for clean energy. This not only expands access to electricity but also reduces the environmental impact, making solar energy an attractive option.

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The global surge in solar power plants is another pivotal driver of the solar inverter market. These power plants are integral components of the transition to renewable energy sources. The on-grid solar inverters play a crucial role in efficiently connecting these power plants to the electrical grid. This integration ensures a stable and reliable power supply, meeting the energy needs of both residential and commercial consumers.

The increasing adoption of solar energy solutions, combined with advancements in technology and government initiatives, is propelling the market forward. Solar inverters are at the core of this transformation, enabling the efficient use of clean energy and contributing to a more sustainable future.

Key Takeaways from the Market Study:

  • The market valuation in 2022 was US$ 11,087.02 million.
  • Based on the system, on-grid is expected to dominate at a market share of 69.2% in 2023.
  • Based on type, the central inverter will register at a market share of 78.9% in 2023.
  • The United States is estimated to expand at a CAGR of 5.20% by 2033.
  • Germany experiences significant growth, projected at a CAGR of 5.80% by 2033.

“A pivotal driver in the market is the grid resilience provided by smart inverters where these advanced devices can ride through minor disruptions, including voltage changes is, thus, considered one of the major drivers of the solar inverter market”says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Scope of Report:

Attributes Details
Estimated Market Size in 2023 US$ 11,660.98 million
Projected Market Valuation in 2033 US$ 20,883.04 million
CAGR Share from 2023 to 2033 6%  
Forecast Period 2023 to 2033
Historical Data Available for 2018 to 2022
Market Analysis Value in US$ million
Key Regions Covered
  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • The Middle East and Africa
Key Market Segments Covered
  • Type
  • System Type
  • Phase
  • End-Use
  • Region
Key Countries Profiled
  • The United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • The United Kingdom
  • France
  • Spain
  • Italy
  • Russia
  • Poland
  • Czech Republic
  • Romania
  • India
  • Bangladesh
  • Australia
  • New Zealand
  • China
  • Japan
  • South Korea
  • GCC countries
  • South Africa
  • Israel
Key Companies Profiled
  • Siemens AG
  • Fimer Group
  • SMA Solar Technology AG
  • Delta Electronics Inc.
  • SunPower Corporation
  • Omron Corporation
  • Eaton
  • Emerson Electric Co.
  • ABB Ltd
  • Mitsubishi Electric Corporation
  • Schneider Electric SE

Competitive Landscape:

The solar inverter industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on the introduction of eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.

Some of the key developments are-

  • In April 2023, Mitsubishi Electric Corporation announced it had decided to restructure its automotive equipment business drastically.
  • The restructure is designed to streamline decision-making in the business and accelerate the transformation of the company’s automotive equipment business in the face of rapid changes in this industry, including the shift to connected, autonomous, shared and service, and electric (CASE).
  • In September 2023, ABB spent $280 million on a new robotics factory in Sweden, the Swiss engineering and technology group, and met the growing demand from customers moving back production from Asia to avoid supply chain log-jams.

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More Valuable Insights Available:

Future Market Insights offers an unbiased global solar inverter market analysis, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the solar inverter market is segmented based on major By Type (Central Inverter, Micro-Inverter, String Inverter), By System Type (Off Grid, On Grid), By Phase (Single Phase, Three Phase), By End-Use (Residential, Commercial and Industrial, Utilities), and by region (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)

Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

 His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Old Source: Global Solar Inverter Market to reach US$ 20,883.04 million by 2033, expanding at a 6% CAGR: Future Market Insights, Inc.

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The Solar Panel market value is expected to reach US$ 355.24 Billion by 2033, with a steady growth rate of 8.86%.

The global solar shading system market is projected to record a steady 3% CAGR through 2032. Expected to reach US$ 5.72 Billion by the 2032 end

Global demand for solar microinverter is expected to be at a CAGR of 18.1% from 2022 to 2032, reaching a valuation of US$ 5,716.0 Million by 2032.

The Asia Pacific Solar Micro Inverters Market is expected to reach US$ 490.3 Million in 2022, according to FMI, and is expected to grow at a CAGR of 6.1% from 2022 to 2032.

The India residential solar inverter market is likely to cross a valuation of US$ 330.2 million by 2033. It is expected to witness considerable growth at a CAGR of 8.3% from 2023 to 2033. 

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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