The Global Solar Inverter Market Size is expected to expand 5.0% year on year in 2022, reaching a valuation of over US$ 11 Bn. Increased use of renewable energy sources for residential and commercial areas is predicted to drive solar inverter sales at a 6% CAGR over the forecast period.
Increased use of solar panels and renewable energy will fuel industry expansion. High adoption of solar inverters in the residential, commercial, industrial, and utility sectors will continue to drive market sales.
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Manufacturers have been increasing their product lines with new technological advancements in inverter technologies over the last few years. Because solar energy usage in photovoltaic systems is mostly dependent on the inverter, solar inverters have the potential to reduce global warming and greenhouse gas emissions.
“Increasing awareness of energy-efficient household equipment, as well as rigorous rules pertaining to carbon emissions and energy consumption, will increase sales of solar inverters,” says an FMI analyst.
Based on product type, demand in the central invertors segment will create an absolute dollar opportunity of more than US$ 6.4 Bn over the forecast period.
By end-use, the residential segment is forecast to create an absolute dollar opportunity of US$ 4.1 Bn over the assessment period.
Total sales in the U.S. market are expected to increase at a 5.2% CAGR through 2032.
Japan will emerge as a lucrative pocket, with demand growing at a 6% CAGR over the forecast period.
The India solar invertor market will expand at a 7% CAGR through 2032, surpassing a valuation of US$ 827.2 Mn.
Micro invertors are gaining popularity due to heavy usage in most of the applications. Microinverters work in the same way as string inverters, except they are put beneath each solar panel on your roof.
The solar invertor market is consolidated with leading players holding around 80%-85% of the total market share. These players are likely to invest in new technology development and expansion of their distribution networks to maintain their market presence.
Some of the key players in this industry include:
· Siemens AG
· Fimer Group
· SMA Solar Technology AG
· Delta Electronics Inc
· SunPower Corporation
· Omron Corporation
· Emerson Electric Co.
· ABB Ltd
· Mitsubishi Electric Corporation
· Schneider Electric SE
Each of these microinverters is roughly the size of a router. New electrical rules demand quick solar system shutdown to protect first responders and firemen from excessive voltage when on roofs or maintaining power lines. Microinverters meet these requirements for quick shutdown and have this capacity built into each module.
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