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Global PV Inverter growth is expected to be moderate CAGR at over 5.1% in the forecast period 2022-2032. This will result in a value of approximately US$ 33.1 billion in 2032, up from US$ 19.2 billion in 2021.
Photovoltaic panels are powered by solar (PV) inverters. These convert direct current (DC), generated from the sun, into alternating current (AC) for supply.
It is essential for success in renewable energy development because of its vital function. In recent years, it has been a rapidly growing market.
Photovoltaic panels are being sold all over the globe due to growing awareness about the benefits of using solar energy to generate electricity. This has directly influenced the global growth of the market for solar PV Inverters.
Government agencies have also offered financial assistance, in the form tax benefits and subsidies, to promote the installation of Inverter panels at all levels, including the commercial, industrial and individual.
New policies for installing solar inverters on-grid have given rise to the demand for PV inverters in Asia Pacific and other countries.
Many countries have seen a dramatic drop in the cost of producing and operating renewable energy due to government intervention. China leads in the production and export of hybrid solar Inverters, with lower prices because of its cheap labor and better manufacturing facilities.
“Growing environmental concerns in the aftermath degrading environment factors and depleting resources solar panels have emerged as the popular alternative electricity source, swaying market for off-grid solar inverters across different commercial and industrial units of various regions opines an FMI analyst.
Micro-inverter panels are more costly than string inverters that are installed in PV farms.
String inverters have been replacing central inverters in large solar companies worldwide due to their ease of installation and greater efficiency.
- Central PV Inverters will be the dominant segment of the global PV Inverter Market by Product that is poised to reach a market value of US$ 7.7 Bn by 2028 in terms of revenue generated.
- String inverters also constitute a significant segment of the experiencing increased traction of 5.2% CAGR during the forecast years.
- Asia Pacific region has emerged to be the most attractive region for manufacturers of solar Inverter panels and is estimated to reach a market value of more than US$ 11.3 Bn by 2028.
- With an attractive CAGR of 5.1%, the global solar PV Inver2028 market is going to reach an overall value beyond US$ 27.5 Bn by 2028.
The global PV Inverter market has become highly competitive by the presence of global and local players as well. Some of the key players covered by this market analysis report for photovoltaic inverters include Eaton, Sungrow, Growatt New Energy, Dragon Electronics Corp., Schneider Electric, Enphase Energy, Siemens, Fimer Group, Eaton.
Anticipating a positive growth in manufacturing and sale of solar PV Inverters, various local players have emerged in different geographies resulting in a highly competitive market. Adoption of advanced technologies with optimization of PV Inverter price for consumers is the primary strategy adopted by various major players in the global market.
- Sungrow Power of the United States (US) collaborated with a South African energy cleaning company named Hudaco Energy in November 2021 to expand its business of hybrid solar inverters in the market of South Africa. The collaboration is expected to provide long-term investment in developing sustainable energy sources in the region.
- In recent times more countries have imposed anti-dumping duties on the import of cheap solar panels and manufacturing devices that will provide a fair playground for solar PV Inverter manufacturers present at various locations.
These insights are based on a report PV Inverter Market by Future Market Insights