Expanding Global Photovoltaic (PV) Inverter Markets, 2023-2027: Smart City Initiatives Propel Solar Power and PV Inverter Adoption

The global photovoltaic inverter market is poised for substantial growth, with a projected surge of USD 4.05 billion between 2022 and 2027, at an impressive Compound Annual Growth Rate (CAGR) of 7.3%.

A major catalyst driving this growth is the escalating demand for renewable energy. As the world pivots towards sustainable and eco-friendly energy sources, the adoption of solar power generation has witnessed a significant upswing, consequently fueling the demand for photovoltaic inverters.

The market is further bolstered by the declining levelized cost of energy (LOCE) associated with solar power generation and the reducing costs of photovoltaic inverters. The decreasing costs make solar power generation an increasingly attractive option for both consumers and businesses, leading to a surge in the installation of photovoltaic inverters to support solar energy projects.

Government regulations play a crucial role in propelling the photovoltaic inverter market forward. Supportive policies, incentives, and subsidies provided by governments worldwide act as strong catalysts in promoting solar power generation. These favorable measures create a conducive environment for adopting solar energy solutions, which, in turn, boosts the demand for photovoltaic inverters. As governments increasingly prioritize sustainable and renewable energy sources, their backing through regulatory measures becomes instrumental in driving the growth of the photovoltaic inverter market.

Market Segmentation:

• By Product:
  • String
  • Central
  • Micro
• By Type:
  • On-grid
  • Off-grid
• By Geographical Landscape:
  • APAC
  • Europe
  • North America
  • Middle East and Africa
  • South America

Market Opportunities:

• The rapid growth of smart cities is expected to drive the photovoltaic inverter market. Smart city initiatives often focus on sustainability and clean energy solutions, creating opportunities for the adoption of solar power and photovoltaic inverters.
• The rapid deployment of microgrids and the rise in the adoption of hybrid power systems in telecom towers will also contribute to the demand for photovoltaic inverters.

Major Players in the Market:

• ABB Ltd.
• Canadian Solar Inc.
• Danfoss AS
• DARFON ELECTRONICS CORP.
• Delta Electronics Inc.
• Eaton Corp. Plc
• Enphase Energy Inc.
• Fronius International GmbH
• General Electric Co.
• Huawei Technologies Co. Ltd.
• OMRON Corp.
• Powerone Micro Systems Pvt. Ltd.
• Schneider Electric SE
• Siemens AG
• Sineng Electric Co. Ltd.
• SMA Solar Technology AG
• SolarEdge Technologies Inc.
• Sungrow Power Supply Co. Ltd.
• SunPower Corp.
• Yaskawa Solectria Solar