ResearchAndMarkets has just released a report detailing the North America Solar PV Inverters Market Forecast extending to 2030.
Anticipated to witness remarkable expansion, the North American solar PV inverters market is projected to surge from a valuation of US$ 1,357.63 million in 2023 to an impressive US$ 3,094.06 million by 2030. This growth, demonstrating a Compound Annual Growth Rate (CAGR) of 12.5% from 2023 to 2030, primarily stems from the rising installation of solar systems, bolstered by government incentives and programs.
Key Growth Drivers
Government Incentives: Robust government subsidies are spurring the adoption of solar rooftop systems across North America. These systems, varying in capacity, benefit from different levels of government support, making them more accessible and attractive for adoption.
Investment Tax Credits: The announcement of a 26% solar Investment Tax Credit (ITC) by the US federal government for installations between 2020 and 2022 further propels market growth.
Installation Targets: Ambitious goals, such as reaching 320 GW of solar photovoltaic grids by 2025 and an estimated 600 GW by 2030, underscore the commitment to expanding solar energy infrastructure.
Market Segmentation
The market analysis involves various segments:
Product Types: Encompassing string, micro, and central inverters, where the central segment dominated the market in 2023.
Phases: Segmented into single phase and three phase, with the latter holding a larger market share in 2023.
Connectivity: Split into standalone and on-grid systems, with on-grid setups being more prevalent.
Applications: Categorized into residential and community, commercial and industrial, and utility segments, with the utility sector leading in market share.
Capacities: Ranging from below 5 kW to above 50 kW, with the above 50 kW segment capturing the largest market share.
Countries: Focusing on the US, Canada, and Mexico, where the US led the market in 2023.
Key Market Players
Several leading companies drive the North American solar PV inverters market, including Power Electronics SL, SMA Solar Technology AG, Solaredge Technologies Inc, Fimer SpA, Delta Electronics Inc., EnerTech UPS Pvt Ltd, and GoodWe Technologies Co. Ltd. These entities significantly contribute to market growth through technological innovations and product advancements.
Conclusion
The North America solar PV inverters market is on track for substantial growth, buoyed by government backing and an escalating emphasis on renewable energy sources. As the market evolves, these elements will play pivotal roles in shaping its trajectory, presenting significant opportunities for market players and investors
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