PV Inverter Market size to exceed $27bn by 2028

PV Inverter Market size is projected to surpass USD 27 billion by 2028, as reported in the latest study by Global Market Insights Inc.
 

PV inverter industry share is anticipated to register around 5% CAGR through 2028. Huge deployment of sustainable energy systems along with rigorous clean energy targets will drive the business dynamics. A PV inverter is a device that alters DC output to Alternative Current (AC), supplied by PV panels. Increasing frequent power outages across countries will further propel the business dynamics in the coming years.
 

Rising applicability of three-phase PV inverters across utility-scale solar plants will boost the product demand

Three-phase PV inverter market will witness a substantial growth on account of the adaptable product conditions combined with applications in the large commercial & industrial as well as utility sectors. Surging distribution of technologically enhanced PV systems along with the rising number of solar plants across developing countries will sway the industry scenario. For instance, in June 2021, Sunways launched its new three-phase hybrid inverter with multiple parallel connections for residential and commercial solar projects.
 

Rising investments for efficient power supply combined with the growing operations of renewable electricity generation will drive the industry trends.

Growth in energy security along with stringent regulations for low-power solar installations will complement the ≤ 0.5 kW-powered PV inverter market statistics. Increasing investments to sufficiently fulfill the power supply followed by the growing operations of renewable energy sources will drive the industry outlook. For instance, in June 2021, Enertronica Santerno SpA, an Italian company, invested around USD 1 million to manufacture PV inverters in South Africa.
 

Growing requirements for high-voltage products in the residential and commercial sectors will accelerate product adoptions

≤ 230 V PV inverter market is anticipated to register over 5.4% CAGR between 2022 and 2028 on account of the increasing demand for solar products in the residential as well as small commercial sectors. Flexibility, higher reliability index, and long running lifetime are the vital benefits that will sway the industry landscape. For instance, in April 2021, Sungrow, a Chinese company, launched high-voltage battery inverters with a nominal voltage output of 192 V and a 10-year performance guarantee for residential purposes. The product boasts of 5.76 kW DC power along with an efficiency rate of up to 98.4%.
 

Browse key industry insights spread across 500 pages with 873 market data tables & 39 figures & charts from the report, “PV Inverter Market Forecasts, By Product (String, Micro, Central), Phase (Single Phase, Three Phase), Connectivity (Standalone, On Grid), Nominal Output Power (≤ 0.5 kW, 0.5 - 3 kW, 3 - 33 kW, 33 - 110 kW, > 110 kW), Nominal Output Voltage (≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V), Application (Residential, Commercial & Industrial, Utility), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pv-inverter-market
 

Advanced power durability of central PV inverters across the utility scale will complement the business dynamics

Central PV inverter market is projected to surpass USD 7.7 billion by 2028. Power durability of these PV inverters across huge commercial installations and industrial facilities to offer constant electricity supply will influence the product demand. Moreover, these systems consisting of centralized power control will ensure easy management along with product cost optimizations, stimulating the business landscape.
 

Expanding operations of solar energy production technologies will enrich the Asia Pacific market demand

Asia Pacific PV inverter market is anticipated to exceed USD 11.32 billion by 2028 on account of the increasing focus of solar product manufacturers along with the continuing attempts of industries to strategically collaborate for augmenting the efficiency of these products
 

The outbreak of the COVID-19 pandemic has affected the market significantly. However, the situation has improved after the lockdown period and solar farm developments have resumed. It has been anticipated that the business will be able to achieve a better growth rate owing to government measures to intensify the economic growth.
 

Eminent players operating in the PV inverter market include General Electric, SMA Solar Technology AG, Sungrow, Darfon Electronics, Schneider Electric, Enphase Energy, Siemens, Fimer Group, Eaton, SolarEdge Technologies, Huawei Technologies, Fronius International GmbH, Delta Electronics, Inc, Altenergy Power System, Inc., Hitachi Hi-Rel Power Electronics Private Limited, TMEIC, Sineng Electric, Tabuchi Electric, Canadian Solar, Panasonic Corporation, Ginlong Technologies, GoodWe, and SHENZHEN SOFARSOLAR.