Photovoltaic Inverters Market Size, Share and Global Trend By Voltage (Less than 1000 V, 1000-1500 V, Above 1500 V), By Product (Micro, String, Central), By Application (Residential, Commercial, Industrial, Utility) and Regional Forecast, 2024-2032

A photovoltaic (PV) inverter is also known as a solar inverter. It is an electrical device that is used to change a DC (direct current) voltage from photovoltaic arrays into AC (alternating current) currents which result in providing power to home appliances and some utility grids. Apart from this, solar inverters help in maximizing electricity production by continually varying the resistance (load).

Some of the capacities of PV inverters are energy optimization, temperature management, control, and tracking of all power plant meters, which results in operational information. In developing countries, the electrification program focuses on the decentralized generation and the fast development of distributed generation techniques, which is expected to drive the market for photovoltaic inverters.

The photovoltaic inverters market is categorized by low voltage (less than 1000 V), medium voltage (1000 V to 1500 V), and high voltage (more than 1500 V). Rising demand from the downstream sector along with increasing product shipments is expected to drive low voltage photovoltaic inverters market. String technology is anticipated to expand due to its simple design and low maintenance costs.

Whereas, growing installation of commercial and utility-scale solar projects will boost the central PV product demand. The residential photovoltaic inverter market is expected to grow due to the rise in the electrification program in developing nations. Additionally, solar targets and sustainable energy integration initiatives along with tax benefit, FiT, and other financial leveraging provided by the government are expected to uplift the market.

Inclination towards renewable sources of energy and governments' target to reduce the carbon emissions has played a significant role in driving the solar PV module and inverters market. Lucrative government subsidies and long term contractual incentives (FiTs) supported installations of large scale and global shift from high carbon fossil fuels is expected to strengthen the market for PV inverters further. Additionally, declining solar component cost along with increasing operational efficiency has escalated solar installations, which in turn will drive the global photovoltaic inverter market growth.

A gradual but constant drop in prices is expected to lower revenues for solar inverter market players and act as the significant constraining factor for the market. Another challenge for market players is the high cost of maintenance required to operate a solar inverter setup.

Key Players Covered

Some of the major companies that are present in photovoltaic inverters market are ABB, SMA Solar Technology, Sungrow Power Supply Co., Ltd., Enphase Energy, Schneider Electric, Tabuchi Electric Co., Ltd., Elettronica Santerno, TMEIC, Panasonic, The Furukawa Battery Co., Ltd., Growatt New Energy Technology, Shenzhen KSTAR, REFU Elektronik GmbH, SatCon, Sineng, Solar Edge, Delta Group, TBEA, Chint Group, Fronious International, Omron, Samil Power, Emerson Electric, KACO New Energy, SolarMax, and Huawei.

SEGMENTATION 

Regional Analysis

The global photovoltaic inverters market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America photovoltaic inverters market is expected to be a major market player as it is a growing market for grid modernization, replacement of old installations along with capacity enhancement. Favorable regulatory measures pertaining to energy conservation and positive consumer outlook towards the deployment of sustainable energy will nourish the overall industry growth. Europe is expected to contribute a significant amount of share due to its favorable government initiatives with plans to reduce carbon footprint coupled with strict energy efficiency laws. Asia-Pacific is expected to grow due to increasing product shipments to China, which is expected to escalate demand from the downstream sector. Photovoltaic inverter market is anticipated to grow in the Middle East and Africa due to their large-scale adoption across industrial establishments.

Key Industry Developments

• In Jan 2018, At the World Future Energy Summit in Abu Dhabi, Sungrow Power Supply Co-presented its latest 3.125MW 1500VDC Turnkey Station and its SG125HV targeting the MENA region. The 1500VDC string inverters for large utility crops are created.
• In Jun 2019, During the SNEC PV Power Expo, Growatt New Energy Technology, China-based PV inverter manufacturer, presented its extensive series of future photovoltaic (PV) alternatives. The recent development of the company involves the "X" inverter series varying from 2.5kW to 80kW.
• In Feb 2019, French multinational Schneider Electric has confirmed to pull out of the utility-scale PV inverter business to strengthen its profile in the residential and C&I space.