Solar Pump Inverter Market Size, Share & Industry Analysis, By Type (Grid-tie inverters, Off-Grid inverters, Battery Backup Inverters), By Product Purpose (Multi-purpose, Single purpose), By Application (Residential, Commercial) Others and Regional Forecast, 2024-2032

A solar inverter or PV inverter is a device that is used to converts the variable direct current (DC) output of a photovoltaic (PV) solar panel into a usable alternating current (AC), which is used to drive the pump. It regulates the output frequency according to irradiance to cater to maximum power and to realize MPPT (Maximum Power Point Tracking). It delivers more stability in operation, fast response, and improves the reliability of the device. Solar pump inverter is specially designed for a solar water pump which primarily comprises of Insulated Gate Bipolar Transistor (IGBT)  module, Electrolytic Capacitor, (Electromagnetic Interference) EMI filter, Digital Signal Processor  (DSP) control chip, and (Photovoltaic) PV Fuse. It is widely used in various applications such as forestry watering, domestic water, agricultural irrigation, desert control, grassland animal husbandry, water treatment project, island water supply and among others. It is also applied in landscape and water spray system of municipal works, garden sightseeing, urban square, hotel, tourist resort, and residential community.

The solar pump inverter market is segmented into type, product purpose, application, and geography. Based on the type, the market is categorized into grid-tie inverters, off-grid inverters, and battery backup inverters. Grid-tie inverters segment is projected to hold the largest market share in the global market owing to its wide adoption rate in industry verticals. Based on product purpose, the market is segmented into a multi-purpose and single purpose. The single purpose segment is estimated to be the largest segment due to increasing demand in the global market. Based on the application segment, the market is segmented into residential and commercial. Commercial segment is expected to hold the largest market share in the global market owing to wide adoption in commercial applications such as wildlife watering, surface water pumping for landscaping streams and waterfalls, animal husbandry, water supply for sea island, water treatment projects, and among other applications.

Key Market Driver -

Increasing investments in solar industry

Key Market Restraint -

Higher initial cost

Increasing demand from commercial and residential segments for the use of solar technology, and supporting government regulations are the major driving factors propelling the demand for solar pump inverter market. The growing investment by private players and favorable solar projects also holds a strong growth potential during the forecast period. Additionally, significant growth in the utility sector due to an increase in solar projects that deploy solar inverters is also fueling market growth. Growth in government initiatives for the development of solar parks, smart city projects, and solar energy subsidy schemes for residential as well as commercial segments, are the promising growth opportunities to the market during the projected period.

Key Players Covered:

The major players in the solar pump inverter market are ABB, Schneider Electric, Hitachi, Voltronic Power, GRUNDFOS, Hober, Sollatek UK Limited, Solartech, Shenzhen Gozuk Co., Limited, OPTI-Solar, and Bright Solar Limited.

Regional Analysis:

The solar pump inverter market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Asia Pacific holds the largest market share of solar pump inverter market owing to an increase in government initiatives from developing economies such as China, India, and Japan for adopting solar energy at large. The demand for solar pump inverter is estimated to witness the highest growth during the projected period owing to the increasing investment from private players and rising awareness for using solar energy.

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North America and Europe are expected to grow during the forecast period due to the contribution of the utility sector for the development of solar parks, smart city projects, and solar energy subsidy schemes which help to leverage the demand for solar pump inverter during the projected period. The Middle East & Africa and Latin America are estimated to experience strong growth during the forecast period owing to significant investments in the solar sector. Hence, increasing investments and supportive government initiatives for solar energy propels the demand for solar pump inverter resulting in the growth of the market.

Segmentation

Key Industry Developments

• In September 2018, OPTI-Solar launched SP Revival Series for supplying AC power to pump directly from the solar panel. This helped the company to increase its product portfolio resulting to emerge as a competing player in the global market


• In September 2018, Schneider Electric introduced New Conext XW Pro Hybrid Inverter for residential, commercial & industrial solar and storage applications. This enabled the company to strengthen its solar business segment at a large pace.