The development of the renewable energy sector has promoted the solar (PV) inverter industry. On the other hand, the high heat loss of string inverters and the lack of panel-level monitoring have hindered growth to a certain extent.
Portland, Oregon, December 7, 2021/PRNewswire/ - Allied Market Research released a report titled "By Product Type (Central Inverter, String Inverter, and Microinverter) , Connection types (on-grid and off-grid), phases (single-phase and three-phase), and end users (residential, commercial and industrial, and utilities): global opportunity analysis and industry forecasts from 2021 to 2030.” According to the report, The global solar (PV) inverter industry in 2020 is estimated at 7.7 billion U.S. dollars and is expected to reach 17.9 billion U.S. dollars by 2030, with a compound annual growth rate of 8.8% from 2021 to 2030.
The development of the renewable energy sector has promoted the solar (PV) inverter industry. On the other hand, the high heat loss of string inverters and the lack of panel-level monitoring have hindered growth to a certain extent. However, several government initiatives and investments in the electrification of remote and rural areas using solar energy are expected to create lucrative opportunities for the industry.
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The suspension of commercial and industrial solar infrastructure activities, especially in the initial stages of the pandemic, has had a negative impact on the global photovoltaic inverter market.
However, as the overall global situation improves, it is expected that the market will soon be back on track.
By 2030, the field of central inverters will dominate
According to the product type, the central inverter market segment will occupy the largest share in 2020, accounting for about half of the global solar (PV) inverter market. Increasing demand for central inverters for large-scale industrial and utility applications worldwide is driving the growth of this market segment. However, during the entire forecast period, the compound annual growth rate of the micro-inverter segment is expected to reach 9.5%. Consumers' awareness of high electricity bills has increased the demand for independent rooftop self-generation using solar photovoltaic modules and photovoltaic inverters, thereby promoting the growth of market segments.
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Grid-connected segment maintains dominant share-
According to the connection type, the grid-connected part has the highest market share in terms of revenue, accounting for nearly two-thirds of the global solar (PV) inverter market. This is due to the increased investment in direct power supply instead of storing it in a battery. At the same time, the off-grid market segment is expected to show the fastest compound annual growth rate of 9.2% during the forecast period. This is due to the advantages associated with off-grid solar inverters, such as self-sufficient energy, ease of installation in remote areas, independence from grid failures or shutdowns, and high reliability.
The Asia-Pacific region, followed by North America, will occupy a major share in 2020-
By region, the Asia-Pacific market is followed closely. North America will occupy the main market share in 2020, accounting for more than three-fifths of the global solar (PV) inverter market. From 2021 to 2030, the same region is also expected to witness the fastest compound annual growth rate of 9.2%. This is due to the major players in the region and the huge consumer base.
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Major players in the industry——
Shenzhen Green Watt New Energy Co., Ltd.
Sungrow Power Supply Co., Ltd.
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