Solar Inverter Market is expected to grow with a CAGR 8.5% from 2022 to 2028
As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e., Product Type, Connection Type, Phase, End User, and Region); the Global Solar Inverter Market accounted for USD 7.92 Billion in the year 2021.
The solar inverter is an essential element of solar panels. They convert the DC electricity of the solar panels into AC electricity. Additionally, the solar inverters are used for monitoring voltage, grid connection, and emergency shutdown. On-grid solar inverters provide extra performance and protection for domestic appliances.
Apart from being used in lots of residential and utility applications, those solar inverters are also used in lots of industrial and commercial tasks. This has extended the Solar Inverter Market Demand in recent times. Solar inverters are especially followed by residential and commercial end-users, in addition to PV plants. These inverters require expertise for their integration with the solar panels and, thus, require system integrators to put in and preserve them. Indirect income channels or 1/3 parties keep a large percentage of the inverter market as those channels are followed by inverter producers to offer their inverter answers to one-of-a-kind end users. Most key players in the market have well-established income networks and offer their merchandise globally.
The growth of the industry decreased during the COVID-19 pandemic. The demand for solar inverters becomes much less because the residential, commercial, and industrial construction and construction tasks have been halted for lots of months. These elements affected the Solar Inverter Market negatively.
Due to the upward push in the demand for solar inverters, the Solar Inverter Market Growth is anticipated to take place hastily in the coming years.
“Key Factors Likely to Drive Growth of Solar Inverter Market”
With the rapid development in the sector of renewable energy, solar energy is the most popularly used renewable energy. And hence the market growth of the Solar Inverter Market is increasing with time. Another factor supporting the growth of this market is the ease of installation of the solar inverters which makes them user-friendly. But the restraints faced by the market are high installation cost, huge heat loss in large solar inverters, and lack of monitoring of panels are the principal elements that would restrain the Solar Inverter Industry from having a steady increase. Nevertheless, the increased demands, adoption of recent technologies, and enterprise expansions through the key players are going to open many opportunities in the forecast period. A boom in government initiatives for distinctive forms of renewable energy sources is likewise going to assist in the increase of the Solar Inverter Market in the future.
Asia Pacific held the largest share in the Solar Inverter Market and is expected to continue this trend in the forecast period
Some of the key players in the Global Solar Inverter Market include- Delta Electronics Inc., Fimer S.P.A., Fronius International GmbH, Ginlong Technologies, Huawei Technologies Co. Ltd., Shenzhen Growatt New Energy Co. Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd. and others.
Browse the full Report - Solar Inverter Market Size, Share & Trends Analysis Report by Product Type (Central Inverter, String Inverter, Micro Inverter), by Connection Type (On-Grid, Off-Grid), by Phase (Single-Phase, Three-Phase), by End User (Residential, Commercial & Industrial, Utilities), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)