Photovoltaic Inverter Market
Photovoltaic Inverter Market by Product (Standalone, On-Grid) by Application (Residential, Commercial, Industrial,) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028
The global Photovoltaic Inverter market was valued at USD 8.4 Billion in 2020 and is projected to reach USD 12.99 Billion by 2028, growing at a CAGR of 5.60%% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2028|
|Annual Market Size (2028)||12.99 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||5.60%%|
Overview and Description
A solar inverter is one of the most important elements of the solar electric power system. It converts the variable direct current (DC) output of a photovoltaic (PV) solar panel into alternating 240V current (AC). This AC electricity then can be fed into your home to operate your appliances.
This report provides an analysis of the Photovoltaic Inverter market for the historic period of 2016–2019 and forecasts for 2021–2028 while 2020 is considered as a base year for estimations. The report includes exhaustive analysis of segments, regions and countries comprising of market size and estimations in terms of revenue for the years 2016–2028. There regional section of the report is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Moreover, the report also covers exhaustive information on growth factors/drivers, restraints, opportunities, regulatory landscape and technology roadmap among others. Moreover, the report also includes exhaustive SWOT analysis, PEST analysis, value chain analysis, and Porter’s five forces analysis on Photovoltaic Inverter market. This data is likely to help the industry stakeholders and stimulate the decision-making process.
COVID-19 Impact Analysis
The COVID-19 outbreak has affected various industries worldwide. The Photovoltaic Inverter market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy. Industrialist across the globe were forced to halt their production, leading to supply chain disruptions and impairing of various industries. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
o Impact Assessment of COVID-19 Pandemic
o Pre & Post COVID-19 Market Size
o Qualitative analysis on the short term & long-term impact of COVID-19 on the market
o The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
Increasing demand for renewable energy due to high power consumption, coupled with growing demand for carbon reduction is propelling the market growth.
Reduction in renewable power generation costs to spread the rapid adoption of renewable energy sources is creating a new scope for market growth.
Persistent pressure on equipment suppliers due to anti-dumping tariffs makes it tough for the market to operate and function systematically.
Global Photovoltaic Inverter Market Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Product, Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||SMA, Danfoss, TMEIC, Omron, AE, ABB, Sungrow Power Supply Co. Ltd., SolarEage, Enphase, Huawei, Tebian Electric Apparatus Stock Co. Ltd. (TBEA).|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis|
The report delivers an acute breakdown of the market based on various segments such as Product, Application, , and region. The report includes market size and forecast for each segment by region/country for the years 2016–2028. Moreover, it also covers a thorough analysis of growth factors and opportunities impacting segmental growth.
On the basis of Product, the market is divided into Standalone, On-Grid. Standalone dominated the global Photovoltaic Inverter market in 2020 and is projected to witness the same trend during the forecast period.
Based on Application, the market is segmented into Residential, Commercial, Industrial,. Commercial accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.
Global Photovoltaic Inverter Market: Product Segment Analysis
Global Photovoltaic Inverter Market: Application Segment Analysis
Regional Analysis: Preview
Based on the geography, the global Photovoltaic Inverter market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Moreover, the regional sections if further bifurcated into key country level markets for better understanding of the market.
The report covers detailed analysis on drivers, business opportunities, regulatory norms, supplier concertation and such other factors impacting regional growth. Moreover, it also covers market estimations and forecast for each segment for each region for the years 2016–2028.
Market Size, 2021 (USD Billion)
Global Photovoltaic Inverter Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
The global Photovoltaic Inverter market report provides an exhaustive competitive landscape to give a comprehensive synopsis of the global market. Major players in the Photovoltaic Inverter market are SMA, Danfoss, TMEIC, Omron, AE, ABB, Sungrow Power Supply Co. Ltd., SolarEage, Enphase, Huawei, Tebian Electric Apparatus Stock Co. Ltd. (TBEA).. This section of the report provides in depth analysis on key market players based on various parameters such as business overview, portfolio analysis, business strategies, financial performance, geographical presence, and recent developments among others. It will also include information on key strategies adopted by major market players.
Global Photovoltaic Inverter Market: Key Highlights
- The global Photovoltaic Inverter market was valued at USD 8.4 Billion in 2020
- The global Photovoltaic Inverter Market is projected to reach USD 12.99 Billion by 2028
- Asia Pacific held the highest share of the Photovoltaic Inverter market in 2020
- Some of the major companies operating in the Photovoltaic Inverter market are SMA, Danfoss, TMEIC, Omron, AE, ABB, Sungrow Power Supply Co. Ltd., SolarEage, Enphase, Huawei, Tebian Electric Apparatus Stock Co. Ltd. (TBEA).
Frequently Asked Questions
the global demand for Photovoltaic Inverter
in terms of revenue?
The global Photovoltaic Inverter valued at 8.4 Billion in 2020 and is expected to reach 12.99 Billion in 2028 growing at a CAGR of 5.60%%
are the prominent players
in the market?
The prominent players in the market are SMA, Danfoss, TMEIC, Omron, AE, ABB, Sungrow Power Supply Co. Ltd., SolarEage, Enphase, Huawei, Tebian Electric Apparatus Stock Co. Ltd. (TBEA)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.60%% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Photovoltaic Inverter include
- Increasing demand for renewable energy due to high power consumption, coupled with growing demand for carbon reduction is propelling the market growth.
- Reduction in renewable power generation costs to spread the rapid adoption of renewable energy sources is creating a new scope for market growth.
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Photovoltaic Inverter in 2020.