Market Overview:
The global photovoltaic grid-connected inverter market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for renewable energy sources and the growing awareness about the benefits of using solar energy. Based on type, the centralized inverter segment is expected to hold a major share of the global photovoltaic grid-connected inverter market in 2018. This segment is projected to grow at a CAGR of 11% during the forecast period. String inverters are expected to be one of fastest-growing segments, with a CAGR of 12%. Centralized and string inverters are used in large-scale applications such as utility-scale projects, while other types such as microinverters and DC optimizers are used in small residential and commercial applications. Based on application, home use is estimated to account for majority share (64%)ofthe global photovoltaic grid connected inverter market by 2030 owingtoincreasing adoption offoreign direct investment (FDI) inflows for setting up rooftop solar PV systems in developing countriesand rising electricity costs across globe .
Product Definition:
A photovoltaic grid-connected inverter is a type of electrical inverter that converts direct current (DC) to alternating current (AC). It is used in solar power systems to convert the DC output of solar panels into AC for connection to the local utility grid. Photovoltaic grid-connected inverters are important components of solar power systems, as they allow homeowners and businesses to generate their own electricity from sunlight and sell excess energy back to the utility grid.
Centralized Inverter:
A centralized inverter is a power electronic device that performs all the functions of an PV inverter. It contains multiple sections, which are divided into two categories: input and output. The input section consists of components such as solar panels, batteries, charge controllers, etc., whereas the output section comprises cables that connect to other devices in the system.
The advantages provided by them include increased efficiency.
String Inverter:
A string inverter is a power electronic device used to convert the alternating current (AC) generated from utility power into direct current (DC). It is mainly used in grid-connected PV inverter market.
Application Insights:
The market is segmented on the basis of application into residential, non-residential, and industrial. The non-residential segment held a major share in 2016 owing to increasing demand for PV systems from educational institutes, hospitals, hotels and other commercial buildings. The growing number of solar energy installations across the globe has resulted in increased demand for grid-connected inverters that are lightweight and easy to install.
The home sector is expected to be one of the fastest growing segments over the forecast period owing to rapidly declining prices coupled with improved efficiency standards introduced by regulatory authorities worldwide. In addition, an increase in consumer disposable income levels coupled with rising awareness regarding renewable energy sources such as solar photovoltaic has resulted in increased penetration rates across all regions globally over recent years.
Regional Analysis:
Europe accounted for the largest market share of over 35% in 2017. The region is expected to dominate the industry owing to supportive government policies and incentives provided by various countries such as Germany, Italy, Spain, and France. In addition, increasing awareness about grid-connected PV systems among consumers is driving demand in this region.
The Asia Pacific regional market is anticipated to witness significant growth over the forecast period owing to rising installations of solar power plants along with growing consumer awareness regarding renewable energy generation sources. Countries such as Japan are focusing on reducing their carbon footprint by using eco-friendly energy resources for power generation purposes which will drive demand in this region significantly over the forecast period.
Growth Factors:
- Increasing demand for electricity due to population growth and industrialization
- Government policies and regulations supporting the use of renewable energy sources
- Reduction in the cost of solar photovoltaic (PV) systems
- Increased awareness about the benefits of solar PV systems among consumers and businesses
- Technological advancements that improve the performance and efficiency of solar PV systems
Scope Of The Report
Report Attributes
Report Details
Report Title
Photovoltaic Grid-Connected Inverter Market Research Report
By Type
Centralized Inverter, String Inverter, Others
By Application
Home, Industrial Use, Others
By Companies
SUNGROW, KSTAR, Kehua, SMA Solar Techology, ABB, KAKO, REFUsol
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
201
Number of Tables & Figures
141
Customization Available
Yes, the report can be customized as per your need.
Global Photovoltaic Grid-Connected Inverter Market Report Segments:
The global Photovoltaic Grid-Connected Inverter market is segmented on the basis of:
Types
Centralized Inverter, String Inverter, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Home, Industrial Use, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- SUNGROW
- KSTAR
- Kehua
- SMA Solar Techology
- ABB
- KAKO
- REFUsol
Highlights of The Photovoltaic Grid-Connected Inverter Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Centralized Inverter
- String Inverter
- Others
- By Application:
- Home
- Industrial Use
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Photovoltaic Grid-Connected Inverter Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A photovoltaic grid-connected inverter is a device that helps to convert sunlight into electricity. Grid-connected inverters are often installed on the roofs of homes or businesses in order to generate power for use inside the building.
Some of the major players in the photovoltaic grid-connected inverter market are SUNGROW, KSTAR, Kehua, SMA Solar Techology, ABB, KAKO, REFUsol.
The photovoltaic grid-connected inverter market is expected to register a CAGR of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Photovoltaic Grid-Connected Inverter Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Photovoltaic Grid-Connected Inverter Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Photovoltaic Grid-Connected Inverter Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Photovoltaic Grid-Connected Inverter Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Photovoltaic Grid-Connected Inverter Market Size & Forecast, 2020-2028
4.5.1 Photovoltaic Grid-Connected Inverter Market Size and Y-o-Y Growth
4.5.2 Photovoltaic Grid-Connected Inverter Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Centralized Inverter
5.2.2 String Inverter
5.2.3 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Home
6.2.2 Industrial Use
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Photovoltaic Grid-Connected Inverter Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Photovoltaic Grid-Connected Inverter Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Centralized Inverter
9.6.2 String Inverter
9.6.3 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Home
9.10.2 Industrial Use
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Centralized Inverter
10.6.2 String Inverter
10.6.3 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Home
10.10.2 Industrial Use
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Centralized Inverter
11.6.2 String Inverter
11.6.3 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Home
11.10.2 Industrial Use
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Centralized Inverter
12.6.2 String Inverter
12.6.3 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Home
12.10.2 Industrial Use
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Centralized Inverter
13.6.2 String Inverter
13.6.3 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Home
13.10.2 Industrial Use
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Photovoltaic Grid-Connected Inverter Market: Competitive Dashboard
14.2 Global Photovoltaic Grid-Connected Inverter Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 SUNGROW
14.3.2 KSTAR
14.3.3 Kehua
14.3.4 SMA Solar Techology
14.3.5 ABB
14.3.6 KAKO
14.3.7 REFUsol
