Market Overview:
The global photovoltaic (PV) inverters market is expected to grow at a CAGR of 10.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for renewable energy sources and government initiatives and subsidies for promoting solar energy. In addition, technological advancements in PV inverters are also contributing to the growth of this market. Based on type, micro-inverters accounted for a major share of the global PV inverters market in 2017. This can be attributed to their high efficiency and low cost as compared to central or string inverters.
Product Definition:
A photovoltaic (PV) inverter converts direct current (DC) to alternating current (AC). PV inverters are important components of a photovoltaic system, enabling the conversion of solar energy into electrical power that can be used in homes and businesses.
Micro:
Micro-inverters are small electrical equipment that is used in the PV inverters. They are mainly used to increase the power output of a solar panel by splitting its output into multiple outputs with different voltages and currents. Micro-inverter reduces the size, cost and weight of a solar array which makes it more competitive against conventional systems installed on grid connected or off grid connected power supply.
String:
String is a generic term used in the photovoltaic (PV) inverters industry for indicating any type of cable or cord that carries electricity from one point to another. Inverter manufacturers use string to indicate cables and cords that are used in PV inverters. The most common types of string used in PV inverters include polycrystalline, monocrystalline, and crystalline strings.
Application Insights:
The market is segmented based on application into residential, commercial and industrial. The residential sector dominated the global PV inverters market in 2017, accounting for over 50% of the overall revenue share. Increasing government support for solar energy installation as an alternative source of power has led to a surge in demand for roof-top panels across households globally. This trend is expected to continue over the forecast period, driving growth of this application segment during the next eight years.
The commercial sector accounted for another 25% of total industry revenue in 2017 and is anticipated to grow at a significant rate during next eight years owing to increasing number of installations by corporate offices, hotels and other large buildings across regions including North America and Europe Pacific.
Regional Analysis:
Europe accounted for the largest market share of over 35% in 2017. The region is expected to dominate the industry over the forecast period owing to increasing investments and favorable government policies. Germany, Italy, France, and Spain are some of the major countries investing in solar energy projects which will increase market growth. In addition, growing awareness regarding renewable energy sources is anticipated to drive demand for PV inverters across Europe during the forecast period.
The Asia Pacific regional market captured a revenue share of nearly 20% in 2017 on account of large-scale adoption across Japan and China wherein both countries have set ambitious targets for installation rates of photovoltaic systems by 2020 Olympics respectively.
Growth Factors:
- Increasing demand for electricity due to population growth and industrialization in developing countries
- Government policies and regulations supporting the use of renewable energy sources such as solar power
- Reduction in the cost of PV systems, making them more affordable for consumers
- Growing awareness about the benefits of solar energy among consumers and businesses
- Advances in technology that make PV inverters more efficient and reliable
Scope Of The Report
Report Attributes
Report Details
Report Title
Photovoltaic (PV) Inverters Market Research Report
By Type
Micro, String, Central
By Application
Residential, Commercial, Industrial
By Companies
SMA Solar Technology, Siemens, ABB, KACO New Energy, Power-One, Tigo Energy, Enphase Energy, Sungrow Power Supply, Schneider Electric, Tabuchi Electric, Elettronica Santerno, TMEIC, Panasonic
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
244
Number of Tables & Figures
171
Customization Available
Yes, the report can be customized as per your need.
Global Photovoltaic (PV) Inverters Market Report Segments:
The global Photovoltaic (PV) Inverters market is segmented on the basis of:
Types
Micro, String, Central
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
Residential, Commercial, Industrial
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:
- SMA Solar Technology
- Siemens
- ABB
- KACO New Energy
- Power-One
- Tigo Energy
- Enphase Energy
- Sungrow Power Supply
- Schneider Electric
- Tabuchi Electric
- Elettronica Santerno
- TMEIC
- Panasonic
Highlights of The Photovoltaic (PV) Inverters 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:
- Micro
- String
- Central
- By Application:
- Residential
- Commercial
- Industrial
- 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 (PV) Inverters 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 inverter is a device that helps convert sunlight into electricity. PV inverters are used to power things like lights, fans, and appliances in homes or businesses.
Some of the key players operating in the photovoltaic (pv) inverters market are SMA Solar Technology, Siemens, ABB, KACO New Energy, Power-One, Tigo Energy, Enphase Energy, Sungrow Power Supply, Schneider Electric, Tabuchi Electric, Elettronica Santerno, TMEIC, Panasonic.
The photovoltaic (pv) inverters market is expected to register a CAGR of 10.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Photovoltaic (PV) Inverters Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Photovoltaic (PV) Inverters Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Photovoltaic (PV) Inverters Market - Supply Chain
4.5. Global Photovoltaic (PV) Inverters Market Forecast
4.5.1. Photovoltaic (PV) Inverters Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Photovoltaic (PV) Inverters Market Size (000 Units) and Y-o-Y Growth
4.5.3. Photovoltaic (PV) Inverters Market Absolute $ Opportunity
5. Global Photovoltaic (PV) Inverters Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Photovoltaic (PV) Inverters Market Size and Volume Forecast by Type
5.3.1. Micro
5.3.2. String
5.3.3. Central
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Photovoltaic (PV) Inverters Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Photovoltaic (PV) Inverters Market Size and Volume Forecast by Application
6.3.1. Residential
6.3.2. Commercial
6.3.3. Industrial
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Photovoltaic (PV) Inverters Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Photovoltaic (PV) Inverters Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Photovoltaic (PV) Inverters Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Photovoltaic (PV) Inverters Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Photovoltaic (PV) Inverters Demand Share Forecast, 2019-2026
9. North America Photovoltaic (PV) Inverters Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Photovoltaic (PV) Inverters Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Photovoltaic (PV) Inverters Market Size and Volume Forecast by Application
9.4.1. Residential
9.4.2. Commercial
9.4.3. Industrial
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Photovoltaic (PV) Inverters Market Size and Volume Forecast by Type
9.7.1. Micro
9.7.2. String
9.7.3. Central
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Photovoltaic (PV) Inverters Demand Share Forecast, 2019-2026
10. Latin America Photovoltaic (PV) Inverters Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Photovoltaic (PV) Inverters Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Photovoltaic (PV) Inverters Market Size and Volume Forecast by Application
10.4.1. Residential
10.4.2. Commercial
10.4.3. Industrial
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Photovoltaic (PV) Inverters Market Size and Volume Forecast by Type
10.7.1. Micro
10.7.2. String
10.7.3. Central
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Photovoltaic (PV) Inverters Demand Share Forecast, 2019-2026
11. Europe Photovoltaic (PV) Inverters Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Photovoltaic (PV) Inverters Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Photovoltaic (PV) Inverters Market Size and Volume Forecast by Application
11.4.1. Residential
11.4.2. Commercial
11.4.3. Industrial
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Photovoltaic (PV) Inverters Market Size and Volume Forecast by Type
11.7.1. Micro
11.7.2. String
11.7.3. Central
11.8. Basis Point Share (BPS) Analysis by Type
119. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Photovoltaic (PV) Inverters Demand Share, 2019-2026
12. Asia Pacific Photovoltaic (PV) Inverters Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Photovoltaic (PV) Inverters Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Photovoltaic (PV) Inverters Market Size and Volume Forecast by Application
12.4.1. Residential
12.4.2. Commercial
12.4.3. Industrial
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Photovoltaic (PV) Inverters Market Size and Volume Forecast by Type
12.7.1. Micro
12.7.2. String
12.7.3. Central
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Photovoltaic (PV) Inverters Demand Share, 2019-2026
13. Middle East & Africa Photovoltaic (PV) Inverters Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Photovoltaic (PV) Inverters Market Size and Volume 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. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Photovoltaic (PV) Inverters Market Size and Volume Forecast by Application
13.4.1. Residential
13.4.2. Commercial
13.4.3. Industrial
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Photovoltaic (PV) Inverters Market Size and Volume Forecast by Type
13.7.1. Micro
13.7.2. String
13.7.3. Central
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Photovoltaic (PV) Inverters Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Photovoltaic (PV) Inverters Market: Market Share Analysis
14.2. Photovoltaic (PV) Inverters Distributors and Customers
14.3. Photovoltaic (PV) Inverters Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. SMA Solar Technology
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Siemens
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. ABB
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. KACO New Energy
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Power-One
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Tigo Energy
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Enphase Energy
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Sungrow Power Supply
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Schneider Electric
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Tabuchi Electric
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Elettronica Santerno
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. TMEIC
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Panasonic
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook