WorldWide PV Inverter Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: PV Inverter Market

Industry / Sector Trends

PV Inverter Market share in 2017 was valued over USD 5 Billion and is expected to expand over 8% by 2024.
 

China PV Inverter Market Size, By Product, 2017 & 2024 (MW)

 

Growing regulatory concern to mitigate GHG emission along with rising investment toward establishment of renewable sources will positively influence the photovoltaic inverter (PV) market. Increasing research and development activities to enhance the operational performance and cost effectiveness of PV technology will further drive the product demand.
 

Cost effectiveness, long operational life, and ability to work under fluctuating power conditions are some of the indispensable parameters impacting the product adoption. Furthermore, rising integration of smart operating components along with introduction of advanced cloud technologies will further drive the industry dynamics.
 

Market Segmentation, Outlook & Regional Insights: PV Inverter Market

 PV Inverter Market, By Power Class

Single phase PV inverter technology is anticipated to witness considerable growth owing to rising urban migration along with supportive government reforms to reinforce the downsizing small-scale industries. Growing penetration of rooftop photovoltaic technologies with the regulatory measures to attain complete electrification status will soar the product adoption.
 

Three-phase PV inverter industry revenue is anticipated to exceed over USD 4 billion by 2024. Growing investments towards development of large capacity photovoltaic projects with enhanced operational efficiency will drive the business dynamics. Furthermore, rising demand for uninterrupted power across several industries including mining, steel, automotive and oil & gas will further boost the product deployment.
 

PV Inverter Market, By Nominal Output Power

300-3000 W based inverter technology is expected to observe robust growth owing to its functional effectiveness in line with declining product cost. In addition, significant developments across material technologies to enhance the product output will complement the business outlook.
 

Rising utility-scale deployments with soaring investments towards renewable grid integration will enhance the 330000-110000 W photovoltaic inverter demand. In addition, ongoing utility inclination towards development of high capacity photovoltaic projects will soar the technology demand over the forecast period.
 

PV Inverter Market, By Nominal Output Voltage

230-400 V PV inverter industry was valued over USD 940 million in 2017. Growing rural electrification measures to mitigate the electricity demand of the remote household consumers will uplift the technology adoption. Furthermore, government reforms to subsidize various photovoltaic components will further raise the product installation over the forecast timeframe.
 

> 600 V photovoltaic inverter market is predicted to witness considerable growth owing to large-scale adoption across industrial establishments coupled with growing penetration of utility aided solar PV projects.
 

PV Inverter Market, By Connectivity

Development of high capacity photovoltaic projects to substitute the conventional power generation systems in line of limiting the harmful emissions will upsurge the on grid solar PV technology. In addition, favorable regulatory measures comprising FiT, and net metering will further complement the industry growth
 

Standalone PV inverter demand will witness substantial growth on account of growing penetration of decentralized power generation technology across remote locations. Government numerous electrification measures to achieve sustainable economic status will complement the product demand over forecast period.
 

PV Inverter Market, By Product

String PV inverter industry revenue is anticipated to expand over 9% by 2024. Simple design, enhanced performance and lower maintenance costs will augment the technology adoption over the coming years. Furthermore, growing installation of renewable sources across utility and commercial sector will boost the product deployment.
 

Micro inverter industry is anticipated to witness upsurge owing to its capability to monitor individual panel and ability to locate PV panels on multiple sections at different tilt angles and orientations. Furthermore, its ability to convert electricity with no single point of failure along with high conversion efficiency will positively influence the business dynamics in the coming years.
 

PV Inverter Market, By Application

Residential application will witness growth on account of rising rooftop installation mainly across multi-storey building structures. Increasing urban population coupled with favorable government mandates will stimulate the product adoption across segment.
 

Rapidly growing service industry with rising demand for reliable and clean power to effectively run business operations will stimulate the inverter installation across commercial segment. Rising concentration of datacenters and SEZ will further compliment the business outlook over the forecast period.
 

PV Inverter Market, By Region

PV Inverter industry across Asia Pacific region is predicted to witness exponential growth on account of regulator’s stringent clean energy capacity addition targets with favorable incentive measures for equipment manufacturers. For instance, in 2018, South Korea revealed draft third Energy Basic Plan under which they are planning to add 103-129 GW of renewables by 2040.
 

The installation of inverter technology across Chile is anticipated to witness robust growth on account of its favorable geographic location with supportive government reforms. For instance, in May 2019, Sungrow won an order to supply 1500V inverter solutions for a 400 MW PV project Chile, comprising efficiencies up to 99% and DC/AC ratio up to 1.5.
 

Key Players, Recent Developments & Sector Viewpoints: PV Inverter Market


Notable Participants across the photovoltaic inverter industry comprise of SMA Solar Technology, Enphase Energy, Schneider Electric, Elettronica Santerno, Panasonic, Growatt New Energy Technology, REFU Elektronik GmbH, Delta Group, Chint Group, Omron, Emerson Electric, SolarMax, ABB, and General Electric among others.
 

Increasing expenditure in R&D activities to minimize cost associated with the technology in line with merger and acquisitions strategies across the industry are some of the key strategic implementations adopted by industry players.
 

PV Inverter Industry Viewpoint

 

PV inverter is an electrical converter, which converts direct current generated as an output from solar panel to utility frequency alternate current. Rising research and innovation activities to reduce the component price and bulk energy production capability will enhance the industry dynamics

Key Insights Covered: Exhaustive PV Inverter Market
1.  Market size (sales, revenue and growth rate) of PV Inverter industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of PV Inverter industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of PV Inverter industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of PV Inverter industry.

Research Methodology: PV Inverter Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.