Global Solar PV Inverter Market to Reach US$ 10.1 Billion by 2028, Propelled by Rising Environmental Consciousness Among Masses

The latest report by IMARC Group, titled "Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," finds that the global solar PV inverter market size reached US$ 7.9 Billion in 2022. A solar inverter, also known as a PV inverter, is a device that plays a significant role in a solar electric power system. It converts direct current (DC) from solar panels to alternating current (AC). It also helps maximize electricity production by varying the resistance (load) and ensuring compliance with regulations about feeding electricity into the grid. In addition, it assists in managing temperature, optimizing power, and controlling and monitoring all parameters, yields, and operational data. Owing to these benefits, solar PV inverters are widely utilized in utilities and industrial sectors.

Global Solar PV Inverter Market Trends:

The market is primarily driven by rising environmental concerns about greenhouse gas (GHG) emissions and the growing awareness among consumers regarding renewable energy sources. In addition, inflating fossil fuel prices across the globe represents another major growth-inducing factor. Besides this, the declining cost of solar inverters in both developed and developing economies is also contributing to market growth. Moreover, the market is further propelled by various technological advancements and the implementation of government policies to support the uptake of renewable energy sources. Furthermore, the surging need for rural electrification is anticipated to create a positive market outlook in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 10.1 Billion by 2028, exhibiting a CAGR of 4.6% during the forecast period (2023-2028). 

Market Summary:

• Based on technology, the market has been categorized into central, string, micro, and other inverters. Amongst these, string inverters exhibit a clear dominance in the market.
• On the basis of the voltage, the market has been classified into < 1,000 V, 1,000 – 1,499 V, and > 1,500 V.
• Based on the application, the market has been segmented into utility, residential, small commercial, large commercial, and industrial scale.
• Region-wise, Asia Pacific holds the leading position in the market. Other major regions include Europe, North America, Middle East and Africa, and Latin America.
• The competitive landscape of the market has been examined in the report, with some of the key players being ABB Ltd, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, Omron Corporation, General Electric Company, SMA Solar Technology AG, Delta Energy Systems Inc., Enphase Energy Inc., SolarEdge Technologies Inc., Huawei Technologies Co. Ltd, Kstar New Energy Co. Ltd, Sineng Electric Co. Ltd, Sungrow Power Supply Co Ltd, Tabuchi Electric Co. Ltd, TBEA Sunoasis Co. Ltd, and Toshiba Corporation.

Report Scope:

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