The market for central inverters in the United States is expected to grow at a 5.2% CAGR through 2032, creating an absolute dollar opportunity greater than US$6 billion by end use and residential segment alone over assessment period. The Japanese pocket was once considered small but now it’s emerging as lucrative with demand growing 6%.
NEWARK, Del: The global solar invertor market is set to reach a valuation of US$ 11 Bn in 2022. Sales in the market are forecast to increase at a 6% CAGR over the forecast period.
Increasing usage of solar panels and renewables energy will augment the growth in the market. Hig adoption of solar invertors in the residential, commercial, and industrial and utilities will continue driving sales in the market.
Over the past years, manufacturers are expanding their product lines with new technological advancement in the invertor technologies. As solar energy utilisation in photovoltaic systems is mostly dependent on the inverter, solar inverters are potentitally beneficial for lowering global warming and greenhouse impact.
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Micro invertors are gaining popularity due to heavy usage in most of the applications. Microinverters work in the same way as string inverters, except they are put beneath each solar panel on your roof.
Each of these microinverters is roughly the size of a router. New electrical rules demand quick solar system shutdown to protect first responders and firemen from excessive voltage when on roofs or maintaining power lines. Microinverters meet these requirements for quick shutdown and have this capacity built into each module.
“Increasing awareness regarding energy-efficient household equipment, along with stringent regulations pertaining to carbon emissions and energy consumption will drive sales of solar invertors,” says an FMI analyst.
- Based on product type, demand in the central invertors segment will create an absolute dollar opportunity of more than US$ 6.4 Bn over the forecast period.
- By end-use, the residential segment is forecast to create an absolute dollar opportunity of US$ 4.1 Bn over the assessment period.
- Total sales in the U.S. market are expected to increase at a 5.2% CAGR through 2032.
- Japan will emerge as a lucrative pocket, with demand growing at a 6% CAGR over the forecast period.
- The India solar invertor market will expand at a 7% CAGR through 2032, surpassing a valuation of US$ 827.2 Mn.
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The solar invertor market is consolidated with leading players holding around 80%-85% of the total market share. These players are likely to invest in new technology development and expansion of their distribution networks to maintain their market presence.
Some of the key players in this industry include Siemens AG, Fimer Group, SMA Solar Technologies, Eaton, ABB Ltd, Schneider Electric, and others.
Global Solar Invertor Market by Category
- Central Invertor
- String Invertor
By System Type:
- Off Grid
- On Grid
- Single Phase
- Three Phase
- Commercial and Industrial
- North America
- Latin America
- East Asia
- South Asia Pacific
- The Middle East and Africa
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
- Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
Have a Look at Related Research Reports of Industrial Automation
APAC Solar Micro Inverters Market Size: Demand for solar micro inverters expected to gain traction in Asia Pacific during the forecast period.
Pipes Market Share: Pipes Market is expected to reach US$ 133.0 Bn, likely to surge at a vigorous 5.4% CAGR during 2022 – 2032
Stacker Crane Market Trends: Stacker Cranes Market is expected to grow at a CAGR of 7%, from an estimated USD 2022.48 million in 2032
Hammer Mill Market Analysis: Hammer Mill Market is projected to reach a valuation of US$ 665.7 Million in 2022, likely to surge at a vigorous 4.3% CAGR
Construction Anchors Market Outlook: The global construction anchors market os anticipated to reach a valuation of US$ 10.9 Bn in 2022. With sales growing at a CAGR of 6.0%
Absorbent Glass Mat (AGM) Battery Market Forecast: Absorbent Glass Mat Battery Market is projected to reach a valuation of US$ 11.2 Billion in 2022, likely to surge at a vigorous 4.8% CAGR
RFID Kanban Systems Market Sales: RFID Kanban Systems Market registering 18.1% CAGR during the forecast period (2022-2032) and projected to reach US$ 8.4 Billion by 2032
Screw Air End Market Value: The screw air end market is projected to grow year-on-year in 3.4% in 2022, reaching a valuation of about US$ 4 Bn
Testing, Inspection and Certification Market Demand: The testing, inspection and certification market is anticipated to register a CAGR of 1.8% during the forecast period
Test and Measurement Equipment Market Type: The global test and measurement equipment market is predicted to witness a moderate CAGR of 5.6% during the forecast period of 2022 to 2032
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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