Photovoltaic (PV) Inverter Market is anticipated to reach a valuation of US$ 2.8 by 2033, with sales growing at a moderate CAGR of 6.4% from 2022 to 203 | Future Market Insights, Inc.
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The PV inverter market is registered with a valuation of US$ 1.5 billion in 2023, and is expected to surpass US$ 2.8 billion by 2033. The market is anticipated to capture a CAGR of 6.4% during the forecast period.
The rising demand for renewable energy, electricity, and huge power cuts issues are increasing the adoption of PV inverter. Emerging technologies, urbanization, and government initiative policies are the factors upsurging market opportunities. Demand for PV inverter is growing, as it reduces the carbon footprint and promotes the adoption of green and sustainable energy.
Environmental concerns and research and development activities further propel market opportunities during the forecast period. The significantly increasing demand for PV inverter in the end-use industries, such as commercial, residential and industrial, are driving the market growth.
Increasing employee remote jobs, high disposable income, and power cuts in rural and township areas are flourishing the market growth. Developing countries such as India, South Korea, and China are increasing the demand for PV inverters due to their high electricity consumption, energy storage, and flexible work.
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How is the United States Leading the Global Market?
The United States secured a CAGR of 6.2%, collecting a revenue of US$ 992.0 million during the foreseen time. Rising urbanization, rapid infrastructure, and consumer preferences propel the United States PV inverter market size. Rising demand for solar panels and hybrid inverters with advanced technology is flourishing in the country.
Growing huge enterprises, alternative sources, and prominent vendors are expanding the market growth. The United States government gave credit of 26% for installing solar panel systems between 2020 and 2022. The growing popularity of three phase and central inverters is bolstering the market size. Between 2017 and 2022, the United States registered a CAGR of 8.7%.
Key Takeaways:
- The PV inverter market is expected to have a valuation of US$ 2.8 billion by 2033.
- With a CAGR of 6.4%, the global market is increasing from 2023 to 2033.
- The United States PV inverter market is anticipated to secure a CAGR of 6.2% through 2033.
- With a CAGR of 5.5%, the United Kingdom market significantly uplifts during the forecast period.
- China market is expected to capture a CAGR of 5.8% over the forecast period.
- Japan market is likely to capture a CAGR of 5.0% from 2023 to 2033.
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Other Key Players in the Market are:
- Eaton
- Sungrow
- Growatt New Energy
- Darfon Electronics Corp
- Schneider Electric
- Enphase energy
- Seimens
- Fimer Group
Recent Developments in the PV Inverter Market are:
- In March 2021, Fronius International launched a new hybrid inverter, Primo GEN24 Plus. The inverter launched with flexible, high-tech, and better features.
- In September 2021, Sungrow fixed an agreement with Pakistan’s local distributor to supply residential, industrial, and commercial inverters.
- In March 2020, Fimer Group announced its intention to acquire ABB to boost their company’s portfolio.
PV Inverter Market Segmentation by Category
By Product:
- String
- Micro
- Central
By Phase:
- Single Phase
- Three Phase
By Connectivity:
- Standalone
- On-grid
By Nominal Power Output:
- < 0.5 kW
- 0.50–3 kW
- 3–33 kW
- 33–110 kW
- >110 kW
By Nominal Output Voltage:
- < 230 V
- 230–400 V
- 400–600 V
- 600 V
By Application:
- Residential
- Commercial & Industrial
- Utility
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa (MEA)
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Who is winning?
The present manufacturers in the market are developing advanced electric devices without any environmental toxicity. They are strictly maintaining the environment healthy as per government regulations. With their advanced and innovative ideas, these manufacturers bring effective and non-hazardous electric devices.
Adopting automatic, highly advanced, and easy-to-access devices are the important factors that recently brought lucrative growth in the market. Through their unique and new concept, the key vendors invest a huge deal to acquire maximum output in the market. They observe that the demands of end users are carried out with the most attractive and smart devices. Marketers adopt several marketing strategies, including partnerships, agreements, collaborations, acquisitions, and product launches.
Table of Content
1. Executive Summary | PV Inverter Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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Micro Inverter Market Analysis: The global micro inverter market size touched a valuation of US$ 1.59 Bn in 2021 and is likely to reach US$ 3 Bn by 2028.
Battery Energy Storage System Market Forecast: The global battery energy storage system market is poised to increase at a solid and robust CAGR of 11.1%, reaching US$ 52.9 billion by 2033 from US$ 18.5 billion in 2023.
Green Building Materials Market Sales: Based on recent market research carried out by FMI, the green building materials market is expected to grow at 11.2% during the forecast period.
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Old Source: Global PV Inverter System Market is Poised to Increase at a Steady CAGR of 5.1%, Reaching US$ 2.15 Bn by 2032 up from US$ 1.28 Bn in 2021. Get Deep Data Analysis by Future Market Insights, Inc.
