The global PV Inverter Market is poised to grow at a moderate CAGR of over 5.1% during the forecast period of 2022-2032, reaching a value of about US$ 33.1 Bn in 2032 from the US$ 19.2 Bn in 2021.
Solar (PV) inverters are the heart of photovoltaic panels installed for harnessing solar energy by converting direct current (DC) generated into alternating current (AC) for supply.
This essential function performed by hybrid solar inverters or PV Inverters made it an indispensable item for the success of renewable energy development. It emerged as a growing market in recent years.
The growing concern for the utilization of solar energy for generating electricity has propelled the sale of photovoltaic panels across the world, directly favoring the growth of the solar PV Inverters market globally.
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Government organizations have also come forward, providing financial assistance in the form of tax benefits and subsidies to popularize the installation of Inverter solar panels at the industrial, commercial and individual levels.
The new policies formulated for installing on-grid solar inverters have provided the necessary impetus for the growth of the PV inverter market in Asia Pacific countries and others.
By government interventions, the production and operation cost of renewable energy has dropped dramatically across several countries. Due to cheap labor and higher manufacturing facilities, China is leading in production and export with lower hybrid solar Inverter prices than anywhere else.
“Growing environmental concern in the aftermath of degrading environmental factors and depleting energy sources solar panels have emerged to be the popular alternative electricity source swaying the market for off-grid hybrid solar inverters across the commercial and industrial units of different regions.”—opines an FMI analyst.
Compared to string inverters installed in PV farms, micro-inverter solar panels are more expensive.
Also, the easier installation and higher efficiency provided by string inverters are constantly replacing the traditional central inverters in all significant solar firms worldwide.
The global PV Inverter market has become highly competitive by the presence of global and local players as well. Some of the key players covered by this market analysis report for photovoltaic inverters include Eaton, Sungrow, Growatt New Energy, Dragon Electronics Corp., Schneider Electric, Enphase Energy, Siemens, Fimer Group, Eaton.
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