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May 13, 2023

Global Solar Inverter Market Report 2023: Sector to Reach $21.34 Billion by 2028 at a 10.9% CAGR

News provided by 31 May, 2023, 18:30 ET Share this article DUBLIN, May 31, 2023

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31 May, 2023, 18:30 ET

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DUBLIN, May 31, 2023 /PRNewswire/ -- The "Global Solar Inverter Market: Analysis By Type, By Phase, By Connection Type, By End User, By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.

A solar PV inverter is a power inverter that converts electricity from a photovoltaic (PV) solar panel in direct current (DC) to alternating current (AC) at utility frequency. This can be utilized for residential and business electrical grids, as well as a local off-grid electrical network like micro grids.

Upgrades to solar inverters can help 1) improve DC-AC power conversion efficiency, and 2) maximize solar power output. All else being equal for a solar system, upgrades to solar inverters can help increase solar power generation by 5-10%. In 2022, the global solar inverter market was valued at US$11.49 billion, and is probable to reach US$21.34 billion by 2028.

The growing demand for solar power is expected to drive the expansion of the solar PV inverters market. Increased investments and ambitious solar energy targets are projected to boost the market's growth. The solar inverter demand would increase, driven by the global solar installations, demand from utility scale projects and the replacement demand of old solar inverters. The global solar inverter market value is projected to grow at a CAGR of 10.87 %, during the forecast period of 2023-2028.

Market Segmentation Analysis:

Global Solar Inverter Market Dynamics:

Competitive Landscape and Recent Developments:

Global solar inverter market is concentrated, with the top two players consisting of Huawei and Sungrow accounted for around 45% share of the market. Sungrow is the world's second-largest maker of solar inverters and China's largest energy storage systems (ESS) supplier, in terms of 2021 shipments. Key players of global solar inverter market are:

Key Attributes:

Report Attribute

Details

No. of Pages

155

Forecast Period

2023 - 2028

Estimated Market Value (USD) in 2023

$12.74 Billion

Forecasted Market Value (USD) by 2028

$21.34 Billion

Compound Annual Growth Rate

10.9 %

Regions Covered

Global

Key Topics Covered:

1. Executive Summary 2. Introduction3. Global Market Analysis4. Regional Market Analysis5. Impact of COVID-196. Market Dynamics 6.1 Growth Drivers 6.1.1 Growing Replacement Demand for Solar Inverters 6.1.2 Mounting Home Improvement 6.1.3 Rapid Urbanization 6.1.4 Rising Number Of Solar Installations Attributed To Government-led Incentives And Schemes 6.1.5 Increasing Power Failures 6.2 Challenges 6.2.1 Safety Risks Associated With High DC Voltages 6.2.2 High Cost of Solar Inverters 6.3 Market Trends 6.3.1 Inflation Reduction Act (IRA) 6.3.2 Smart Solar Inverters 6.3.3 Expansion Of Companies in ESS Market 6.3.4 Sustainability 7. Competitive Landscape8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/7u6cfl

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SOURCE Research and Markets