Solar Inverter Market to record rapid growth at a CAGR of 5.78 percent during the forecast period, Technological Advancements and Growth Opportunities
Solar Inverter Market size was valued at US$ 12.1 Bn. in 2021 and the total revenue is expected to grow at 5.78% of CAGR from 2022 to 2029, reaching nearly US$ 18.97 Bn.
Pune, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, an energy and power business research firm has published a report on the “Solar Inverter Market”. The market report is a combination of both primary data and secondary data. The total market opportunity for Solar Inverter Market was USD 12.1 Bn in 2021 and is expected to grow at 5.78 percent CAGR through the forecast period by reaching nearly USD 18.97 Bn by 2029. As per the report, the Asia-Pacific region held the largest market share and is expected to hold around 43 percent by 2029.
Solar Inverter Market Scope and Research Methodology
The market report provides an in-depth analysis of the solar inverter market. It includes all the factors influencing the market growth including the demand-supply scenario, profit margins, pricing structure, production and value chain analysis. It offers actionable insights into global market growth projections based on historic growth analysis and the current scenario of the market. For easy understanding, the market has been divided into two major segments: type and application. These major segments of the Solar Inverter Market were further divided into various sub-segments. For the competitive analysis, the key players have been included in the report with mergers and acquisitions, strategic alliances, joint ventures, and partnerships happening in the market by region, by investment, and their strategic intent.
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The authentic data presented in the market report is based on the findings of extensive primary and secondary research. The data gathered by using these research methods were combined, which made it accurate and error-free. To estimate the Solar Inverter Market size, the bottom-up approach was used. The report provides an exhaustive PESTLE analysis for all five regions after evaluating political, economic, social, and technological factors affecting the Solar Inverter Market. Porter’s five forces analysis was employed to understand the potential impact of macro and micro-economic factors of the Solar Inverter Market.
Solar Inverter Market Overview
Solar inverter plays a key role in the overall working of a solar system. Often coined as the brain of the solar system, the inverter changes direct current into alternative current. It performs the task of converting a circuit's one-directional current into usable electricity for either home or commercial purposes. The Solar Inverter Market is expected to be mainly driven by technological advancements and increasing inclination towards green energy.
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Solar Inverter Market Dynamics
Rapid technological and installation advancements along with increase inclination towards using green energy are the primary factors expected to drive the solar inverter market growth over the forecast period. The solar inverter installation procedure is being made simpler with intensive research and development is being conducted to increase performance and efficiency. Government activities and investments are expected to meet the growing need to electrify rural areas without adding to environmental pressures. This is expected to drive the Solar Inverter Market growth over the forecast period.
Given the competitive nature of the Solar Inverter Market, product differentiation serves as a key to set their product apart. For the same purpose, manufacturers are investing in research and development of the solar inverter to get a competitive edge over the competitors in the Solar Inverter Market. The market however, is expected to witness challenges given high costs, inadequate panel level monitoring and the problem of heat loss.
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Solar Inverter Market Regional Insights
The Asia-Pacific region is expected to dominate the Solar Inverter Market growth over the forecast period, holding 43 percent of the market share by 2029. Within the region, China is leading the global market and is expected to grow at a significant rate. A major reason for the growth in the region is the increasing demand for green energy concentrated from the developing regions. The rise in solar installations is also responsible for the growth of the Solar Inverter Market in the region.
Market Size in 2021
USD 12.1 Bn.
Market Size in 2029
USD 18.97 Bn.
5.78 % (2022-2029)
Number of Pages
No. of Tables
No. of Charts and Figures
Type and Application
North America, Europe, Asia Pacific, Middle East and Africa, South America
Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
Solar Inverter Market Segmentation:
Solar Inverter Market Key Competitors include:
SMA Solar Technology AG (Germany)
Siemens AG (Germany)
Omron Corporation (Japan)
Canadian Solar Inc. (Canada)
ABB Ltd (Switzerland)
Ginlong Technologies Co (China)
Sineng Electric Co. (China)
Solax Power (China)
Zhejiang Benyi Electrical Co., Ltd. (China)
SunPower Corporation (US)
Power Electronics (US)
Solectria Renewables LLC (US)
Hitachi Hi-Rel Power Electronics Pvt. Ltd. (Inida)
LENTO INDUSTRIES PRIVATE LIMITED (India)
LG Electronics (South Korea)
Delta Solar Solutions (Taiwan)
Key questions answered in the Solar Inverter Market are:
What is Solar Inverter?
What is the growth rate of the Solar Inverter Market?
What are the global trends in the Solar Inverter Market?
What are the upcoming industry applications and trends for the Solar Inverter Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for Solar Inverter Market?
What growth strategies are the players considering to increase their presence in Solar Inverter Market?
Who are the leading companies and what are their portfolios in Solar Inverter Market?
What are the major challenges that the Solar Inverter Market could face in the future?
Who held the largest market share in Solar Inverter Market?
What are the government initiatives that are aiding the growth of the Solar Inverter Market?
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Market Share, Size & Forecast by Revenue | 2022−2029
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
Market Segmentation – A detailed analysis by Type, Application and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading energy and power research firm, has also published the following reports:
Inverter Market - The market size is expected to reach USD 47.18 billion by 2029 at a CAGR of 15.6 percent during the forecast period. The market is expected to be driven by large investments in the renewable energy sector and the increasing number of residential solar rooftop installations.
Solar Battery Market - The market size is expected to reach USD 509.53 million by 2029 at a CAGR of 16 percent during the forecast period. The market is expected to be driven by the implementation of government rules and regulations for reducing carbon emissions.
Concentrated Solar Power Market - The market size is expected to reach USD 13.59 billion by 2027 at a CAGR of 15.93 percent during the forecast period. The market is expected to be driven by increasing government support and initiatives for the adoption of renewable technology with an increase in energy consumption and the capacity to deliver power without emitting CO2.
Power Bank Market - The market size is expected to reach USD 18.13 billion by 2029 at a CAGR of 8.1 percent during the forecast period. The market is expected to be driven by the increasing use of smartphones and tablets and increasing power consumption of electronic devices due to advancements in technology.
Power Inverter Market - The market size is expected to reach USD 115.79 billion by 2029 at a CAGR of 5.38 percent during the forecast period. The market is expected to be driven by the primary focus of the market for power inverter systems on research and development.
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