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Global Solar Inverter Market: Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028

Publish Date:May 2023
No. of Pages:155

Format : Adobe Reader (PDF) Instant delivery

US$ 2,250.00

Global Solar Inverter Market: Analysis By Type (Central, String and Micro), By Phase (Three Phase and Single Phase), By Connection Type (On Grid and Off Grid), By End User (Utilities, Residential and Commercial & Industrial), By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028


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:

By Type: The global solar inverter market is segmented into three type: String, Central and Micro. String segment acquired majority of share in the market in 2022. String inverters are very reliable with timely maintenance and adaptable enough to be installed in a secure location. Furthermore, string-type inverters are ideal for commercial and residential applications, including modest utility installations of less than 1 MW.

By Phase: The global solar inverter market is bifurcated into two phases: Three Phase and Single Phase. Three Phase segment acquired majority of share in the market in 2022, as the expansion in the demand of three phase solar inverter can be due to the increasing importance of the power generating, distribution, and transmission sectors. Whereas, Single Phase segment is expected to have the highest CAGR in the future as residential users usually utilize single-phase power supply. Single-phase solar inverters are commonly utilized in small-scale and domestic solar installations. As demand for home solar systems grows, so does the demand for single-phase inverters.

By Connection Type: According to the report, the global solar inverter market is bifurcated into two connection type: On Grid and Off Grid. On Grid segment acquired majority of share in the market in 2022, as the advantages of using on-grid solar inverters include easy energy feeding, easy installation, cost-efficiency, and managing high electricity demand, all of which are projected to fuel market expansion in the coming years. Whereas, Off Grid segment is expected to have the highest CAGR in the future as Off-grid solar inverters are in charge of converting the direct current (DC) electricity generated by solar panels into usable alternating current (AC) electricity for powering off-grid appliances and devices.

By End User: According to the report, the global solar inverter market is bifurcated into three end users: Utilities, Residential and Commercial & Industrial. Utilities segment acquired majority of share in the market in 2022, because investment in utility-scale solar power plants, solar parks, and other solar structures has increased. Whereas, Residential segment is expected to have the highest CAGR in the future as the increased demand for solar renewable energy among consumers for electrification purposes. Governments in various countries have taken active steps with policies and financial incentives to promote captive power generation through renewable sources such as power in residential buildings.

By Region: The report provides insight into the solar inverter market based on the geographical operations, namely North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific solar inverter market enjoyed the highest market share in 2022, primarily due to the existence of significant players as well as a large consumer base in the region. Furthermore, the expansion of the renewable energy sector, increased investment in upgrading aging power infrastructure, and industrialization in the region are expected to fuel market growth in the coming years. The majority of demand is predicted to come from China, which is also the greatest producer of solar energy. China is the main contributor to this region's quick expansion in the solar sector and a prominent global competitor. A growing number of solar installations in developing countries has also contributed significantly to the region's market growth. In China, there has been a greater emphasis on solar inverters that provide a zero-voltage ride through (ZVRT) system. To meet the scheme's requirements, the solar PV power plants must operate continuously. This is especially significant given that the country has the most solar power generation capacity in the world.

Global Solar Inverter Market Dynamics:

Growth Drivers: Solar inverters, like any other electronic gear, have a limited lifespan and may need to be replaced after a given amount of time. As the installed base of solar power systems grows, the requirement to replace aging inverters grows, boosting demand for replacement inverters. Further, the market is expected to increase due to growing replacement demand for solar inverters, mounting home improvement, rapid urbanization, rising number of solar installations attributed to government-led incentives and schemes, increasing power failures, etc.

Challenges: High costs make it difficult to make solar energy accessible and affordable to a broader variety of users. Individuals and enterprises in underdeveloped countries or regions with minimal financial resources are included. Lowering the cost of solar inverters can assist to boost the affordability of solar energy solutions and make them available to more communities throughout the world. The other challenge that solar inverter market faces is safety risks associated with high DC voltages, high cost of solar inverters, etc.

Trends: A major trend gaining pace in solar inverter market is sustainability. Sustainability is a major motivator for the global shift toward renewable energy sources. Solar energy, as a clean and abundant renewable energy source, plays an important part in this shift. Solar inverters are crucial components of solar power systems because they transform the direct current produced by solar panels into usable alternating current. More trends in the market are believed to augment the growth of solar inverter market during the forecasted period include, inflation reduction act (IRA), smart solar inverters, expansion of companies in ESS market, etc.

Impact Analysis of COVID-19 and Way Forward:

Lockdowns implemented as a result of the COVID-19 epidemic led in a temporary prohibition on import and export, as well as manufacturing and processing activities across different industries, reducing demand for power equipment and affected the solar inverter market. As a result, market growth had declined in 2020. The solar inverter market, on the other hand, is likely to recover by the end of 2021, as COVID-19 immunization has begun in several economies around the world, which is expected to help the situation globally. The COVID-19 epidemic stifled global solar inverter market expansion due to reasons such as supply chain disruption. Furthermore, demand for PV inverters from residential and commercial End-Users has decreased due to limited new building activities and the diversion of available cash by residential and commercial end-users to sustain during the COVID-19 epidemic.

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:

Schneider Electric SE
SolarEdge Technologies, Inc.
Delta Electronics, Inc.
GoodWe
Sineng Electric Co., Ltd.
Huawei Investment & Holding Co. Ltd.
Sungrow Power Supply Co., Ltd.
SMA Solar Technology AG
FIMER S.p.A.
Growatt
Power Electronics
Hitachi Hi-Rel Power Electronics Private Limited
Yaskawa Solectria Solar
Ginlong (Solis) Technologies

The key players are constantly investing in strategic initiatives, such as new product launches, introducing their products to emerging markets and more, to maintain a competitive edge in this market. For instance, In April 2022, SMA Solar Technology AG, a German inverter manufacturer, launched a new line of four inverters with power ratings of 12kW, 15kW, 20kW, and 25kW for use in rooftop PV systems up to 135kW in size. Also, in May 2022, Fimer Spa, an Italy-headquartered solar PV inverter manufacturer, supplied 1 Mega Volt Ampere (MVA) inverters to a solar-plus-storage project with an 18MWh battery energy storage system in Gujarat, India. The company supplied its inverters to the Integrated Solar Energy Project in Modhera. The project belonged to Indian solar PV engineering, procurement, and construction (EPC) solution provider Mahindra Susten Pvt. Ltd and was awarded by the state’s utility, Gujarat Power Corporation Limited (GPCL).

Scope of the Report

The report titled “Global Solar Inverter Market: Analysis By Type (Central, String and Micro), By Phase (Three Phase and Single Phase), By Connection Type (On Grid and Off Grid), By End User (Utilities, Residential and Commercial & Industrial), By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028”, includes:

-- An in-depth analysis of the global solar inverter market by value, by demand, by type, by phase, by connection type, by end user, etc.

-- The regional analysis of the solar inverter market, including the following regions:

North America (The US, Canada and Mexico)
Asia Pacific (China, Japan, India, South Korea and Rest of Asia Pacific)
Europe (Germany, UK, Spain, France, Italy and Rest of Europe)
Rest of the World

-- Comprehensive information about emerging markets. This report analyses the market for various segments across geographies.

-- Provides an analysis of the COVID-19 impact on the global solar inverter market, with post COVID impact analysis.

-- Assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall solar inverter market has also been forecasted for the period 2023-2028, taking into consideration the previous growth patterns, the growth drivers, and the current and future trends.

-- Evaluation of the potential role of solar inverter to improve the market status.

-- Identification of new technological developments, R&D activities, and collaborations occurring in the solar inverter market.

-- In-depth profiling of the key players, including the assessment of the business overview, market strategies, regional and business segments of the leading players in the market.

-- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

-- The in-depth analysis provides an insight into the market, underlining the growth rate and opportunities offered in the business.


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1. Executive Summary

2. Introduction

2.1 Solar Inverter: An Overview
2.1.1 Solar Inverter: Key Components and Their Functions 
2.1.2 Comparison of Different Solar Inverters

2.2 Solar Inverter Segmentation: An Overview
2.2.1 Solar Inverter Segmentation

3. Global Market Analysis

3.1 Global Solar Inverter Market: An Analysis

3.1.1 Global Solar Inverter Market: An Overview
3.1.2 Global Solar Inverter Market by Value
3.1.3 Global Solar Inverter Market by Type (String, Central and Micro)
3.1.4 Global Solar Inverter Market by Phase (Three Phase and Single Phase)
3.1.5 Global Solar Inverter Market by Connection Type (On Grid and Off Grid)
3.1.6 Global Solar Inverter Market by End User (Utilities, Residential and Commercial & Industrial)
3.1.7 Global Solar Inverter Market by Region (Asia Pacific, North America, Europe and Rest of the World)
3.1.8 Global Solar Inverter Market by Demand

3.2 Global Solar Inverter Market: Type Analysis

3.2.1 Global Solar Inverter Market by Type: An Overview
3.2.2 Global String Solar Inverter Market by Value
3.2.3 Global Central Solar Inverter Market by Value
3.2.4 Global Micro Solar Inverter Market by Value

3.3 Global Solar Inverter Market: Phase Analysis

3.3.1 Global Solar Inverter Market by Phase: An Overview
3.3.2 Global Three Phase Solar Inverter Market by Value
3.3.3 Global Single Phase Solar Inverter Market by Value

3.4 Global Solar Inverter Market: Connection Type Analysis

3.4.1 Global Solar Inverter Market by Connection Type: An Overview
3.4.2 Global On Grid Solar Inverter Market by Value
3.4.3 Global Off Grid Solar Inverter Market by Value

3.5 Global Solar Inverter Market: End User Analysis

3.5.1 Global Solar Inverter Market by End User: An Overview
3.5.2 Global Utility Solar Inverter Market by Value
3.5.3 Global Residential Solar Inverter Market by Value
3.5.4 Global Commercial & Industrial Solar Inverter Market by Value

4. Regional Market Analysis

4.1 Asia Pacific Solar Inverter Market: An Analysis

4.1.1 Asia Pacific Solar Inverter Market: An Overview
4.1.2 Asia Pacific Solar Inverter Market by Value
4.1.3 Asia Pacific Solar Inverter Market by Region (China, India, Japan, South Korea and Rest of Asia Pacific)
4.1.4 China Solar Inverter Market by Value
4.1.5 India Solar Inverter Market by Value
4.1.6 Japan Solar Inverter Market by Value
4.1.7 South Korea Solar Inverter Market by Value
4.1.8 Rest of Asia Pacific Solar Inverter Market by Value

4.2 North America Solar Inverter Market: An Analysis

4.2.1 North America Solar Inverter Market: An Overview
4.2.2 North America Solar Inverter Market by Value
4.2.3 North America Solar Inverter Market by Region (The US, Canada and Mexico)
4.2.4 The US Solar Inverter Market by Value
4.2.5 Canada Solar Inverter Market by Value
4.2.6 Mexico Solar Inverter Market by Value

4.3 Europe Solar Inverter Market: An Analysis

4.3.1 Europe Solar Inverter Market: An Overview
4.3.2 Europe Solar Inverter Market by Value
4.3.3 Europe Solar Inverter Market by Region (Germany, UK, France, Italy, Spain and Rest of Europe)
4.3.4 Germany Solar Inverter Market by Value
4.3.5 UK Solar Inverter Market by Value
4.3.6 France Solar Inverter Market by Value
4.3.7 Italy Solar Inverter Market by Value
4.3.8 Spain Solar Inverter Market by Value
4.3.9 Rest of Europe Solar Inverter Market by Value

4.4 Rest of the World Solar Inverter Market: An Analysis

4.4.1 Rest of the World Solar Inverter Market: An Overview
4.4.2 Rest of the World Solar Inverter Market by Value

5. Impact of COVID-19

5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Solar Inverter Market
5.1.2 Post COVID-19 Impact 

6. 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 Landscape

7.1 Global Solar Inverter Players by Market Share
7.2 Global Residential Solar Inverter Players by Market Share
7.3 Global Solar Inverter (Ex. Residential) Players by Market Share
7.4 Global Solar Inverter Market Players by Plant Utilization
7.5 Global Solar Inverter Market Players by Capacity
7.6 Global Solar Inverter Market Players: Product Comparison
7.7 Global Solar Inverter Market Players: Accessories Supply Comparison
7.8 The US Solar Inverter Players by Market Share

8. Company Profiles

8.1 Schneider Electric SE 
8.1.1 Business Overview
8.1.2 Operating Segments
8.1.3 Business Strategy

8.2 SolarEdge Technologies, Inc.
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategy

8.3 Delta Electronics, Inc.
8.3.1 Business Overview
8.3.2 Operating Segments
8.3.3 Business Strategy

8.4 Huawei Investment & Holding Co. Ltd. 
8.4.1 Business Overview
8.4.2 Operating Segments
8.4.3 Business Strategy

8.5 GoodWe
8.5.1 Business Overview
8.5.2 Business Strategy

8.6 Sineng Electric Co., Ltd.
8.6.1 Business Overview
8.6.2 Business Strategy

8.7 Sungrow Power Supply Co., Ltd
8.7.1 Business Overview
8.7.2 Business Strategy

8.8 SMA Solar Technology AG
8.8.1 Business Overview
8.8.2 Business Strategy

8.9 FIMER S.p.A.
8.9.1 Business Overview
8.9.2 Business Strategy

8.10 Growatt 
8.10.1 Business Overview
8.10.2 Business Strategy

8.11 Yaskawa Solectria Solar
8.11.1 Business Overview
8.11.2 Business Strategy

8.12 Ginlong (Solis) Technologies
8.12.1 Business Overview
8.12.2 Business Strategy

8.13 Power Electronics 
8.13.1 Business Overview

8.14 Hitachi Hi-Rel Power Electronics Private Limited
8.14.1 Business Overview
Figure 1: Solar Inverter: Key Components and Their Functions
Figure 2: Comparison of Different Solar Inverters
Figure 3: Solar Inverter Segmentation
Figure 4: Global Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 5: Global Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 6: Global Solar Inverter Market by Type; 2022 (Percentage, %)
Figure 7: Global Solar Inverter Market by Phase; 2022 (Percentage, %)
Figure 8: Global Solar Inverter Market by Connection Type; 2022 (Percentage, %)
Figure 9: Global Solar Inverter Market by End User; 2022 (Percentage, %)
Figure 10: Global Solar Inverter Market by Region; 2022 (Percentage, %)
Figure 11: Global Solar Inverter Market by Demand; 2022-2028 (Giga Watt)
Figure 12: Global String Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 13: Global String Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 14: Global Central Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 15: Global Central Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 16: Global Micro Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 17: Global Micro Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 18: Global Three Phase Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 19: Global Three Phase Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 20: Global Single Phase Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 21: Global Single Phase Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 22: Global On Grid Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 23: Global On Grid Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 24: Global Off Grid Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 25: Global Off Grid Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 26: Global Utility Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 27: Global Utility Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 28: Global Residential Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 29: Global Residential Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 30: Global Commercial & Industrial Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 31: Global Commercial & Industrial Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 32: Asia Pacific Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 33: Asia Pacific Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 34: Asia Pacific Solar Inverter Market by Region; 2022 (Percentage, %)
Figure 35: China Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 36: China Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 37: India Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 38: India Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 39: Japan Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 40: Japan Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 41: South Korea Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 42: South Korea Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 43: Rest of Asia Pacific Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 44: Rest of Asia Pacific Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 45: North America Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 46: North America Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 47: North America Solar Inverter Market by Region; 2022 (Percentage, %)
Figure 48: The US Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 49: The US Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 50: Canada Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 51: Canada Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 52: Mexico Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 53: Mexico Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 54: Europe Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 55: Europe Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 56: Europe Solar Inverter Market by Region; 2022 (Percentage, %)
Figure 57: Germany Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 58: Germany Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 59: UK Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 60: UK Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 61: France Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 62: France Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 63: Italy Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 64: Italy Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 65: Spain Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 66: Spain Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 67: Rest of Europe Solar Inverter Market by Value; 2018-2022 (US$ Million)
Figure 68: Rest of Europe Solar Inverter Market by Value; 2023-2028 (US$ Million)
Figure 69: Rest of the World Solar Inverter Market by Value; 2018-2022 (US$ Billion)
Figure 70: Rest of the World Solar Inverter Market by Value; 2023-2028 (US$ Billion)
Figure 71: Global Replacement Demand for Solar Inverters; 2022-2025 (Mega Watt, Percentage, %)
Figure 72: Global Home Improvement Market; 2020-2027 (US$ Billion)
Figure 73: Global Urban Population; 2016, 2021 & 2050 (Billion)
Figure 74: Global Solar Inverter Players by Market Share; 2022 (Percentage, %)
Figure 75: Global Residential Solar Inverter Players by Market Share; 2022 (Percentage, %)
Figure 76: Global Solar Inverter (Ex. Residential) Players by Market Share; 2022 (Percentage, %)
Figure 77: Global Solar Inverter Market Players by Plant Utilization; 2020 & 2021 (Percentage, %)
Figure 78: Global Solar Inverter Market Players by Capacity; 2021-2025 (Giga Watt)
Figure 79: The US Solar Inverter Players by Market Share; 2022 (Percentage, %)
Figure 80: Schneider Electric SE Revenue by Segments; 2022 (Percentage, %)
Figure 81: SolarEdge Technologies, Inc. Revenue by Segment; 2022 (Percentage, %)
Figure 82: Delta Electronics, Inc. Revenue by Segments; 2022 (Percentage, %)
Figure 83: Huawei Investment & Holding Co. Ltd. Revenue by Segments; 2022 (Percentage, %)
Table 1: Global Solar Inverter Market Players: Product Comparison
Table 2: Global Solar Inverter Market Players: Accessories Supply Comparison