PV Inverter Global Market Report 2023: Incorporation of On

DUBLIN, May 25, 2023 /PRNewswire/ -- The "PV Inverter Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global PV inverter market is expected to grow at a CAGR of 13.54% during 2022 to 2028.

In 2020, Sungrow Power Supply (Sungrow) surpassed Huawei to become the no.1 industry-leading player in the global PV inverter market (24% M/S based on shipment volume). The company targets an international industry share of 30% through overseas capacity expansions.

2022 is the beginning of the inverter replacement cycle - New solar-powered PV capacity installations have expanded worldwide since 2015.

In 2022, according to the European Construction Industry Federation (FIEC), total investment in European construction was expected to increase by 2.4%, led by new home construction and civil engineering.

The US Department of Energy recommends reducing electricity usage by incorporating more energy-efficient PV inverters, which can significantly reduce the use of nonrenewable electricity for electrical appliances.

The US Department of Energy also estimates that a Photovoltaic inverter is up to 96% energy efficient. Implementing PV inverters in both residential and commercial buildings can largely facilitate the reduction of energy consumption and help in achieving the energy efficiency goals in the country.

KEY TRENDS & DRIVERSRegulation on Energy Efficiency Driving PV Inverter DemandAs the global trend is shifting towards sustainability, governments worldwide are implementing regulations to reduce energy consumption and use it more efficiently across all stages of the energy chain, including generation, transmission, distribution, and end-use. Such policies drive consumers to shift toward renewable energy and reduce electricity consumption. The PV inverter market is pivotal in this era, where sustainable living and eco-friendly energy apply to most electrical appliances. The 2021 Europe commission introduced a new Energy Efficiency Directive to promote energy efficiency and achieve energy savings from climate change.Growth of Green Building ActivitiesA Green building creates structures using environmentally sustainable and resource-efficient processes throughout the building's lifecycle, from siting to design, construction, operation, maintenance, renovation, and deconstruction. Green buildings are also known as sustainable and high-performance buildings and include factors like:

Efficiently reducing the use of energy, water, and other resources.

Protecting the health of the residents and improving the productivity of the employees.

Effectively reduce the wastage of electricity, water, pollution, and environmental degradation.

Solar panels are an effective way for a building to meet its sustainability standards. These PV power panels can provide abundant eco-friendly energy resources, reducing or eliminating the need for electric consumption.SEGMENTATION INSIGHTSINSIGHTS BY PRODUCT TYPEPV inverters are available in various types and designs. The global PV inverter market product type includes string, central, micro, and others, and in 2022, string inverters accounted for most of the global PV inverter market share. Unlike traditional inverters, string inverters are easier to install and less costly. They are directly connected to the grid and mostly do not have the facility of battery back-up the interiors in a smart and sophisticated way. Further, string-type inverters are highly suitable for commercial and residential sectors, encompassing small utility installations that usually fall under 1 MW. String inverters are best for homeowners looking for lower-cost PV systems or properties with uncomplicated roofs and consistent renewable electricity throughout the day.Segmentation by Product Type

String Inverter

Central Inverter

Micro Inverter

Other Inverter

INSIGHTS BY PHASE TYPEInverters are utilized in solar systems to transform DC power from solar panels into AC power. They can produce three-phase or single-phase output. Residential users usually utilize single-phase power supply. The three-phase power supply is usually used for industrial locations as three-phase can transfer more power and power large equipment like heaters, machines, electric car chargers, etc. The global three-PV inverter market holds the largest market share and is projected to continue the trend during the forecast period. Using a three-phase inverter, the end user can provide extra electricity back to the grid, and having three lines also allows users to pull more power from the grid. This helps with heated pulls, larger AC units, and other high-consumption needs. Therefore, high-end commercial building highly attracts to the three-phase PV inverter market.Segmentation by Phase Type

Three Phase

Single Phase

INSIGHTS BY CONNECTION TYPEThe global PV inverter market by grid type can be categorized as on-grid and off-grid. The global on-grid PV inverter market size crossed USD 5.1 billion in 2022. The on-grid solar inverter is a conversant part of the on-grid solar system. It performs the critical task of converting the Direct Current (DC) to Alternating Current (AC). The major advantages of the on-grid solar inverter are Energy Conversion, Ensuring System Safety, Grid Assistance, Tracking Power Production, and many more.Segmentation by Connection Type

On-Grid

Off-Grid

INSIGHTS BY POWER OUTPUT TYPEMany PV inverters are available in the market, but the devices are classified based on three power output ranges, starting at ( ( (<_5-33_ kw="kw" power="power" output="output" type="type" held="held" the="the" largest="largest" global="global" pv="pv" inverter="inverter" market="market" />Segmentation by Power Output

33-110 Kw

>110 Kw

INSIGHTS BY END-USERThe utility end-user segment dominated the global PV inverter market in 2022. Solar power equipment and technologies are progressively making their way into the power generation, transmission, and distribution industry to increase the efficiency, productivity, and safety associated with power plants. With the help of solar electric power source digital technologies such as sensors, smart grids, and smart meters, the company and the customer have real-time and more accurate accounts of power usage. Further, although the construction and expansion of utility plants will drive the PV inverter market, most demand will be generated from house renovation. Modern house decors demand improved aesthetics, driving the demand for products such as PV inverters.Segmentation by End User

Utilities

Commercial

Industrial

Residential

INSIGHTS BY DISTRIBUTION CHANNELThe offline distribution channel dominated the global PV inverter market in 2022, and the segment is expected to witness an incremental growth of over USD 1.76 billion during the forecast period. Factors such as the broad reach in areas that lack better connectivity and brand loyalty, along with the quality of products, are driving the growth of this segment. Although the online channel holds a relatively lower share of the global PV inverter market, it is expected to grow at a higher CAGR during the forecast period. The proliferation of e-commerce and raising awareness of the benefits of online purchases, such as heavy discounts, occasional offers, and rising demand for convenience, is driving the growth of the online segment.Segmentation by Distribution Channel

Offline

Online

GEOGRAPHICAL ANALYSISAPAC dominated the global PV inverter market, with over 46% share in 2022. India, China, Australia, South Korea, and Japan mainly drive the region's market growth. Strong economic growth coupled with rising construction activities and increasing disposable income has primarily supported the market growth in the region. The China market is witnessing a spurt in multiple real estate projects and public-private investments in various residential, industrial, and commercial development zones because of the boom in urbanization.Segmentation by Geography

APAC

China

India

Japan

Australia

North America

Canada

Europe

Germany

Spain

France

Italy

Middle East & Africa

Saudi Arabia

UAE

Saudi Africa

Latin America

Brazil

Mexico

Argentina

COMPETITIVE LANDSCAPEThe global PV inverter market is highly competitive, with the presence of a large number of private and public companies. These vendors typically compete on a key range of product design, reliability, quality, support services, and price. The instant technological advancements adversely impact the industry vendors as consumers anticipate the continuous innovations and upgrades of products. The present scenario drives vendors to alter and enhance their unique value proposition to achieve a strong industry presence.Key Company Profiles

SMA Solar Technology AG

Sungrow

Siemens AG

Delta Electronics, INC

Solaredge technologies, Inc

HUAWEI Technologies Co

Other Prominent Vendors

Fimer Group

Emerson Electric Co

GINLONG Technologies

Power Electronics S.L

HITACHI HI-REL Power Electronics PVT. LTD

Bosch

SunPower Corporation

Samsung

Johnson Controls

Panasonic

Fronius International GMBH

Lennox

TSI Incorporated

Enertronica Santerno SpA

KEY QUESTIONS ANSWERED:1. How big is the PV inverter market?2. What is the growth rate of the global PV inverter market?3. Who are the key players in the global PV inverter market?4. What are the significant trends in the PV inverter market?5. Which region dominates the global PV inverter market share?Key Topics Covered: 1 Research Methodology2 Research Objectives3 Research Process4 Scope & Coverage5 Report Assumptions & Caveats6 Premium Insights7 Market at a Glance8 Introduction9 Market Opportunity & Trends9.1 Regulation on Energy Efficiency Driving PV Inverter Demand9.2 Advances in Pv Inverters in Smart Homes9.3 Airport Modernization10 Market Growth Enablers10.1 Growth of Green Building Activities10.2 Incorporation of Photovoltaic in Rooftop10.3 Sustainability Reshaping Global Construction Market10.4 Incorporation of On-Site Photovoltaic Solar Power for the Data Centers Market10.4.1 Data Center Utilization of Renewable Energy11 Market Restraints11.1 High Cost of Installing Solar Panels Hammer the Demand for Pv Inverter11.2 Raw Material Price Volatility11.3 Increased Competition from Chinese Vendors12 Market Landscape13 Product Type14 Phase Type15 Connection Type16 Power Output Type17 End-User18 Distribution Channel19 Geography20 Apac21 North America

22 Europe23 Mea24 Latin America25 Competitive Landscape26 Key Company Profiles27 Other Prominent Vendors28 Report Summary29 Quantitative Summary30 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/174j7c

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