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Green technology

Global PV Inverter Market Size to Reach USD 15.85 Billion by 2030, Registering a CAGR of 6.2%

Strategic Insights

— 2 min read

The global PV inverter market is expected to grow significantly over the forecast period, driven by the increasing demand for solar energy-generated clean electricity. The market size is projected to reach USD 15.85 billion by 2030, with a compound annual growth rate (CAGR) of 6.2% over the period. Key drivers of the market include the reduction in renewable power generation costs, growing demand for steady power supply in harsh climatic conditions or remote locations, and favorable government policies promoting clean fuel usage.

Key Takeaways:

  • The central PV inverter emerged as the largest segment in 2021, accounting for a revenue share of 49.81% due to its enhanced efficiency, easy installation, and availability of three-phase variations.
  • The U.S. is the largest market in North America, driven by the government's efforts to reduce carbon emissions from the power sector and curb greenhouse gas emission from power plants.
  • The residential end-use segment is expected to witness significant growth over the forecast period, driven by increased demand for solar renewable energy among consumers for electrification purposes, home appliances, and other applications.
  • Asia Pacific accounted for the largest market revenue share in 2020, with China being the largest contributor to the regional market growth, driven by a growing number of solar installations in developing nations.
  • Key factors affecting the market include anti-dumping tariffs, which have been levied by several countries on account of price deterioration, and supportive steps taken by governments to extend the deadline for new and under construction solar power projects.
  • Companies mentioned in the report include Fimer Group, Sma Solar Technology AG, Siemens Energy, Delta Electronics, Inc, and Sunpower Corporation.

Statistics:

  • The global PV inverter market size is expected to reach USD 15.85 billion by 2030, with a CAGR of 6.2% over the forecast period.
  • The central PV inverter segment accounted for a revenue share of 49.81% in 2021.
  • The U.S. accounted for the largest market revenue share in North America in 2021.
  • The residential end-use segment is expected to grow at a CAGR of 7.5% over the forecast period.
  • The Asia Pacific market revenue share was 44.27% in 2020, driven by China's significant contribution to the regional market growth.

Sources:

  • "PV Inverter Market Size, Share & Trends Analysis Report by Product (Central, String, Micro), by End-use (Residential, Commercial & Industrial, Utilities), and Segment Forecasts, 2022-2030" report by ResearchAndMarkets.com
  • BusinessWire.com news article, "PV Inverter Market Size, Share & Trends Analysis Report by Product (Central, String, Micro), by End-use (Residential, Commercial & Industrial, Utilities), and Segment Forecasts, 2022-2030" report by ResearchAndMarkets.com
  • NewsRx LLC, "PV Inverter Market Size, Share & Trends Analysis Report by Product (Central, String, Micro), by End-use (Residential, Commercial & Industrial, Utilities), and Segment Forecasts, 2022-2030" report by ResearchAndMarkets.com

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