Solar Inverter Market is projected to grow with a 5.78% CAGR by 2030

Pune, India, April 2021, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Solar Inverter Market.

Overview

The solar inverter market will witness a healthy growth from 2022 to 2030, a research report suggests. Growing at a CAGR of 5.78%, the market is projected to reach USD 18.97 billion by 2030. Continuous infrastructural development is expected to support the market growth along with the rising demand for uninterrupted electricity supply. As predicted by analysts, the high cost of deployment will negatively affect the market’s performance from 2022 to 2030.

During the forecast period, the market will be supported by expansion in the construction activities and the increasing awareness regarding greenhouse gas effect. High cost of products on the other hand will challenge power generation sector based organizations functioning in the global solar inverter market. Analysts have split the market into technology, applications, and voltage segments based on products and services. Power generation based companies have been profiled.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Solar Inverter Market Research Report

The lack of awareness among 2030 is set to affect the global market during the forecast period 2022 to 2030. The report also provides the market’s performance forecasts till 2030. Analysts have studied the strategy of power generation segment based organizations to help new entrants and established businesses. The power generation sector itself is supported by higher efficiency in the long run as well as the rising cognizance of environmental issues. During the forecast period 2022 to 2030, the solar inverter market is set to witness a health growth across technology, applications, and voltage segments as well as regional markets.

Market Segmentation

The power generation sector has seen growth across technology, applications, and voltage segments owing to the use of renewable energy sources for power generation and reliable, safe and green power. To study the market, analysts have further segmented technology, applications, and voltage into central inverter, micro inverter and string inverter on the basis of technology. The market is further segmented into system type sub segment which is split into on-grid and off-grid. Additionally, the solar inverter market on the basis of applications is segmented into residential, commercial, and utilities. The market is further segmented into voltage sub segment which is split into 0 to < 1000 v, 1000 - 1499 v, and more than 1500 v.

The segmental analysis presented in the report provides power generation field based organizations insights into key growth factors such as growing focus on renewable energy sources as well as challenges such as low awareness levels the market will face from 2022 to 2030. Opportunities in the residential applications and technological advancements are some of the key factors having an influence on power generation industry based companies, suggest analysts as per the solar inverter market report. But the report also identifies the increasing cost of raw materials and the concerns regarding efficiency as major threats companies in power generation will face till 2030. 

Regional Overview

Power generation market based companies in the solar inverter market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The presence of many untapped opportunities across the market will be a key growth driver for regional markets. However, concerns regarding high initial costs involved in installment will turn out to be a threat. For the forecast period 2020 to 2025 each of these regional markets are studied in the report. Starting from North America, the regional market and power generation vertical based companies are spread across the United States, Canada, and Mexico. The growing demand for alternative solutions will turn out to be a major challenge from 2022 to 2030.

Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by growing investments across different sectors as well as the increasing disposable income, suggests the report. Similarly, the power generation sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the solar inverter market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2030.

Competitive Landscape

The global solar inverter market research report brings a comprehensive study of technology, applications, and voltage market segments, regional analysis, and power generation vertical based company details of key players. As the forecast period 2022 to 2030 will bring new opportunities for the market owing to the growing demand for innovative products and the growing awareness, the market is set to grow at a compound annual growth rate of 5.78% and is predicted to reach a value of USD 18.97 billion by 2030. With SWOT analysis of power generation sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as lack of marketing communication in developing countries and low income levels, companies in the power generation sector can change the way business is done.

Industry News

Since the Swiss engineering group bought the inverter company in 2013, sales have plummeted. Inverters turn direct power from solar panels into alternating current that can be fed into the electricity grid. Despite the fact that solar power is the fastest-growing form of electricity generation, equipment prices have fallen in recent years as a result of increased Chinese competition and demand. ABB did not mention whether it tried to sell the company until opting to sell it to FIMER, but it did say that the operating EBITA margin at its electrification division would increase by more than 50 basis points as a result of the divestiture.