Europe PV Inverter Market Overview:
Europe's PV Inverter Market Size was valued at USD 2.6 Billion in 2022. The Photovoltaic Inverter market is projected to grow from USD 2.86 Billion in 2023 to USD 6.23 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.20% during the forecast period (2023 - 2032). The declining costs of solar panels and technologies are one of the major market drivers driving the PV Inverter market in Europe. Industries are adopting PV inverters to modernize the power grid to accommodate distributed energy resources.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe PV Inverter Market Trends
-
The growth of smart and hybrid inverters is driving the market growth
The European PV Inverter market CAGR is expanding due to the transition towards smart and hybrid inverters. Smart inverters integrate advanced communication and monitoring capabilities, allowing for better control and optimization of solar energy systems. These inverters facilitate grid integration by providing real-time energy production and consumption data. Additionally, smart inverters support functionalities such as reactive power control and voltage regulation, contributing to grid stability. The European solar industry is increasingly adopting smart inverters to enhance solar P.V. systems' overall efficiency and performance. Moreover, the rise of hybrid inverters, which enable the integration of energy storage solutions, aligns with the growing interest in combining solar power with energy storage for enhanced energy management and grid support. This trend reflects a broader industry focus on creating intelligent and flexible solar energy systems.
Furthermore, the growth of the Europe PV Inverter market is influenced by the dominance of string inverters and the trend towards decentralized solar power generation. String inverters, connected to multiple solar panels in a string configuration, offer cost-effective solutions for residential and commercial solar installations. The preference for string inverters is driven by their scalability, ease of installation, and ability to optimize energy production in variable shading conditions. Furthermore, there is a shift towards decentralized solar power generation, emphasizing distributed energy resources. This trend aligns with the broader goals of achieving energy independence, reducing transmission and distribution losses, and increasing the power grid's resilience. Decentralized solar installations with string inverters allow for local energy production, reducing dependence on centralized power plants and promoting a more sustainable and resilient energy infrastructure in Europe. Thus driving the P.V. Inverter market revenue.
Europe PV Inverter Market Segment Insights:
PV Inverter Product Insights
The Europe PV Inverter market segmentation, based on product, includes String, Micro, Central, Hybrid, and Others. The string segment dominated the market. It is a type of photovoltaic inverter that is prominent for its efficiency in converting direct current (D.C.) generated by solar panels into alternating current (A.C.). Their popularity in the European market is attributed to their modular design, cost-effectiveness, and suitability for residential and commercial solar installations. This product segment is pivotal in advancing solar energy adoption across Europe.
PV Inverter Phase Insights
The Europe PV Inverter market segmentation, based on phase, includes Single, Two, and Three phases. The three-phase category generated the most income. They are widely adopted in solar photovoltaic systems because they handle higher power capacities efficiently. Their robust performance makes them suitable for commercial and industrial applications, providing stable and reliable power conversion for larger European solar installations.
PV Inverter Connectivity Insights
The Europe PV Inverter market segmentation, based on connectivity, includes Standalone, On-grid, and Battery backup. The standalone category generated the most income. These inverters operate independently, converting direct current (D.C.) from solar panels into usable alternating current (A.C.) for electrical systems. This connectivity option provides flexibility and autonomy in solar energy systems, making it a popular choice for photovoltaic inverters in the European market.
PV Inverter Output Power Insights
The Europe PV Inverter market segmentation, based on output power, includes Up to 1 kW, 1-5kW, 5-30kW, 30-70kW, 70-100kW and Above 100kW. The up to 1kW category generated the most income. These inverters cater to smaller-scale solar installations, providing efficient power conversion for residential and small commercial solar photovoltaic (PV) systems. The up-to-1kW segment reflects a growing trend in decentralized and distributed solar energy generation, supporting the integration of renewable energy sources into smaller-scale applications across Europe.
PV Inverter Output Rating Insights
The Europe PV Inverter market segmentation, based on output rating, includes Up to 250V, 250-330V, 330-415V, 415-600V, and more than 600V. The up to 250V category generated the most income. It caters to solar power systems with lower voltage requirements, providing a suitable solution for smaller-scale installations. Inverters in this range are designed to efficiently convert photovoltaic-generated electricity for optimal performance in systems with lower voltage specifications, contributing to the versatility of solar energy applications in the European market.
PV Inverter End-user Insights
The Europe PV Inverter market segmentation, based on end-user industry, includes Residential, Commercial, Industrial, and Utility. The residential segment generated the most income. With rising awareness of sustainable energy, residential users are installing photovoltaic systems to harness solar power. PV inverters are crucial in converting solar energy into usable electricity for households. This segment witnesses robust growth as individuals seek renewable energy solutions, contributing to the overall expansion of the European PV inverter market.
Figure 1: Europe PV Inverter Market, by End-user Industry, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
PV Inverter Country Insights
In recent years, the rapid expansion of renewable energy targets has resulted in a boom in demand for PV inverters in Europe. As a solar power leader, Germany boasts a robust market driven by government incentives and a focus on renewable energy. In contrast, Spain has experienced a resurgence in solar projects, stimulating inverter demand. Residential installations and favorable regulatory frameworks drive Italy's market. France emphasizes energy transition, fostering growth in the PV inverter sector. Ambitious renewable energy targets and supportive policies influence the United Kingdom's market. Eastern European countries like Poland and Hungary are witnessing increased solar adoption, contributing to the regional market's expansion. Europe's PV inverter landscape reflects a dynamic mix of policy support, market maturity, and environmental consciousness driving solar energy adoption.
Figure 2: EUROPE PV Inverter Market Share By Region 2022 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
PV Inverter Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Europe PV Inverter market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The PV Inverter industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Major players in the Europe PV Inverter market are attempting to increase market demand by investing in research and development operations, including Solar Edge Technologies, Siemens Energy, Fimer Group, SMA Solar Technology AG, Delta Electronics, Inc., Sun Power Corporation, Omron Corporation, Eaton Corporation, Emerson Electric Co. and Power Electronics S.L.
Key Companies in the Europe PV Inverter market include
- Solar Edge Technologies
- Siemens Energy
- Fimer Group
- SMA Solar Technology AG
- Delta Electronics, Inc.
- Sun Power Corporation
- Omron Corporation
- Eaton Corporation
- Emerson Electric Co.
- Power Electronics S.L.
PV Inverter Industry Developments
July 2021:Solar Edge announced the launch of its 100kW three-phase inverter, SE100K, equipped with synergy technology and designed to improve the profitability of larger PV installations in the U.K.
Europe PV Inverter Market Segmentation:
PV Inverter Product Outlook
- String
- Micro
- Central
- Hybrid
- Others
PV Inverter Phase Outlook
- Single Phase
- Two-Phase
- Three Phase
PV Inverter Connectivity Outlook
- Standalone
- On-grid
- Battery Backup
PV Inverter Output Power Outlook
- Up to 1 kW
- 1-5kW
- 5-30kW
- 30-70kW
- 70-100kW
- Above 100kW
PV Inverter Output Rating Outlook
- Up to 250V
- 250-330V
- 330-415V
- 415-600V
- More than 600V
PV Inverter End-user Industry Outlook
- Residential
- Commercial
- Industrial
- Utility
PV Inverter Regional Outlook
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Sweden
- Denmark
- Luxembourg
- Norway
- Austria
- Rest of Europe
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 2.6 Billion |
| Market Size 2023 |
USD 2.86 Billion |
| Market Size 2032 |
USD 6.23 Billion |
| Compound Annual Growth Rate (CAGR) |
10.20% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Product, Phase, Connectivity, Output Power, Output Rating, End-user Industry, and Region |
| Region Covered |
Europe |
| Countries Covered |
Germany, France, UK, Italy, Spain, Sweden, Denmark, Luxembourg, Norway, Austria, and Rest of Europe |
| Key Companies Profiled |
Solar Edge Technologies, Siemens Energy, Fimer Group, SMA Solar Technology AG, Delta Electronics, Inc., Sun Power Corporation, Omron Corporation, Eaton Corporation, Emerson Electric Co., and Power Electronics S.L. |
| Key Market Opportunities |
Ongoing advancements in PV Inverter technologies |
| Key Market Dynamics |
Decrease in the costs of solar photovoltaic technology Educating people about the benefits of solar energy |
Europe PV Inverter Market Highlights:
Frequently Asked Questions (FAQ) :
The Europe PV Inverter market size was valued at USD 2.6 Billion in 2022.
The market is projected to grow at a CAGR of 10.20% during the forecast period, 2023-2032.
The key players in the market are Solar Edge Technologies, Siemens Energy, Fimer Group, SMA Solar Technology AG, Delta Electronics, Inc., Sun Power Corporation, Omron Corporation, Eaton Corporation, Emerson Electric Co., and Power Electronics S.L.
The string category dominated the market in 2022.
The three-phase category had the largest share of the market.
The standalone category had the largest share of the market.
The up to 1 kW category had the largest share in the market.
The up-to-250V category had the largest share of the market.
The residential category had the largest share of the market.
