Solar Inverter Market Size

Solar Inverter Market Growth Projections and Opportunities

The global solar inverter market has been on the rise in recent years, and this upward trend is expected to continue in the coming years. The driving forces behind this growth include the increasing installation of solar power systems, government initiatives and policies, and a focus on reducing carbon emissions. While there are challenges such as the high cost of solar inverters and maintenance expenses, certain market trends, such as the use of solar power in remote areas, are contributing to the market's expansion.

One of the key regions fueling the growth of the global solar inverter market is Asia-Pacific. In 2017, this region dominated the market, accounting for a substantial 64.9% of the total market share. The market value in Asia-Pacific reached USD 5,636.2 million in the same year and is anticipated to maintain a steady growth rate with a Compound Annual Growth Rate (CAGR) of 12.36% throughout the forecast period.

Following closely behind is North America, securing its position as the second-largest revenue-generating region for the global solar inverter market. In 2017, North America held a market value of USD 1,456.1 million and is expected to continue growing at a CAGR of 12.24%. Meanwhile, Europe is also a significant contributor to the market's revenue.

Interestingly, the Rest of the World (RoW) region is projected to experience the highest Compound Annual Growth Rate (CAGR) of 13.97%. This signifies a rapid expansion of the solar inverter market in areas outside Asia-Pacific, North America, and Europe.

The primary factors propelling the global solar inverter market forward include the increasing adoption of solar power systems. As the world recognizes the importance of sustainable energy sources, more solar power installations are taking place. Governments around the globe are also playing a crucial role by implementing policies and initiatives that promote the use of solar energy. These efforts contribute to creating a favorable environment for the growth of the solar inverter market.

However, it's essential to acknowledge the challenges faced by the market. The high cost of solar inverters is a significant hurdle, making it a barrier for some potential users. Additionally, the maintenance costs associated with these inverters pose another challenge. Overcoming these challenges will be crucial for the sustained and widespread adoption of solar inverters.

Despite these obstacles, certain market trends are driving the growth of the solar inverter market. One notable trend is the use of solar power in remote areas. As technology advances and becomes more accessible, harnessing solar energy in places without access to traditional power sources becomes increasingly feasible. This trend not only contributes to market growth but also addresses energy needs in areas that were previously underserved.