What Has Been the Progress and Growth of the Residential Solar PV Inverter Market in Recent Years?
The residential solar pv inverter market has seen considerable growth due to a variety of factors.
• In recent years, the market size for residential solar pv inverters has seen a significant increase. The market, which was valued at $5 billion in 2024, is projected to rise to $5.44 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%.
The growth witnessed in the past years could be tied to trends in electricity pricing, the state of the global economy, consumer educational projects, as well as both market liberalization and competition.
What Is The Expected Growth In The Residential Solar PV Inverter Market Size Evolve over the Forecast Period?
The residential solar pv inverter market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to experience robust growth in the coming years, the residential solar pv inverter market is forecasted to expand to a valuation of $7.13 billion by 2029, delivering a compound annual growth rate (CAGR) of 7.0%.
This projected growth during the forecast period can be accredited to the escalating concerns over energy independence, integration of energy storage, increased consumer knowledge and consciousness, as well as integration into smart homes. Leading trends during this period include technological progress, the emergence of smart inverter technology, hybrid solar inverter systems, and enhanced system integration.
What Main Forces Are Fueling Expansion In The Residential Solar PV Inverter Market?
The surge in the need for renewable energy is predicted to drive the expansion of the residential solar PV inverter market in the future. Renewable energy includes eco-friendly and sustainable power sources such as solar, wind, hydro, and geothermal, which are naturally renewable. Solar PV inverters play a crucial role in renewable energy systems as they transform DC electricity into AC electricity, maximize energy output, guarantee system safety, and offer system monitoring and management services. For example, the International Energy Agency, a government institution based in France, reported in January 2024 that renewable electricity capacity additions had climbed to an estimated 507 GW in 2023, nearly 50% more than in 2022, with solar PV and wind accounting for an unprecedented 96% of this. Consequently, the growing need for renewable energy is fueling the expansion of the residential solar PV inverter market.
What Are The Primary Segments In The Global Residential Solar PV Inverter Market?
The residential solar pv inverter market covered in this report is segmented –
1) By Type: Central Inverter, String Inverter, Micro Inverter
2) By Connection: On-Grid, Off-Grid
3) By Application: Single Phase, Three Phase
4) By End-User: Residential, Commercial, Utilities
Subsegments:
1) By Central Inverter: High-Power Central Inverters, Medium-Power Central Inverters
2) By String Inverter: Standard String Inverters, Optimized String Inverters
3) By Micro Inverter: Grid-Tied Micro Inverters, Battery-Integrated Micro Inverters
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What Trends Are Shaping The Residential Solar PV Inverter Market?
Prominent entities functioning in the area of residential solar PV inverters are working on creating advanced tech solutions, such as superior power hybrid inverters, in order to increase their market earnings. A superior power hybrid inverter integrates the utility of a solar inverter with a battery charger. Its design allows it to handle power from solar panels, batteries, and the utility grid all at once. For example, Ginlong (Solis) Technologies, a solar inverter manufacturer and distributor from China, introduced its latest product, the S6 Advanced Power Hybrid Inverter, in South Africa in April 2023. This highly efficient residential solar PV inverter, with an efficiency level of 97.6%, operates as an independent power source aimed at varied businesses aligning solar PV, generator options, and battery storage with the grid. The Solis S6 Advanced Power Hybrid Inverter allows smooth integration of generators with diverse input modes and automated on-off control through enhanced communication and control systems. It comes in four models offering PV input power ranging from 42 kW to 70 kW, a maximum total load capacity of 48 kW, and a maximum input voltage of 1000 V.
Who Are the Key Players In The Residential Solar PV Inverter Market?
Major companies operating in the residential solar PV inverter market are:
• Huawei Technologies Co. Ltd.
• Siemens Aktiengesellschaft (AG)
• General Electric Company
• Panasonic Corporation
• Mitsubishi Electric Corporation
• Schneider Electric SE
• ABB Ltd.
• Eaton Corporation
• Emerson Electric Co.
• Delta Electronics Inc.
• Sungrow Power Supply Co. Ltd.
• Canadian Solar Inc.
• GoodWe Technologies Co. Ltd.
• Omron Corporation
• Yaskawa Solectria Solar
• Solar Edge Technologies Inc.
• Enphase Energy Inc.
• SunPower Corporation
• Ginlong Technologies Co. Ltd.
• SMA Solar Technology AG
• Darfon Electronics Corp.
• Power Electronics S.L
• Fronius International GmbH
• Hitachi Hi-Rel Power Electronics Private Limited
• Altenergy Power System Inc.
• Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC)
• Sineng Electric Co. Ltd.
• Fimer Group S.p.A
• Refu Elektronik GmbH
What Is The Most Dominant Region In The Residential Solar PV Inverter Market?
Asia-Pacific was the largest region in the residential solar PV inverter market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the residential solar pv inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
