The global solar inverter market size is expected to grow from $12.04 billion in 2021 to $13.38 billion in 2022 at a compound annual growth rate (CAGR) of 11.14%. The global solar inverters market size is expected to grow to $22.44 billion in 2026 at a CAGR of 13.80%.
What is the Global Solar Inverter Market?
The solar inverter market consists of sales of solar inverters by entities (organizations, partnerships, and sole proprietors) that are significant parts of the solar power system. A solar inverter turns the energy produced by solar panels into usable electricity that can be used in a house or office. A solar inverter converts the variable direct current, or 'DC' power from your solar panels into alternating 120V/240V current, or 'AC' power.
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What drives the Global Solar Inverter Market?
Rapid development in the renewable energy sector is significantly driving the growth of the solar inverter market. Solar power's rapid growth in recent years has given new life to global efforts to reduce greenhouse gas emissions and mitigate the worst effects of climate change. Solar inverters are the engine of renewable energy growth. For instance, according to the International Energy Agency (an intergovernmental organization), global renewable electricity capacity is expected to increase by more than 60% from 2020 levels to over 4,800 gigawatts (GW) by 2026, equalling the total global power capacity of fossil fuels and nuclear combined. Additionally, solar PV continues to be the engine of renewable energy growth, with capacity additions expected to rise by 17% in 2021 to a new high of nearly 160 GW. Therefore, the rapid development in the renewable energy sector is projected to boost the growth of the solar inverter market.
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Global Solar Inverter Market Segments
The global solar inverter market is segmented:
By Type: Central Inverter, Micro Inverter, String Inverter
By System-Type: On-Grid, Off-Grid
By End-Use: Residential, Commercial, Utilities
By Geography: The regions covered in the solar inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Solar Inverter Global Market Report 2022provides market size and growth forecasts for the global solar inverter market, global solar inverter market share, solar inverter market segments and geographies, solar inverter market competitive landscape including leading competitors’ revenues, profiles and market shares. The solar inverter market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Solar Inverter Industry Playersinclude ABB, Sma Solar Technology AG, Canadian Solar, Solaredge Technologies Inc, Delta Electronics Inc., Solectria Renewables LLC, Omron Corporation, Hitachi Hi-rel Power Electronics Private Limited, Power Electronics S.L, Schneider Electric, Sunpower, Fimer S.p.A, Fronius International GmbH, Tabuchi Electric Co. Ltd, General Electric Company, and Enphase Energy Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
