Global Solar Inverter Market Growth Prospects 2023-2028: Opportunities Amidst Competition from Alternative Energy Sources

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Feb 07, 2024, 21:30 ET

DUBLIN, Feb. 7, 2024 /PRNewswire/ -- The "Solar Inverter Market Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.

Expanding Solar Inverter Market to Power Through with Projected Robust CAGR until 2028

A comprehensive research publication has now been added to our industry analysis segment detailing the anticipated expansion and market dynamics of the solar inverter landscape from 2023 through 2028. Forecasting a substantial compound annual growth rate (CAGR) of 8.09%, the solar inverter market is set to increase from a value of US$12.467 billion in 2021 to an impressive US$21.485 billion by the end of the forecast period.

This detailed study offers a panoramic view of the market, emphasizing the crucial role of solar inverters in shaping the future of renewable energy utilization. Solar inverters are fundamental equipment in translating the variable direct current (DC) output of solar panels into a grid-compatible alternating current (AC), thus facilitating the broader adoption of solar technology across various sectors.

Key Factors Contributing to Market Growth

High Demand from Residential and Commercial Sectors: Increasing awareness and integration of solar energy solutions into everyday applications are generating a significant uplift in the market size.
Grid Infrastructure Development: Government policies aimed at modernizing energy grids are expected to bolster market expansion, enabling more efficient integration of solar energy.

Regional Expectations and Competitive Landscape

The Asia-Pacific region is predicted to take the lead, with countries like China, India, Japan, and Australia contributing to a high volume of solar installations. The region's progress is underpinned by strategic government initiatives that support solar power infrastructure development.

In addition to the regional analysis, the publication provides a spotlight on recent developments in the solar inverter market:

In May 2023, SolaX released a novel hybrid inverter designed for heightened residential efficiency.
Solis' innovative 'S6' power hybrid inverter hit the market in May 2023, boasting advanced features adaptable to diverse power systems.
The cutting-edge SOFAR 100-125KTL-G4 string inverter, launched in January 2023, is reshaping expectations with unparalleled current capacity.
Reliance Industries' acquisition of a significant stake in Sterling and Wilson Renewable Energy in February 2022 is projected to have a pivotal role in the industry's competitive field.

Opportunities Amidst Competition from Alternative Energy Sources

Though confronted by alternative renewable energy sources such as wind and hydropower, solar inverters continue to be an integral part of the evolving energy matrix. The analysis also includes the challenges and influences of external market conditions on solar inverter adoption.

The publication offers a strategic toolkit for stakeholders to understand the precise dynamics and future trajectory of the solar inverter market, outlining opportunities, threats, and the advent of novel technologies set to define the renewable energy domain.

Company Profiles

ABB
General Electric
Schneider Electric
Huawei Technologies Co., Ltd
TMEIC (Toshiba & Mitsubishi Electric)
SolarEdge Technologies Inc.
SUNGROW Power
SMA Solar Technology AG
Enphase Energy
Yaskawa Electric Corporation

Segmentation

By Type

String Inverters
Micro-Inverters
Grid-Tie Inverters
Others

By Solar Panel Type

Monocrystalline
Polycrystalline
Thin-Firm Solar Panel

By End-User

Residential
Commercial
Industrial

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
UK
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
South Korea
India
Australia
Others

For more information about this report visit https://www.researchandmarkets.com/r/s0a6gn

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