Due to the rapid development of the renewable energy sector, the solar inverter market is projected to grow at a rate of 14% according to the 2022 Solar Inverter Global Market Report by the economic research firm – GlobeNewswire
LONDON, April 7, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the solar inverter market, the rapid development in the field of renewable energy is driving the growth of the solar inverter market significantly. The rapid growth of solar energy in recent years has breathed new life into global efforts to reduce greenhouse gas emissions and mitigate the worst effects of climate change. Solar inverters are the engines of renewable energy growth. For example, according to the International Energy Agency (an intergovernmental organization), global electricity capacity from renewable sources is expected to increase by more than 60% from 2020 levels to over 4,800 gigawatts (GW) by 2026, equivalent to the total global electricity capacity from fossil fuels and nuclear power combined. Additionally, solar PV continues to be the engine of renewable energy growth, with capacity expansions projected to increase by 17% in 2021 to a new high of nearly 160 GW. Therefore, the rapid development of the renewable energy sector is expected to boost the growth of the solar inverter market.
The global solar inverter market size is expected to continue growing $12.04 billion in 2021 to $13.38 billion in 2022 at a compound annual growth rate (CAGR) of 11.14%. The global solar inverter market share is expected to grow $22.44 billion in 2026 at a CAGR of 13.80%.
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Technological advancement is gaining popularity among the industry trends in the solar inverter market. The major players in the solar inverter market are focused on developing new technological solutions to strengthen their position in the market. For example, Fronius, an Austrian manufacturer of solar inverters, launched the hybrid inverter Primo GEN24 Plus for private households in March 2021. The single-phase 230 V device is available in six power classes from 3 to 6 kilowatts (kW) and a DC input voltage range from 65 to 600 V. This inverter has a feature called PV Point that acts as a backup outlet that provides backup power without the use of a battery. This can be used to power essential household items such as laptops, smartphones and small freezers.
Major players in solar inverter market are 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 SL, Schneider Electric, Sunpower, Fimer SpA, Fronius International GmbH, Tabuchi Electric Co. Ltd, General Electric Company and Enphase Energy Inc.
Global solar inverter market is segmented by type into central inverter, microinverter, string inverter; by system type in on-grid, off-grid; by end use in residential, commercial and utility companies.
Asia Pacific was that largest region in the solar inverter market in 2021. Asia Pacific is expected to be the fastest growing region in the global solar inverter market during the forecast period. The regions covered in global Solar Inverter Market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Solar Inverter Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company providing Solar Inverter market overviews, Solar Inverter market analysis, and Solar Inverter market size and growth forecast Inverters provides overall Solar Inverters market, market segments and regions, Solar Inverters market trends, Solar Inverters market drivers, Solar Inverters market constraints, Revenues of the leading Solar Inverters market competitors, profiles and market shares in 1,000+ industry reports covering 2,500+ market segments and 60 geographies.
The report also includes an in-depth analysis of the impact of COVID-19 on the market. The reports are backed by 150,000 datasets, extensive secondary research and exclusive insights from interviews with industry leaders. A very experienced and competent team of analysts and modelers creates market analyzes and forecasts. The reports identify the key countries and segments for opportunities and strategies based on market trends and approaches by leading competitors.
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