Rising demand for cost-effective inverters in India is driving the popularity of solar inverters, with central inverters anticipated to dominate the market with a projected 78.9% market share by 2033
NEWARK, Del., Nov. 9, 2023 /PRNewswire/ -- The solar inverter market is on the brink of a substantial valuation, projected to reach US$ 11,660.98 million by 2023. The growth is primarily driven by the burgeoning interest and insights surrounding the solar inverter market. The trend is expected to open doors to new opportunities within the market, with a projected CAGR of 6% from 2023 to 2033. By 2033, the market is poised to soar to an estimated total valuation of around US$ 20,883.04 million.
The solar inverter market is on a trajectory of remarkable growth, primarily driven by several key factors reshaping the renewable energy landscape. Rapid advancements in technology and installation processes are significantly simplifying solar inverter installations. These innovations are enhancing the performance and efficiency of solar inverters, making solar power systems more accessible and effective.
A crucial driver of this growth is the increasing preference for green energy solutions. Solar energy, in particular, has gained immense popularity due to its renewable and sustainable nature. Governments worldwide actively promote and invest in solar energy projects to electrify rural areas and meet the growing demand for clean energy. This not only expands access to electricity but also reduces the environmental impact, making solar energy an attractive option.
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The global surge in solar power plants is another pivotal driver of the solar inverter market. These power plants are integral components of the transition to renewable energy sources. The on-grid solar inverters play a crucial role in efficiently connecting these power plants to the electrical grid. This integration ensures a stable and reliable power supply, meeting the energy needs of both residential and commercial consumers.
The increasing adoption of solar energy solutions, combined with advancements in technology and government initiatives, is propelling the market forward. Solar inverters are at the core of this transformation, enabling the efficient use of clean energy and contributing to a more sustainable future.
Key Takeaways from the Market Study
- The market valuation in 2022 was US$ 11,087.02 million.
- Based on system, on-grid is expected to dominate at a market share of 69.2% in 2023.
- Based on type, the central inverter will register at a market share of 78.9% in 2023.
- The United States is estimated to expand at a CAGR of 5.20% by 2033.
- Germany experiences significant growth, projected at a CAGR of 5.80% by 2033.
"A pivotal driver in the market is the grid resilience provided by smart inverters where these advanced devices can ride through minor disruptions, including voltage changes is, thus, considered one of the major drivers of the solar inverter market," says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
The solar inverter industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on the introduction of eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Key Companies Profiled: Siemens AG, Fimer Group, SMA Solar Technology AG, Delta Electronics Inc., SunPower Corporation, Omron Corporation, Eaton, Emerson Electric Co., ABB Ltd, Mitsubishi Electric Corporation, Schneider Electric SE
Some of the key developments are-
- In April 2023, Mitsubishi Electric Corporation announced it had decided to restructure its automotive equipment business drastically.
- The restructure is designed to streamline decision-making in the business and accelerate the transformation of the company automotive equipment business in the face of rapid changes in this industry, including the shift to connected, autonomous, shared and service, and electric (CASE).
- In September 2023, ABB spent $280 million on a new robotics factory in Sweden, the Swiss engineering and technology group, and met the growing demand from customers moving back production from Asia to avoid supply chain log-jams.
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More Valuable Insights Available
Future Market Insights offers an unbiased global solar inverter market analysis, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the solar inverter market is segmented based on major By Type (Central Inverter, Micro-Inverter, String Inverter), By System Type (Off Grid, On Grid), By Phase (Single Phase, Three Phase), By End-Use (Residential, Commercial and Industrial, Utilities), and by region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa)
What does the Report say?
The research study is based on type (central inverter, micro-inverter, and string inverter), by system type (off grid and on grid), by phase (single phase and three phase), and by end-use (residential, commercial and industrial, and utilities).
With renewable energy sources being increasingly adopted for commercial and residential spaces, the global solar inverter market is likely to grow on a remarkable note in the upcoming period.
About the Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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Author By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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