As per this study the Global PV Inverters Market was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2027 with a CAGR of XX%.
Photovoltaic inverters also known as solar inverters are basically renewable energy systems that convert DC power from the solar panel into AC power which can be directly used in home appliances. Photovoltaic inverters can be categorized under central, string, micro, hybrid and battery inverters. Micro and string PV inverters are commonly used inverters that comes in single and three phase versions. Single phase inverter can be used for residential purposes whereas three-phase inverters are used in industries and other utilities.
The increasing demand for renewable energy systems such as PV inverters because of high power consumption is propelling the market of PV inverters. Moreover, reduction in renewable power generation costs is further boosting the market growth. On the other hand, use of substitute such as hydropower energy system, because of the high efficiency of electricity generation, restrain the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of PV inverters.
The broad PV inverters market has been sub-grouped into product and end-use. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
- Commercial & Industrial
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for PV inverters in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global PV Inverters Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the PV inverters market include ABB, Delta Electronics, Inc., Eaton, Emerson Electric Co, Hitachi Hi-Rel Power Electronics Pvt. Ltd., Omron Corporation, Power Electronics, Siemens AG, SMA Solar Technolgy AG, SunPower Corporation. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.