Photovoltaic Inverter Market size to grow by USD 4,054.38 million from 2022 to 2027, ABB Ltd. and Canadian Solar Inc. emerge as key contributors to growth - Technavio

NEW YORK, June 2, 2023 /PRNewswire/ -- The photovoltaic inverter market is expected to grow by USD 4,054.38 million from 2022 to 2027. The market is estimated to be progressing at a CAGR of 7.3% during the forecast period. APAC is estimated to account for 52% of the growth of the global photovoltaic inverter market during the forecast period. The market in the region is estimated to grow at the fastest pace during the forecast period. The regional market growth for photovoltaic inverters can be attributed to the increasing adoption of renewable energy and favorable government policies and incentives to support the development of the solar energy industry. China is the largest market for photovoltaic inverters in the region with the Chinese government having set ambitious targets for renewable energy development, including increasing the share of non-fossil fuels in primary energy consumption from 16% in 2020 to 20% by 2025. Furthermore, other countries in the Asia-Pacific region such as Japan, South Korea, and Australia are also experiencing significant growth in the photovoltaic industry, increasing the demand for photovoltaic inverters. Hence, such factors make APAC a leading region for market growth during the forecast period. For more insights on market size - Request the Sample Report

Photovoltaic Inverter Market: Segmentation Analysis

Technavio has segmented the photovoltaic inverter market by product (string, central, and micro), type (on-grid and off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America). 

• The market share growth by the string segment will be significant during the forecast period. Governments around the world offer incentives to install solar power systems,  increasing the demand for string inverters. Another demand-driving factor for the market is their reliability and efficiency and some inverters are designed to handle large amounts of power, which makes them suitable for use in commercial and industrial environments. Additionally, it is highly efficient and can convert the direct current produced by solar panels into alternating current that can be used to power buildings. Hence, such factors drive segment growth for string inverters during the forecast period.

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Key factors driving market growth

• Rising demand for renewable energy notably drives the Photovoltaic (PV) Inverter Market growth. Environmental benefits and government support, the falling cost of solar panels, and the increased efficiency of photovoltaic inverters are some of the factors that make solar power systems more affordable and attractive to consumers. This results in the demand for photovoltaic inverters growing rapidly.
• Furthermore, as people and businesses become more aware of the environmental benefits of renewable energy, photovoltaic systems have become a popular choice for power generation. Thus, this will create a favorable market environment for photovoltaic inverter manufacturers as more people will invest in solar energy systems. Hence, the increasing demand for renewable energy is driving the growth of the market as more people and businesses adopt photovoltaic systems to meet their energy demands.

Leading trends influencing the market

• The rapid growth of smart cities is an emerging trend influencing the photovoltaic (PV) inverter market growth. The need to improve urban sustainability, energy efficiency, and quality of life drives the demand for smart cities. A key component of smart cities is the integration of renewable energy sources, especially solar energy. These inverters play a key role here as they are required to convert the DC power produced by solar panels into AC power that can be used to power buildings and infrastructure.
• They often have advanced energy management systems that use data and analytics to optimize energy use and reduce costs. Moreover, since more cities and urban areas around the world become smarter and adopted renewable energy sources such as solar power, the demand for photovoltaic inverters is expected to increase further. Hence, such factors boost the market growth during the forecast period.

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Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth, and market  share, among others, Buy the Report

What are the key data covered in this photovoltaic (PV) inverter market report?

• The photovoltaic inverter market size is expected to accelerate at a CAGR of  7.3% during the forecast period.
• The photovoltaic inverter market is segmented into the product (String, Central, and Micro), Type (On-grid and Off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
• The market is fragmented due to the presence of many/few established vendors holding significant market share.
• The research report offers information on several market vendors, including ABB Ltd., Canadian Solar Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., SunPower Corp., and Yaskawa Solectria Solar

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The Solar Hybrid Inverter Market is poised to grow by USD 76.44 million during 2022-2026, accelerating at a CAGR of 10.19% during the forecast period. Furthermore, this report extensively covers solar hybrid inverter market segmentation by end-user (commercial and residential) and geography (APAC, Europe, North America, MEA, and South America).  One of the key factors driving the solar hybrid inverter market growth is the rise in solar energy installations. 

The inverter market is estimated to grow at a CAGR of 6.7% between 2022 and 2027. The size of the market is forecasted to increase by USD 3,0136.2 million. This report extensively covers market segmentation by application (motor drive, renewable energy, and UPS), type (on-grid and off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The rise in wind energy consumption is notably driving the market growth.

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global photovoltaic inverter market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on global photovoltaic inverter market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 String - Market size and forecast 2022-2027
• Exhibit 34: Chart on String - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on String - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on String - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on String - Year-over-year growth 2022-2027 (%)

• 6.4 Central - Market size and forecast 2022-2027
• Exhibit 38: Chart on Central - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Central - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Central - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Central - Year-over-year growth 2022-2027 (%)

• 6.5 Micro - Market size and forecast 2022-2027
• Exhibit 42: Chart on Micro - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Micro - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Micro - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Micro - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Product 
• Exhibit 46: Market opportunity by Product ($ million)
• Exhibit 47: Data Table on Market opportunity by Product ($ million)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 48: Chart on Type - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 50: Chart on Comparison by Type
• Exhibit 51: Data Table on Comparison by Type

• 7.3 On-grid - Market size and forecast 2022-2027
• Exhibit 52: Chart on On-grid - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on On-grid - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on On-grid - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on On-grid - Year-over-year growth 2022-2027 (%)

• 7.4 Off-grid - Market size and forecast 2022-2027
• Exhibit 56: Chart on Off-grid - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Off-grid - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Off-grid - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Off-grid - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 60: Market opportunity by Type ($ million)
• Exhibit 61: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 India - Market size and forecast 2022-2027
• Exhibit 95: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 Vietnam - Market size and forecast 2022-2027
• Exhibit 103: Chart on Vietnam - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on Vietnam - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on Vietnam - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Vietnam - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 115: ABB Ltd. - Overview
• Exhibit 116: ABB Ltd. - Business segments
• Exhibit 117: ABB Ltd. - Key offerings
• Exhibit 118: ABB Ltd. - Segment focus

• 12.4 Danfoss AS 
• Exhibit 119: Danfoss AS - Overview
• Exhibit 120: Danfoss AS - Business segments
• Exhibit 121: Danfoss AS - Key news
• Exhibit 122: Danfoss AS - Key offerings
• Exhibit 123: Danfoss AS - Segment focus

• 12.5 DARFON ELECTRONICS CORP. 
• Exhibit 124: DARFON ELECTRONICS CORP. - Overview
• Exhibit 125: DARFON ELECTRONICS CORP. - Product / Service
• Exhibit 126: DARFON ELECTRONICS CORP. - Key offerings

• 12.6 Delta Electronics Inc. 
• Exhibit 127: Delta Electronics Inc. - Overview
• Exhibit 128: Delta Electronics Inc. - Business segments
• Exhibit 129: Delta Electronics Inc. - Key offerings
• Exhibit 130: Delta Electronics Inc. - Segment focus

• 12.7 Eaton Corp. Plc 
• Exhibit 131: Eaton Corp. Plc - Overview
• Exhibit 132: Eaton Corp. Plc - Business segments
• Exhibit 133: Eaton Corp. Plc - Key news
• Exhibit 134: Eaton Corp. Plc - Key offerings
• Exhibit 135: Eaton Corp. Plc - Segment focus

• 12.8 Enphase Energy Inc. 
• Exhibit 136: Enphase Energy Inc. - Overview
• Exhibit 137: Enphase Energy Inc. - Product / Service
• Exhibit 138: Enphase Energy Inc. - Key offerings

• 12.9 Fronius International GmbH 
• Exhibit 139: Fronius International GmbH - Overview
• Exhibit 140: Fronius International GmbH - Product / Service
• Exhibit 141: Fronius International GmbH - Key offerings

• 12.10 General Electric Co. 
• Exhibit 142: General Electric Co. - Overview
• Exhibit 143: General Electric Co. - Business segments
• Exhibit 144: General Electric Co. - Key news
• Exhibit 145: General Electric Co. - Key offerings
• Exhibit 146: General Electric Co. - Segment focus

• 12.11 Huawei Technologies Co. Ltd. 
• Exhibit 147: Huawei Technologies Co. Ltd. - Overview
• Exhibit 148: Huawei Technologies Co. Ltd. - Business segments
• Exhibit 149: Huawei Technologies Co. Ltd. - Key news
• Exhibit 150: Huawei Technologies Co. Ltd. - Key offerings
• Exhibit 151: Huawei Technologies Co. Ltd. - Segment focus

• 12.12 OMRON Corp. 
• Exhibit 152: OMRON Corp. - Overview
• Exhibit 153: OMRON Corp. - Business segments
• Exhibit 154: OMRON Corp. - Key news
• Exhibit 155: OMRON Corp. - Key offerings
• Exhibit 156: OMRON Corp. - Segment focus

• 12.13 Powerone Micro Systems Pvt. Ltd. 
• Exhibit 157: Powerone Micro Systems Pvt. Ltd. - Overview
• Exhibit 158: Powerone Micro Systems Pvt. Ltd. - Product / Service
• Exhibit 159: Powerone Micro Systems Pvt. Ltd. - Key offerings

• 12.14 Schneider Electric SE 
• Exhibit 160: Schneider Electric SE - Overview
• Exhibit 161: Schneider Electric SE - Business segments
• Exhibit 162: Schneider Electric SE - Key news
• Exhibit 163: Schneider Electric SE - Key offerings
• Exhibit 164: Schneider Electric SE - Segment focus

• 12.15 Siemens AG 
• Exhibit 165: Siemens AG - Overview
• Exhibit 166: Siemens AG - Business segments
• Exhibit 167: Siemens AG - Key news
• Exhibit 168: Siemens AG - Key offerings
• Exhibit 169: Siemens AG - Segment focus

• 12.16 SMA Solar Technology AG 
• Exhibit 170: SMA Solar Technology AG - Overview
• Exhibit 171: SMA Solar Technology AG - Business segments
• Exhibit 172: SMA Solar Technology AG - Key offerings
• Exhibit 173: SMA Solar Technology AG - Segment focus

• 12.17 SolarEdge Technologies Inc. 
• Exhibit 174: SolarEdge Technologies Inc. - Overview
• Exhibit 175: SolarEdge Technologies Inc. - Product / Service
• Exhibit 176: SolarEdge Technologies Inc. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations 
• Exhibit 183: List of abbreviations

About Technavio

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