According to a new report, published by KBV research, The Global PV Inverter Market size is expected to reach $40.5 billion by 2030, rising at a market growth of 18.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 6,052.5 thousand units, experiencing a growth of 18.3% (2019-2022).
The String PV Inverter segment is leading the Global PV Inverter Market, by Product in 2022; thereby, achieving a market value of $18.3 billion by 2030. These inverters are sufficiently adaptable to be installed securely and are exceptionally dependable when maintained promptly. As a centralized power distribution point, inverters convert DC power from PV panels into AC power when integrated with large arrays deployed on industrial facilities, buildings, and field installations. The primary aspects contributing to the growth of this segment include reduced initial costs and straightforward installation. These robust inverters feature high design flexibility, high efficiency, design variations incorporating three phases, and solid support (from reputable manufacturers). Additionally, these inverters feature the ability to monitor systems remotely.
The Utilities segment is registering a CAGR of 17.7 % during (2023 - 2030). The central and string inverters are the most prevalent PV inverters utilized in the utility sector. Increased demand for renewable energy, declining solar power and equipment costs, and the emergence of government subsidies are the primary drivers of the utility sector's expansion. The expansion of this sector is propelled by the presence of strategic actors whose pre-integrated power stations offer consumers industry-leading utility-scale solutions that reduce balance-of-system costs and increase efficiency. Increased demand for renewable energy, declining solar equipment and electricity costs, and government subsidies are the primary drivers of the utility sector's expansion. -of-system expenses by implementing their pre-integrated power stations.
The Asia Pacific region dominated the Global PV Inverter Market, by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $17.7 billion by 2030. The North America region is anticipating a CAGR of 17.3% during (2023 - 2030). Additionally, The Europe region would register a CAGR of 17.9% during (2023 - 2030).
Full Report:https://www.kbvresearch.com/pv-inverter-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Delta Electronics, Inc., Eaton Corporation PLC, Emerson Electric Co., Fimer Group, Hitachi, Ltd. (Hitachi Hi-Rel Power Electronics Private Limited), Omron Corporation, Power Electronics Espana, S.L.U. (Advanced Energy Industries, Inc.), Siemens Energy AG, SMA Solar Technology AG, and SunPower Corporation (Infineon Technologies AG)
By Product (Volume, Thousand Units, USD billion, 2019-2030)
By End-use (Volume, Thousand Units, USD billion, 2019-2030)
By Geography (Volume, Thousand Units, USD billion, 2019-2030)
Companies Profiled
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