About Photovoltaic inverter industry valuation
The global PV inverter market size was estimated at USD 13.09 billion in 2023and is expected to expand at a compound annual growth rate (CAGR) of 18.3% from 2024 to 2030. The growing awareness reg.
Based on product, the string PV inverter segment emerged as the leading segment with the maximum revenue share of 47.10% in 2023. These inverters are highly reliable with timely maint.
The Asia Pacific region dominated the market with the largest market share of 44.09% in 2023. China is the largest contributor to the rapid growth of this region’s solar ma.
Concerns regarding excessive carbon emissions owing to usage of conventional fuels for transportation and power generation purposes have prompted countries globall.
Based on end-use, the market is categorized into commercial, residential & industrial, and utilities segments. The utilities segment emerged as leading segment and acc.The global solar (PV) inverter market size was valued at $7.7 billion in 2020, and is expected to reach $17.9 billion by 2030, registering a CAGR of 8.8% from 2021 to 2030.
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6 FAQs about [Photovoltaic inverter industry valuation]
What is the global solar PV inverter market value?
The global solar PV inverter market reached a value of almost USD 8.45 billion in the year 2023. The market is further expected to grow at a CAGR of 5.0% between 2024 and 2032 and to reach a value of almost USD 13.13 billion by 2032. As per industry reports, the total global solar power capacity reached 1 terawatt (TW) in April 2022.
What is the growth rate of PV inverter market?
According to Future Market Insights, the global PV inverter market is predicted at a healthy 6.4% CAGR during the forecast period. Historically, the market registered a CAGR of 9.1% between 2017 to 2022. Several end-use industries, including industrial, commercial, residential, and others, are flourishing the market growth.
What is the value of PV inverter market in 2023?
The PV inverter market is predicted to capture a valuation of USD 1.5 billion in 2023, and is rising to USD 2.8 billion by 2033. The market is estimated at a CAGR of 6.4% during the forecast period. Factors influencing the market growth are:
How is the solar PV inverter market segmented?
By inverter type, the market is segmented into central inverters, string inverters, and micro-inverters. By application, the market is segmented into residential, commercial and industrial, and utility-scale. The report also covers the market size and forecasts for solar PV inverters across major regions.
Why is solar PV inverter market development important?
Presently, solar PV inverters majorly find applications in the utilities and industrial sectors. Rising solar PV adoption, driven by improving cost competitiveness and energy transition policies, has been a significant factor for driving solar PV inverter market development.
What is the outlook for solar PV inverter market?
The solar PV inverter market outlook is further being shaped by the rising environmental concerns about greenhouse emissions and the increasing cost of fossil fuels, which has resulted in the growing adoption of economical solar power and hence, solar inverters.
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