New York, United States, July 15, 2022 (GLOBE NEWSWIRE) -- Solar PV power generating systems are environmentally friendly and inexhaustible. They have proven to be a lucrative option for energy production throughout the European Union, the Americas, and Asia-Pacific. The numerous benefits of solar PV, such as effectiveness to sustainability, a decrease in ecological footprint, and low-cost power generation, are likely to drive the technology market in the following years. Rising demand for renewable energy due to increased power usage and lower renewable power generation costs will likely cause a market expansion in the coming years.
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Increasing Demand for Electric Power through Clean and Green Energy Sources
According to the United Nations, the world's population will be 7.8 billion in 2020, with around 1 billion people without electricity access. The world population is expected to reach 8.6 billion by 2030, increasing the energy demand even more. To meet the need for electricity and raise awareness about alternative energy sources, the electricity sector has shifted its focus to large-scale integration of renewable energy generation.
Renewable power generation has grown incredibly over the last decade, consistently exceeding assumptions, with significant yearly records and an increasing number of firms investing in their energy transitions. The shifting consumer desire for a sustainable built environment, ambitious government targets, and sufficient planning and policies have driven much progress in renewable energy.
The ASEAN Plan of Action for Energy Cooperation held in 2016 announced a target to achieve 23% power generation through renewable energy sources by 2025. Governments in the Asia Pacific are likely to promote the renewable energy sector by providing preferable tariffs and tax benefits. These factors are expected to drive the market for PV inverters during the forecast period.
Report Scope
| Report Metric | Details |
| Market Size | USD 16.19 Billion by 2030 |
| CAGR | 5.85% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, By End-User, By Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | SMA Solar Technology, Fimer Group, SunPower, Siemens Energy, OMRON Corporation, Delta Electronics Inc, Emerson Electric Co, Power Electronics S.L, Eaton |
| Key Market Opportunities | large-scale electricity generation through renewable energy |
| Key Market Drivers | Growing Demand for Electric Power Through Clean Energy Sources Reduction in Renewable Power Generation Costs |
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Impact of COVID-19
The supply chain of PV inverter systems was majorly affected due to the shutdown of production facilities, especially in China, which was the epicenter of the pandemic, and one of the worst affected regions. The manufacturing of most devices in the energy and power sector experienced a considerable slowdown. Additionally, the local and international travel restrictions, quarantine requirements, and lockdowns further delayed shipments of manufactured parts that were in the process of delivery. Installers and system providers usually hold stock of equipment in inventory. However, manufacturers faced bottlenecks and shortages owing to limited production in countries severely affected by COVID-19.
COVID-19 resulted in a halt of new construction activities around the globe owing to lockdown, reducing the demand for solar power system installation in residential and commercial applications since these systems are being preferred in new construction for captive consumption of power and to reduce the carbon footprint of buildings. Further, demand from prospective residential and commercial customers is expected to be on the lower side owing to funds being diverted to combat the pandemic.
Market Recovery Timeline
COVID-19 hampered the international market for PV inverters due to supply chain risks, causing delays for existing sites. Furthermore, demand for PV inverters from business and residential end-users has decreased due to constrained new construction activities and redirecting of available finances by residential and commercial end-users to survive during the COVID-19 outbreak.
Nonetheless, governments in some major nations, like the United States, Germany, and India, have taken measures to prolong the deadline for new and underdeveloped solar power plants to qualify for subsidies and tax credits. Due to the supportive measures adopted by the government, the influence of COVID-19 on the PV inverter industry is likely to be moderate, increasing demand for PV inverters shortly.
Regional Insights
Asia-Pacific is expected to account for the largest market share in the regional market, accounting for USD 8,986 million at a CAGR of 8.02% by 2030. China is the major contributor to Asia-Pacific’s rapid growth in the PV inverter market. A growing number of solar installations in the region’s developing nations have also significantly contributed to the development of the Asia-Pacific solar PV inverter market.
North America accounts for the second-largest position in the regional market, with the US being the major revenue-generator. North America is expected to reach USD 3,862 million at a CAGR of 5.25% by 2030. The US is among the early adopters of clean energy solutions in the world for power generation and others. This can be attributed to the increased importance of clean energy solutions as per the energy act introduced by the US government. Moreover, relevant policies and regulations have been established based on these acts to cater to different aspects of distinct sectors such as power generation.
Key Highlights
- The global PV inverter market was valued at USD 9,708 million in 2021. It is expected to reach a value of USD 16,194 million by 2030, growing at a CAGR of 5.85% during the forecast period (2022–2030).
- Based on product, the PV inverter market has been categorized into central PV inverters, string PV inverters, micro-PV inverters, and others. String PV inverter accounted for the largest market share in 2021 and is projected to grow at the highest CAGR of 6.05% to reach USD 8,814 million during the forecast period.
- Based on end-user, the PV inverter market has been segmented into residential, commercial and industrial, and utility. The utility segment of the solar PV inverters accounted for the largest market share in 2021 and is expected to reach USD 7,716 million by 2030 at a CAGR of 5.95%.
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The key players in the PV Inverter market include
- SMA Solar Technology
- Fimer Group
- SunPower
- Siemens Energy
- OMRON Corporation
- Delta Electronics Inc.
- Emerson Electric Co.
- Power Electronics S.L.
- Eaton
Global PV Inverter Market: Segmentation
By Product
- Central inverters
- String inverters
- Micro-PV inverters
- Others
By End-User
- Residential
- Commercial and Industrial
- Utility
By Regions
- North America
- Europe
- Asia-Pacific
- Central and South America
- The Middle East and Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: PV Inverter Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Product Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Central inverters
5.2.1 Market Size & Forecast (Value & Volume)
5.3 String inverters
5.3.1 Market Size & Forecast (Value & Volume)
5.4 Micro-PV inverters
5.4.1 Market Size & Forecast (Value & Volume)
5.5 Others
5.5.1 Market Size & Forecast (Value & Volume)
6 End User Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Residential
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Commercial and Industrial
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Utility
6.4.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 U.S.
7.2.4 Canada
7.2.5 Mexico
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.3 Brazil
7.3.4 Argentina
7.3.5 Colombia
7.3.6 Rest of Central and South America and the Caribbean
7.4 Europe
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.3 Germany
7.4.4 France
7.4.5 The U.K.
7.4.6 Italy
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.3 China
7.5.4 Japan
7.5.5 India
7.5.6 Australia
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.5 Qatar
7.6.6 Oman
7.6.7 Turkey
7.6.8 The Rest Of Middle East
7.7 Africa
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.3 Nigeria
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 SMA Solar Technology
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Portfolio
8.4 Fimer Group
8.5 SunPower
8.6 Siemens Energy
8.7 OMRON Corporation
8.8 Delta Electronics Inc.
8.9 Emerson Electric Co.
8.10 Power Electronics S.L.
8.11 Eaton
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/pv-inverter-market/toc
Market News
- In November 2020, Ingeteam supplied 70 solar inverters to Naturgy’s PV project located in Chile. The company secured an exceptional position as a solar inverter manufacturer rank in Chile with this deal.
- In October 2020, TMEIC obtained a Voluntary Product Certificate (VPC) and became the 1st Japanese supplier to supply its photovoltaic inverter in Taiwan. With the Voluntary Product Certificate acquisition, the company will further expand its model line-up to contribute maximum client benefits by aiming to acquire the market share in the Taiwanese photovoltaic market.
- In March 2020, the Fimer group acquired ABB’s solar inverter business making the company the 4th largest solar inverter manufacturer globally. This acquisition strategy will help the company to boost its presence globally.
- In November 2019, Power Electronics received an international award from Camara Valencia. The award was presented due to its effort to make itself a strong leader in marketing solar inverters and making its strong foothold across America, Spain, and United Kingdom.
- In July 2019, SUNGROW announced that the company became the largest supplier of Central and string inverters across the American region. This progress will help the company provide non-stop post-sale and service support to its clients across the region.
News Media
COVID-19: A Key Market Restraint to Impact on Distributed Solar Power Generation Market
Moving Towards a Hydrogen Economy
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