Covina, July 29, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global solar PV modules and inverters market size and share are expected to grow steadily in the coming decade, registering a moderate CAGR of 4.9% from 2024 to 2034. The market is anticipated to reach a valuation of US$ 12.84 Billion in 2024, which is expected to increase to US$ 19.90 Billion by 2034.
Solar PV Modules and Inverters Market Report Overview
- How Big is Solar PV Modules and Inverters Market Size & Share?
The rapid growth in demand for renewable energy has thus fueled the fast expansion in the market for solar PV modules and inverters. The output from such modules is DC electricity, which the inverter modules then convert into AC electricity for internal use in buildings and commercial spaces. Governments around the world subsidize, thereby making it cost-effective, and heavily tax adoption of solar energy. The price for solar PV modules and inverters has drastically fallen because new manufacturing methods have been developed through economies of scale. Compared to traditional sources of energy, such as coal and natural gas, it is becoming more competitive. As the effects of climate change begin to be felt more generally, solar energy is increasingly looked upon to provide an avenue for lowering carbon emissions. Slated to continue its upward trend, the market for inverters and solar PV modules is expected to grow.
The photovoltaic modules are being continuously upgraded by their manufacturers to bring down costs and enhance efficiency. The more efficient these are at generating electricity from sunlight, the more competitive solar panels become. Demand for string and micro-inverters is on the rise; micro-inverters are costlier but more reliable and efficient. The string type accounts for the largest share in use among solar inverters. New inverter technologies will allow homes and businesses to store solar energy for later use. The outlook is positive, with the market for both solar PV modules and inverters being dynamic and complex, but solar energy increasingly playing a bigger role in the world's energy mix.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Solar PV Modules and Inverters Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- LONGi Green
- Energy Technology Co., Ltd.
- Trina Solar Co., Ltd.
- JinkoSolar Holding Co., Ltd.
- JA Solar Holdings Co., Ltd.
- Canadian Solar Inc.
- SMA Solar Technology AG
- Schneider Electric SE
- Sungrow Power
- Supply Co., Ltd.
- Huawei Technologies Co., Ltd.
- ABB Ltd
- Fronius International GmbH
- Enphase
- Energy, Inc.
- SolarEdge Technologies, Inc.
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Analyst View:
With rising demand for renewable energy, solar PV modules and inverters have grown rapidly in the market. These converters are used to convert DC electricity produced by those into AC, which can be used internally in buildings or commercial spaces. Governments around the world are subsidizing the use of solar energy and, in effect, making it cost-effective while heavily taxing its adoption. New manufacturing methods and economies of scale have brought the price of solar PV modules and inverters down drastically. With the coming of climate change impacts, solar energy is viewed more as a means to reduce the level of carbon emissions. Manufacturers have been continuously upgrading photovoltaic modules to bring down costs and increase efficiency; therefore, the market for inverters and solar PV modules also grows. Single-phase inverter applications are relatively inexpensive and easier to install. Applications in commercial and industrial uses with a three-phase electrical grid connection are found.
Market Dynamics:
Drivers:
Demand for solar power
- The world is fast becoming climate-conscious, and there is a growing urge for urgent action to move away from fossil fuels as emissions rise. Solar energy is renewable and clean, generating electricity without any hazardous pollutants entering the atmosphere. Domestic renewable sources of energy, like solar power, have gained interest lately due to the increasing worry about energy security and a need for energy independence. Global governments are setting ambitious targets for renewable energy and are offering incentives to attract solar installations, thus fueling the growth of the market. For example, China has pledged to achieve carbon neutrality by 2060, while the European Union aims for 55% of its energy production to come from renewable sources by the year 2030.
Technological advancements
- Inverters and solar PV modules are increasingly efficient and cost-effective. Due to improvements in solar cell technology, more efficient modules that capture increased volumes of sunlight and convert it to electricity are under development. Next-generation inverters with features like MPPT, enabling maximum energy yield, and grid integration for smooth feeding into the power grid, make them ever more intelligent.
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Market Trends:
Policies and incentives from the government
- A number of policies and financial initiatives are being put into effect by governments to incite the use of solar energy and expedite a change toward a more sustainable future. People and businesses get financial incentives both directly and indirectly when they install solar panels; one major one is that the amount it costs for their solar system is removed from taxpayers' tax burden through tax credits. Feed-in tariffs guarantee compensation to businesses and home owners for each unit of power their solar panels produce, hence helping defray the sometimes steep upfront cost. Net metering systems allow homes and commercial buildings with solar energy to be connected to the grid; they therefore get credits for that energy in excess and thus lower the cost of power taken from the grid. Financial incentives play a crucial role in making solar power more affordable and accessible to a larger number of users.
Segmentation:
Solar PV Modules and Inverters Market is segmented based on Product Type, Phase, Application, and Region.
Product Type Insights
- The most popular and reasonably priced option for small-scale commercial and residential applications, string inverters provide minimum shade or mismatch between solar panels. Because they are inexpensive and simple to install, they are perfect for new installations. Microinverters are the better option for residential applications because they can optimize the power of individual solar cells and provide better panel-level monitoring. Utility-scale solar farms primarily use central inverters because of their excellent efficiency in converting DC power to AC. However because they are centralized, the entire solar farm will fail if one of the central inverters fails. To sum up, string inverters continue to be the most popular and reasonably priced option for small-scale commercial and residential applications.
Phase Insights
- For basic electrical requirements in a house, single-phase inverters are relatively inexpensive and easier to install. They find applications in commercial and industrial uses where a three-phase electrical grid connection is used, allowing more power to flow across three live wires and a neutral wire.
Application Insights
- Government subsidies and falling equipment costs have driven residential rooftop solar installations to increase in popularity. Many homeowners are attracted to these installations, which give them independence from energy and contribute toward a clean future. In addition, community solar is the rising trend that opens it up to tenants and owners of multi-unit buildings. Commercial and industrial buildings are now beginning to realize the effectiveness of solar energy in cutting energy costs, enhancing brand perception, and meeting environmental objectives. Large installations, particularly those that cover large rooftop areas, have fueled the growth of the solar photovoltaics market, while utility-scale solar farms are important for renewable energy production.
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Recent Development:
- In July 2024, Yotta Energy released a module-level storage solution for C&I solar according to the US storage and inverter specialist, Yotta Energy, the new package offers several advantages compared to conventional C&I solar storage solutions. For instance, it eliminates the need for a dedicated room or separate space for the battery racks. It reportedly keeps the batteries cool and passively maintains the ideal working temperature range between 21°C and 38°C.
Regional Insights
- North America: The North American particularly the U.S. market is thus filled with immense growth potential. Government incentives, plummeting prices of solar technology, and increased public environment awareness were some of the drivers powering the growth in the adoption of solar in residential, commercial, and utility-scale sectors.
- Europe: The European solar PV sector is mature, with a focus on technological advancement and improved grid integration. Although its growth may not be as fast as in other mature markets, Europe remains a key player and a powerhouse that appeals to efficiency, promoting the development of new solutions.
Browse Detail Report on "Solar PV Modules and Inverters Market Size, Share By Product Type (String, Micro, Central), By Phase (Single Phase, Three Phase), By Connectivity (Standalone, On-grid), By Application (Residential, Community, Commercial and Industrial, Utility), Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/solar-pv-modules-and-inverters-market-5518
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