Solar Inverter Market to Reach USD 18.96 Bn by 2029, Growing at 5.78% CAGR

Solar Inverter Market Overview

The total global market for the “ Solar Inverter Market” was valued at USD in 2023 and is expected to grow at a CAGR of percent over the forecast period to reach USD by 2030. The report analyzed by Maximize Market Research, on the Solar Inverter market, covers an extensive regional analysis and competitive landscape.

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Solar Inverter Market Report Scope and Research Methodology

The report on the Solar Inverter Market provides a thorough analysis of the market structure and the nature of competition in the market. The Solar Inverter Market size was estimated meticulously by using a bottom-up approach to get an understanding of the market growth. Key insights covered in the report include the major drivers of the market at the global level, challenges for future growth, and various opportunities due to technical advancements in the market.

Regional analysis is conducted to provide information on the market leaders in various regions, market penetration, and demographic factors affecting the regional Solar Inverter industry. Segment-wise analysis helps gain insights into the core target consumers of the product, and its manufacturers and devise advertising campaigns for the same.

For the competitive analysis of the Solar Inverter Market, a competitive matrix is made covering market leaders and new entrants. The report presents an overview of each company along with important takeaways based on the revenue generated, financial health, technological advancements, recent developments, mergers and acquisitions, joint ventures, alliances, and marketing tactics.

Data for the analysis was collected using primary and secondary research methods. A mix of qualitative and quantitative analysis was used in the report. Primary research was used to validate the findings from the secondary research. Research tools such as SWOT, PESTLE, and Porter’s Five Force analysis were used to grasp the factors affecting the growth of the Solar Inverter Market. Such analysis makes the report an investor’s guide, thereby helping clients make investment and marketing decisions.

Solar Inverter Market Regional Insights

Regional analysis is conducted to assess the status of the Solar Inverter market in countries belonging to North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report provides a comprehensive analysis of several factors such as market size, growth rate, and import-export activities, across different regions. The Solar Inverter market is segmented broadly into these regions, allowing for a detailed understanding of the market landscape and dynamics in each geographical area.

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Solar Inverter Market Segmentation :

by Type
1. Central Inverter
2. Micro Inverter
3. String Inverter

Sorted By: The central inverter accounted for the highest revenue share in 2022—more than 49.0%. These inverters are incredibly dependable and safe when built and maintained correctly. By converting all of the PV panels’ DC electricity into AC power, the inverters serve as a single point of distribution for power. Large arrays installed on field installations, industrial sites, and buildings are integrated with the inverters. The second-largest market share for string inverters was recorded in 2022. The two industries that employ string inverters the most are commercial and residential. The segment’s growth is mostly driven by its easier installation and reduced initial cost.

by Applications
1. Residential
2. Commercial
3. Utilities

by Connection type
1. On-grid
2. Off-grid

by Phase
1. Single-phase
2. Three-phase

From the end user, In 2022, the utility segment held a dominant market share of over 44.0% for solar inverters. The solar inverter that is most commonly used in the utility sector is the central & string inverter. A number of factors are contributing to the growth of the utilities sector. The main drivers are the increasing demand for renewable energy, the declining cost of solar energy and equipment, and the introduction of government subsidies. Furthermore, the market-leading utility-scale solutions that these big players offer their clients through their pre-integrated power plants—which boost efficiency and reduce balance-of-system costs—are driving the segment’s growth.

Solar Inverter Market Key Players :

1. SMA Solar Technology AG (Germany)
2. Siemens AG (Germany)
3. GoodWe (Germany)
4. Omron Corporation (Japan)
5. TMEIC (Japan)
6. Canadian Solar Inc. (Canada)
7. ABB Ltd (Switzerland)
8. HUAWEI (China)
9. Sungrow (China)
10. Growatt (China)
11. Ginlong Technologies Co (China)
12. Sineng Electric Co. (China)
13. Solax Power (China)
14. Zhejiang Benyi Electrical Co., Ltd. (China)
15. SunPower Corporation (US)

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Key questions answered in the Solar Inverter Market are:

What is Solar Inverter ?
What was the Solar Inverter market size in ?
What is the growth rate of the Solar Inverter Market?
Which are the factors expected to drive the Solar Inverter market growth?
What are the different segments of the Solar Inverter Market?
What growth strategies are the players considering to increase their presence in Solar Inverter ?
What are the upcoming industry applications and trends for the Solar Inverter Market?
What segments are covered in the Solar Inverter Market?
Who are the leading companies and what are their portfolios in Solar Inverter Market?
What segments are covered in the Solar Inverter Market?
Who are the key players in the Solar Inverter market?

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Key Offerings:

Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size & Forecast by Different Segment |
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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