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Pulished Date August, 2021
ID: 11969
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PV Inverter Market by technology (central inverters, microinverters, string inverters, and power optimizers), by end use (industrial, commercial, and utility investors), and Region - Industry Forecast | 2021 to 2026

Pulished: August, 2021
ID: 11969
Pages: 180

PV Inverter Market Value and Growth:

The PV Inverter Market is expected at USD 2.16 billion in 2021 and is anticipated to extent an over of USD 9.79 billion by the end of the assessment period. The PV Inverter Market is estimated to experience reasonable growth to record a CAGR of 5.0% throughout the estimate period (2021-2026).

Increasing demand for renewable energy due to high energy consumption coupled with a reduction in renewable energy production costs is expected to drive market growth in the coming years. PV Inverter is a kind of electrical converter that changes the variable direct current output of a solar photovoltaic panel into helpfulness frequency alternating current that can be fed into a power grid. Commercial or used by a local off-grid electrical network. PV inverters have special functions suitable for use with photovoltaic panels, including maximum power point tracking and anti-island protection. PV inverters use Maximum Power Point Tracking (MPPT) to obtain the maximum possible power from the photovoltaic array. The determination of the MPPT organization is to model the production of the cells and control a resistance (load) to attain extreme power under assured environmental circumstances.

PV Inverter Market Trends:

The cost of producing renewable energy has dropped dramatically and it is now competitive to meet new capacity needs. Photovoltaic solar energy has resulted in a significant reduction in the discounted cost of electricity (LCOE). This drop-in electricity production prices has been accompanied by a reduction in the costs of installing solar modules, inverters and associated equipment. This trend should positively influence the demand for products. China is anticipated to be a leading regional market for the PV sector and associated equipment, as well as solar inverters. Investor companies in China occupy significant market shares in the domestic market, with most shipments going to the country's utility sector. The solar inverter cost chain is significantly multifaceted and contains end users, suppliers, distributors, inverter manufacturers, and constituent producers. The different components of the solar value chain represent different sources of income, such as the important part consisting of panels followed by inverters and batteries. The intricacy of the value chain contains slight room for practical differentiation of solar devices, as the competence of these strategies is already comparatively high. Solar photovoltaic inverters are subject to numerous certifications for safety, manufacturing and interconnection to the grid.

PV Inverter Market Drivers:

The demand for renewable energy is increasing at a very high rate due to the global environmental awareness that is currently driving the demand for clean and green energy on an unprecedented scale. True to this trend, solar inverters are now enjoying great popularity around the world due to their ability to quickly convert direct current to alternating current while remaining connected to the grid, in an environmentally friendly manner. The rising demand for PV equipment has placed massive pressure on challenging administrations, such as Underwriters Laboratories, to keep nominees safe and technological changes.

PV Inverter Market Restraints:

Several countries have established anti-dumping duties on imports of solar products, which are comparatively cheaper than the domestic market. These fees were collected due to the deterioration in prices that hampered the domestic market for solar equipment.

Challenges in the PV Inverter Market:

The implementation of strictly private and government regulations by various countries poses a challenge for the expansion of the PV Inverter Market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2020 – 2025

Base Year

2020

Forecast Period

2021 - 2026

CAGR

5.0%

Segments Covered

By Product, Type, Consumption, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

Market Leaders Profiled

Enphase, Fimer, Enertronica Santerno, TMEIC, Panasonic, Furukawa Battery, Fronius, Omron, General Electric, Huawei

PV Inverter Market  Segmentation:

Technology:

  • Power optimizers
  • String inverters
  • Micro inverters
  • Central inverters

Depending on the technology, the central inverter segment is expected to grow at a higher CAGR during the forecast period due to increasing energy demand driven by rapid urbanization and increasing electricity use globally. Central inverters are mainly used in buildings, industries, and various field facilities. These inverters offer a lower investment price per watt, offer higher efficiency, and are easy to install compared to other types of solar inverters. All these remarkable benefits will accelerate the demand for central investors.

End-user:

  • Industrial
  • Commercial
  • Utility investors

Based on end use, the industrial segment is expected to dominate the market during the forecast period due to the increasing number of government initiatives to promote the use of renewable energy sources for power generation. Furthermore, rapidly increasing investments in the renewable energy sector in many industries will further pave the way for market growth.

PV Inverter Market Regional Analysis:

The PV Inverter Report includes the segmentation of Regions:

  • Europe

  • Asia Pacific

  • North America

  • Latin America

  • Middle East and Africa

The Asia Pacific regional market accounted for the largest market share of 42.2% in 2019 and is expected to develop further at the fastest CAGR during the forecast period. China is the main contributor to the rapid growth of the solar market in APAC and is also a global competitor. An increasing number of solar installations in APAC developing countries have also contributed significantly to the growth of the market. North America held the second-largest market share in 2019, with the United States being the main revenue generator. The United States is an important market for different types of the photovoltaic inverter. Europe is expected to account for a significant market share during the forecast period due to the presence of favorable government policies and the granting of subsidies, such as residential power tariffs (FITs), which incentivize customers to invest in renewable energy. Germany occupies a leading position in solar inverter manufacturing along with the high-tech nature of inverters. Therefore, German solar companies have a competitive advantage over other players. The country is also a hub for many major PV inverter players on the market.

Impact of covid-19 on PV Inverter Market

The coronavirus outbreak, popularly known as COVID-19, has had a significant impact on the PV inverter industry. The virus has affected more than 200 countries and caused lockdowns in some countries, limiting trade expansion. However, the industry is expected to regain its strength in the second quarter of 2021, witnessing the impact of corona virus mitigation.

PV Inverter Market Key Players:

The major players covered in the PV Inverter Market report are

  1. Enphase

  2. Fimer

  3. Enertronica Santerno

  4. TMEIC

  5. Panasonic

  6. Furukawa Battery

  7. Fronius

  8. Omron

  9. General Electric

  10. Huawei

 

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                 

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                           

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling     

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis         

                                5.1.2 Products/Service 

                                5.1.3 Regional Presence

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 PV Inverter Market, By Technology                  

                                6.1.1 Power optimizers 

                                6.1.2 String inverters     

                                6.1.3 Micro inverters     

                                6.1.4 Central inverters  

                                6.1.5 Market Size Estimations & Forecasts (2021-2026)   

                                6.1.6 Y-o-Y Growth Rate Analysis              

                                6.1.7 Market Attractiveness Index           

                6.2 PV Inverter Market, By End-user                       

                                6.2.1 Industrial 

                                6.2.2 Commercial            

                                6.2.3 Utility investors    

                                6.2.4 Market Size Estimations & Forecasts (2021-2026)   

                                6.2.5 Y-o-Y Growth Rate Analysis              

                                6.2.6 Market Attractiveness Index           

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                    

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Technology       

                                7.2.3 By End-user            

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Technology       

                                7.3.3 By End-user            

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Technology       

                                7.4.3 By End-user            

                7.5 Latin America                            

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Technology       

                                7.5.3 By End-user            

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Technology       

                                7.6.3 By End-user            

8. Key Player Analysis                                    

                8.1 Enphase                      

                                8.1.1 Business Description           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis      

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Fimer                            

                8.3 Enertronica Santerno                             

                8.4 TMEIC                           

                8.5 Panasonic                   

                8.6 Furukawa Battery                    

                8.7 Fronius                         

                8.8 Omron                         

                8.9 General Electric                        

                8.10 Huawei                      

                8.11 SolarMax                  

                8.12 KACO New Energy                 

                8.13 Others                       

9. Market Outlook & Investment Opportunities                                 

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • The segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global PV Inverter Market By Region, From 2021-2026 ( USD Billion )

  2. Global PV Inverter Market By Technology, From 2021-2026 ( USD Billion )

  3. Global Power optimizers Market By Region, From 2021-2026 ( USD Billion )

  4. Global String inverters Market By Region, From 2021-2026 ( USD Billion )

  5. Global Micro inverters Market By Region, From 2021-2026 ( USD Billion )

  6. Global Central inverters Market By Region, From 2021-2026 ( USD Billion )

  7. Global PV Inverter Market By End-user, From 2021-2026 ( USD Billion )

  8. Global Industrial Market By Region, From 2021-2026 ( USD Billion )

  9. Global Commercial Market By Region, From 2021-2026 ( USD Billion )

  10. Global Utility investors Market By Region, From 2021-2026 ( USD Billion )

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