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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Solar PV Inverter Market Size
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% between 2024 and 2032 and to reach a value of almost USD 13.13 billion by 2032.
Solar PV Inverter Market Outlook
- As per industry reports, the total global solar power capacity reached 1 terawatt (TW) in April 2022.
- In 2022, solar photovoltaics (PV) made up 4.7% of U.S. electricity generation, which represents an increase of almost 21% over the 2021.
- As of November 2022, India had 61.97 gigawatts (GW) of installed solar capacity, placing it fourth globally for solar PV deployment.
Solar PV Inverter Market Report Snapshots
Solar PV Inverter Market Growth
Solar PV Inverter Market Trends
Solar PV Inverter Market Share
Solar PV Inverter Manufacturers
Solar PV Inverter Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of nearly USD 8.45 billion.
In the forecast period of 2024-2032, the solar PV inverter market is projected to grow at a CAGR of 5%.
By 2032, the market is estimated to reach a value of about USD 13.13 billion.
The major drivers of the market include the increasing demand for renewable energy, trend of rural electrification, technological advancements and innovations, and surging investments in renewable energy.
Key trends aiding market expansion include the shift from fossil fuel-based energy, the growing cost-effectiveness of solar inverters, and the introduction of favourable government initiatives aimed at boosting the installation of solar electric systems.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Based on technology, the market is divided into central inverters, string inverters, and microinverters, among others.
The major voltage segments considered in the market report include < 1,000 V, 1,000 – 1,499 V, and > 1,500 V, among others.
The significant applications of solar PV inverters are utility scale, residential scale, small commercial scale, large commercial scale, and industrial scale, among others.
Key players in the market are Schneider Electric SE, Siemens AG, Mitsubishi Electric US, Inc., General Electric Company, Huawei Technologies Co., Ltd, FIMER Group, SolarEdge Technologies Inc, and Toshiba International Corporation, among others.
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