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Moreover, the U.S. government's Investment Tax Credit (ITC) provides a 30% tax credit for solar-plus-storage systems, incentivising the adoption of hybrid inverters. This trend is expected to have a substantial impact on the market, as it expands the applications of solar energy beyond just power generation. The solar PV inverter market outlook is further being shaped by the rising environmental concerns about greenhouse emissions and the increasing cost of fossil fuels, which has resulted in the growing adoption of economical solar power and hence, solar inverters. In addition to this, the prices of solar inverters have also dropped in the recent years, making them more affordable for consumers.
Furthermore, the increasing adoption of solar energy globally, particularly in regions like China, Europe, and India, has contributed to the market's expansion. The market is expected to sustain strong growth over the next five years as in 2030, the demand for solar PV is projected to be nearly 650 GW, which can be met by the anticipated global solar PV manufacturing capacity of approximately 1,000 GW by 2024.
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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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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