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Solar Inverter Global Market Report 2024
2024-03-07 Page view:95

QUICK SUMMARY:

In an era where renewable energy drives the world's sustainability goals, possessing precise knowledge about the fastest-growing sectors is vital. The solar inverter market, with its consistently increasing demand and continuous technological advancements, is one such arena. Our market research report for the solar inverter industry offers a comprehensive, well-rounded understanding of this dynamic market.

Solar inverters serve a pivotal role in energy generation from solar power, making them indispensable as this sector proliferates. Intricate analysis of fundamental market elements, including microinverters, string inverters, and central inverters, as well as in-depth regional assessments, caters to a spectrum of your business needs. Trends shaping the industry, key players, and significant technological advancements, such as Fronius's Primo GEN24 Plus hybrid inverter, are highlighted in the report.

To stay abreast with the latest fluctuations in market dynamics and to chart thriving business strategies, equip yourself with our exhaustive solar inverter market research report.

A solar inverter is a device designed to convert the energy generated by solar panels into usable electricity for residential or commercial use. It plays a crucial role in the solar power system by transforming the variable direct current (DC) power produced by solar panels into alternating 120V/240V current (AC) that can be utilized to power homes or offices.

The primary types of solar inverters are central inverters, micro-inverters, and string inverters. Central solar inverters are suitable for systems requiring large capacities, often in the hundreds of kilowatts or even megawatts. These inverters, resembling significant metal cabinets, are not intended for domestic use but are commonly employed in commercial applications for large-scale installations or utility-scale solar farms. Solar inverter systems are categorized as on-grid and off-grid based on their connection to the power grid.Solar inverters find applications in various end-uses, including residential, commercial, and utility-scale installations.

The solar inverter market research report is one of a series of new reports that provides solar inverter market statistics, including solar inverter industry, global solar inverter market size, regional shares, competitors with a solar inverter market share, detailed solar inverter market segments, market trends and opportunities, and any further data you may need to thrive in the solar inverter industry. This solar inverter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar inverter market size has grown rapidly in recent years. It will grow from $15.08 billion in 2023 to $16.91 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%.
The growth observed during the historical period can be attributed to several factors, including the increased adoption of solar photovoltaic (PV) systems, a heightened focus on energy independence and sustainability, the reduction in solar costs, advancements in grid integration, and a growing emphasis on achieving energy independence.

The solar inverter market size is expected to see rapid growth in the next few years. It will grow to $26.06 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The anticipated growth in the forecast period can be attributed to factors such as the integration of energy storage, global commitments to addressing climate change, initiatives for electrification, the development of smart grids, and the increasing number of solar power projects. Major trends expected in the forecast period include the adoption of smart inverters, hybrid solar inverters, advanced Maximum Power Point Tracking (MPPT) algorithms, the use of artificial intelligence (AI) for predictive maintenance, and the utilization of bifacial solar panels.

The significant growth in the renewable energy sector is a driving force behind the expansion of the solar inverter market. The rapid development of solar power, a key player in global efforts to reduce greenhouse gas emissions and address climate change, has propelled the solar inverter market. As per the International Energy Agency, global renewable electricity capacity is anticipated to surge by over 60% from 2020 levels to exceed 4,800 gigawatts (GW) by 2026, equaling the combined capacity of fossil fuels and nuclear power. Solar photovoltaic (PV) remains a vital contributor, with a projected 17% increase in capacity additions in 2021, reaching nearly 160 GW. Thus, the swift progress in the renewable energy sector is expected to boost the solar inverter market.

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