The rapidly growing demand for renewable energy, continued rural electrification, supportive government policies, and investments in renewable energy are driving the demand for the solar PV inverter market.
The growing number of solar power plants linked to the grid via on-grid inverters and feed-in tariff (FIT) regulations are propelling global solar PV inverter market growth.
Residential solar PV systems are typically employed in rooftop installations, which provide the benefits of feed-in tariffs and net metering, driving the residential sector's adoption of solar PV systems.
A PV inverter, also known as a solar inverter, transforms a solar PV panel's direct current (D.C.) output into alternating current (A.C.), which may either be provided to a commercial electrical grid or utilized by an off-grid network. The power range produced will be between 250 and 600 volts. They are primarily used in residential, commercial, and utility-scale solar rooftop and ground-mounted systems.
These solar inverters' capabilities include maximizing power, operating temperature, and regulating and monitoring all power plant parameters and operational data.
Off-grid solar panel installations for industrial, residential, and commercial applications continue to drive the solar inverter industry and generate significant demand for dependable and safe power source converters.
Classification based on the application:
Advantages of solar PV inverter:
General information regarding solar PV inverter market
U.S. – The solar investment tax credit act cut PV generation costs by 26% in 2020, 22% in 2021, 10% for utility and commercial-scale projects, and 0% for residential projects. This modification will have a substantial influence on PV deployments in U.S.
According to IRENA, the solar PV market in U.S. will reach 393 GW by 2030, making it the world's second-largest PV industry. In Feb 2021, U.S. has re-joined the Paris Climate Agreement, with the objective of achieving carbon neutrality by 2035 and the economy overall by 2050.
Germany - Germany plans to achieve carbon neutrality by 2045. Germany passed the Climate Protection Act 2030 to increase renewable energy to more than 65 percent of the total energy supply by 2030.
China - China is the world's largest solar power producer and leads the worldwide solar photovoltaic (PV) industry. Solar PV panels production is predicted to rise as renewable energy gains prominence in China's 14th Five Year Plan (2021-2025).
India – Announced a new target of 450 GW of renewable energy by 2030 at the 26th Conference of Parties (COP26) in Glasgow. PM of India had said that by 2030, 50 percent of installed electricity would be met with renewable energy. Another target is to reach 175 GW renewable energy generation by 2022, and 100 GW is from solar.
Market developments and trends
Solar Inverter Market Opportunities
Blackridge Research's Global Solar PV Inverter Market report provides insights into the current global and regional market demand environment and prognosis.
The study offers a thorough examination of the many factors that impact the global solar PV inverter market growth. The study also comprehensively analyses the global solar PV inverter market by segmenting it based on geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America) and type based on power (String (central), Micro and Hybrid.)
The report also discusses current and future market possibilities, market trends, advancements, and the effect of Covid-19 on the global solar PV inverter market, essential developments, regions, and segments poised for the fastest-growth, competitive landscape. Further, the global solar PV inverter market size, and demand forecast, growth rates will also be provided in the report.
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
4. Industry Analysis
5. Market Segmentation & Forecast
6. Regional Market Analysis
7. Key Company Profiles
8. Competitive Landscape
9. Conclusions and Recommendations
List of Tables & Figures
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