Photovoltaic Inverter Market size to grow by USD 4,054.38 million from 2022 to 2027, ABB Ltd. and Canadian Solar Inc. emerge as key contributors to growth

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02 Jun, 2023, 10:15 ET

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NEW YORK, June 2, 2023 /PRNewswire/ -- The photovoltaic inverter market is expected to grow by USD 4,054.38 million from 2022 to 2027. The market is estimated to be progressing at a CAGR of 7.3% during the forecast period. APAC is estimated to account for 52% of the growth of the global photovoltaic inverter market during the forecast period. The market in the region is estimated to grow at the fastest pace during the forecast period. The regional market growth for photovoltaic inverters can be attributed to the increasing adoption of renewable energy and favorable government policies and incentives to support the development of the solar energy industry. China is the largest market for photovoltaic inverters in the region with the Chinese government having set ambitious targets for renewable energy development, including increasing the share of non-fossil fuels in primary energy consumption from 16% in 2020 to 20% by 2025. Furthermore, other countries in the Asia-Pacific region such as Japan, South Korea, and Australia are also experiencing significant growth in the photovoltaic industry, increasing the demand for photovoltaic inverters. Hence, such factors make APAC a leading region for market growth during the forecast period. For more insights on market size - Request the Sample Report

Photovoltaic Inverter Market: Segmentation Analysis

Technavio has segmented the photovoltaic inverter market by product (string, central, and micro), type (on-grid and off-grid), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

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Key factors driving market growth

Leading trends influencing the market

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Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth, and market share, among others, Buy the Report

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Photovoltaic Inverter Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 7.3%

Market growth 2023-2027

USD 4,054.38 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

6.27

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 52%

Key countries

US, China, India, Japan, and Vietnam

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Canadian Solar Inc., Danfoss AS, DARFON ELECTRONICS CORP., Delta Electronics Inc., Eaton Corp. Plc, Enphase Energy Inc., Fronius International GmbH, General Electric Co., Huawei Technologies Co. Ltd., OMRON Corp., Powerone Micro Systems Pvt. Ltd., Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., SunPower Corp., and Yaskawa Solectria Solar

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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