Photovoltaic (PV) Inverter Market is Expected to Clock a Notable CAGR of 5.8% and Reach USD 16.10 Billion by 2030

Market Overview

The global Photovoltaic (PV) inverter market size was USD 10.27 Billion in 2022 and is expected to register a revenue CAGR of 5.8% during the forecast period. Rising integration of renewable energy sources, emerging environmental awareness, and increasing fossil fuel prices are some of the key factors driving market revenue growth. An electrical converter known as a photovoltaic inverter or solar inverter transforms the fluctuating Direct Current (DC) produced by photovoltaic solar panels into Alternating Current (AC). Furthermore, the data produced from the photovoltaic system is useful for locating as well as resolving electrical system-related operational problems. It employs the maximum point tracking approach to extract as much power as possible. A method known as the maximum power point tracking approach finds the highest power that PV modules may produce under specific conditions.

Apart from this, string, central, battery-based, mini, and hybrid PV inverters are just a few of various types of PV inverters that may be categorized. A string inverter connects to a solar module utilizing a scattered design and a number of sequences or solar panels. In terms of size and capacity, micro PV inverters are smaller than conventional PV inverters. Micro-inverters can convert DC current to AC without the need for any strings.

These converters are installed on the rear of each panel and regulate the panel's ability to convert electricity. Larger central inverters need a separate compartment with an exhaust manifold. These high-capacity inverters are appropriate for use in commercial settings. revenue growth of the Photovoltaic (PV) inverter market is expected to be driven by currently underway advancements in technology, developing information about the benefits of inverters configuration, including elevated deficiency, sustainable, and environment infrastructural facilities, cost-effectiveness, and others, and emerging financing by federal and private shareholders in sustainable energy infrastructure. For instance, increasing photovoltaic module's capacity has been a significant development that has prompted new technologies in PV inverters, as inverters must be able to synchronize with solar panels with high peak power output. Moreover, with the introduction of bifacial technology, the maximum operating current of a PV panel has increased from 9 amperes to 11-11.5 amperes. In addition, new modules are constructed using 210 mm semiconductors and can produce 17 amperes of current as a result. This development necessitates upgrading inverter capabilities.

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Driver: Rising interest in renewable energy

One of the key reasons driving revenue growth of the photovoltaic inverter market is the growth for sustainable energy as a consequence of growing interest in environmental health. In addition, revenue growth of the market is expected to driven by increased emphasis on lowering power prices. For instance, demand for all other fuels decreased in 2020, while use of renewable energy climbed by 3%. The main factor was an almost 7% increase in the production of power from renewable sources. Despite decreasing electricity demand, supply chain issues and building delays in many regions across the globe, renewable energy growth was supported by long-term contracts, priority access to the grid, and continued development of new plants. As a result, the proportion of renewable energy in the world's electricity generation increased from 27% in 2019 to 29% in 2020. A decrease in biofuels as a result of lower oil consumption substantially increased 3% in biomass energy use in the industry. Use of Blended biofuel also fell. The penetration of renewable in the mix of generating electricity also must reach a record high of 30% in 2021 as a result of the increased in electricity production from all renewable power. In 2021, the cumulative production of nuclear and moderate sources of electricity will be more than double that of all coal-fired power plants across the globe.

Competitive Landscape:

Competitive landscape of the global photovoltaic inverter market is moderately consolidated with few major companies operating on global and regional levels. Major companies are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footprint in the global market. Some major companies in the market report include SMA Solar Technology AG, SunPower Corporation, Delta Electronics, Inc., TMEIC, Siemens Energy, OMRON Corporation, Emerson Electric Co., Shenzhen Kstar Science&Technology Co. Ltd., SL Power Electronics Corp., Hitachi Hi-Rel Power Electronics Private Limited, and others.

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