The solar inverters market is expected to grow from US$ 9,806.67 million in 2022 to US$ 16,327.06 million by 2028. It is estimated to grow at a CAGR of 8.9% during 2022–2028.
With the worldwide governments working toward establishing solar power as a primary energy source, various schemes have been introduced for domestic use of solar power. Installing solar rooftop systems can help people generate electricity and use it for different purposes residential, commercial and even industrial. While this is a great option, there are few takers for rooftop solar panels due to their huge installation costs. To make it easier, Indian central and state governments have launched various schemes to encourage the implementation of rooftop solar panels. For instance, in January 2022, the Ministry of New & Renewable Energy mentioned that households will get rooftop solar panels for free and can be installed by anyone, and requires a snap of the installed system is sufficient to get benefits or subsidy under the government scheme.
Thus, the rising number of solar installations attributed to government-led incentives and schemes propel the demand for solar inverters, which drives the solar inverters market growth.
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Solar Inverters Market: Strategic Insights
Market Size Value in US$ 9,806.67 Million in 2022 Market Size Value by US$ 16,327.06 Million by 2028 Growth rate CAGR of 8.9% From 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Solar Inverters Market: Strategic Insights
Market Size Value in | US$ 9,806.67 Million in 2022 |
Market Size Value by | US$ 16,327.06 Million by 2028 |
Growth rate | CAGR of 8.9% From 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
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Speak to AnalystImpact of COVID-19 Pandemic on North America Solar Inverters Market
The need for solar inverters was prevalent during the pre-COVID-19 era because of the growing urban population. Due to the increasing population, infrastructural development was increasing. According to the article published by the Journal of Commerce Online, the US Department of Transportation (DOT) allocated grants of ~US$ 856 million to Infrastructure for Rebuilding America (INFRA) for constructing 20 projects across the US. Thus, the need for developing infrastructure supported the growth of the solar inverters market in North America.
In North America, the US, Canada, and Mexico witnessed a significant rise in COVID-19 patients in 2020. The COVID-19 pandemic resulted in economic challenges owing to subsequent lockdowns. In 2020, manufacturing industries were severely affected due to a drastic decrease in product demand, falling prices, and storage shortages. A swift decline in manufacturing revenues due to virtually nonexistent manufacturing demand and slow production capabilities has limited the expenditure on installing or upgrading existing solar inverters across various industries in North America. Moreover, periodic maintenance and discontinuation of operation in existing manufacturing plants have hampered the demand for solar inverters. Thus, the COVID-19 pandemic has adversely affected the North America solar inverters market.
In 2021, the manufacturing industry started recovering from the significant labor and supply chain challenges that triggered the adoption of solar inverters. In 2022, solar inverters will have a higher demand in North America due to the continued progress in the renewable energy sector.
Lucrative Regions for Solar Inverters Providers
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Solar Inverters Market Insights
Growing Residential Solar Rooftop Installations
The economic aspect is the biggest incentive for installing home rooftop solar panels. Solar energy has emerged as one of the most promising and widely accepted renewable energy sources. Residential solar solutions can provide free, uninterrupted electricity for the years while simultaneously contributing to a greener environment.
In the US, as per Solar Energy Industries Association in June 2022, the US installed 3.9 gigawatts (GW) of solar photovoltaic (PV) capacity in Q1 2022 to reach 126.1 GW of total installed capacity, enough to power 22 million American homes. Solar accounted for 50% of all new electricity-generating capacity added in the U.S. in Q1. Residential solar had its largest quarter in history with 1.2 GW installed, a 30% increase year-over-year. Further, the government of India has a target of 40 GW by 2022 for rooftop solar installations in the country, per the article published by Mercom India in August 2021. However, the cumulative installations as of March 31, 2021, are only about 5.4 GW. Rooftop solar accounts for around 13% of cumulative solar installation in India. Also, businesses realize the financial and environmental benefits of going solar, and the COVID-19 pandemic has increased its adoption. Furthermore, Tata Power Solar company has been India's leading rooftop solar installer. The company emerged as the top solar rooftop installer in India in the year 2020, according to Mercom's India Solar Market Leaderboard 2021, accounting for 20% of the total rooftop installations in the country.
Therefore, with all the above-mentioned factors, growing residential solar rooftop installations globally support the solar inverters market growth.
Type-based Market Insights
Based on type, the solar inverters market is segmented into central, string, and micro. In 2021, the central segment led the market, accounting for the largest share.
Solar Inverters Market, by Type, 2021 and 2028 (%)
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System Type-based Market Insights
Based on system type, the solar inverters market is bifurcated into on-grid and off-grid. In 2021, the on-grid segment accounted for a larger market share.
End User-based Market Insights
Based on end user, the solar inverters market is segmented into residential, commercial, and utility. In 2021, the utility segment accounted for the largest market share.
Players operating in the solar inverters market adopt strategies, such as mergers, acquisitions, and market initiatives, to maintain their positions in the solar inverters market. A few developments by key players are listed below:
- In June 2022, ABB announced the opening of its new production site in Italy-the E-mobility Center of Excellence. It has a floor space of 16,000 m square. It will provide support for the electrification of transport sectors.
- In March 2022, Delta received the ENERGY STAR-2022 Partner of the year award for sustained excellence by the US Environmental Protection Agency for the seventh consecutive year.
Company Profiles
- FIMER S.p.A.
- Delta Electronics, Inc.
- Enertechups
- GOODWE
- Power Electronics S.L.
- Powerone Micro Systems Pvt.Ltd
- Sineng Electric
- SMA Solar Technology AG
- Solaredge Technologies Inc.
- Hitachi Hi-Rel Power Electronics Pvt Ltd.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, System Type, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Canada, China, France, Germany, India, Italy, Japan, MEA, Mexico, SAM, South Korea, Spain, United Kingdom, United States
Frequently Asked Questions
Rising number of solar installations attributed to government-led incentives and schemes and growing residential solar rooftop installations are driving the growth of the solar inverters market.
Technological innovations in solar inverters is presenting significant potential for the future growth of the solar inverters market players.
Based on type, the solar inverters market is bifurcated into central, string, and micro. In 2021, the central segment led the solar inverters market, accounting for the largest share in the market.
APAC is the fastest growing region in the global solar inverters market.
The major five companies in the solar inverters market include SMA Solar Technology AG, SolarEdge Technologies Inc., Fimer Group, GOODWE, and Power Electronics S.L.
The incremental growth of the solar inverters market during the forecast period is US$ 6520.39 million.
The List of Companies - Solar Inverters Market
- FIMER S.p.A.
- Delta Electronics, Inc.
- Enertechups
- GOODWE
- Power Electronics S.L.
- Powerone Micro Systems Pvt.Ltd
- Sineng Electric
- SMA Solar Technology AG
- Solaredge Technologies Inc.
- Hitachi Hi-Rel Power Electronics Pvt Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
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- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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