Solar Inverter Market Size, Share, Forecast, & Trends Analysis by Product (String, Micro, Power, Hybrid, Central), Grid (On-grid, Off-grid), Phase (Single, Three), End User (Residential, Commercial & Industrial, Utility-Scale)

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Solar Inverters Market Size, Share, Forecast, & Trends Analysis by Product (String, Micro, Power, Hybrid, Central), Grid (On-grid, Off-grid), Phase (Single, Three), End User (Residential, Commercial & Industrial, Utility-Scale)-Global Forecast to 2031

The research report titled, 'Solar Inverters Market Size, Share, Forecast, & Trends Analysis by Product (String, Micro, Power, Hybrid, Central), Grid (On-grid, Off-grid), Phase (Single, Three), End User (Residential, Commercial & Industrial, Utility-Scale)-Global Forecast to 2031', provides in-depth analysis of the solar inverters market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The solar inverters market is projected to reach $18.8 billion by 2031, at a CAGR of 8.9% from 2024 to 2031. The growth of this market is driven by the growing focus on sustainability and environmental concerns, government policies and incentives aimed at promoting the use of renewable energy, and the surge in electricity prices. Furthermore, the integration of solar inverters with energy storage systems and the adoption of smart grid technologies are expected to create market growth opportunities. However, the high installation costs of solar inverters may restrain market growth. Additionally, issues related to the integration of solar power into existing electrical grids pose challenges to the market's growth. Additionally, the integration of digital technologies and Internet of Things (IoT) capabilities into solar inverters is a prominent trend in this market.

The global solar inverters market is segmented by product, grid type, phase, and end user. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on product, the global solar inverters market is broadly segmented into string inverters, micro inverters, power optimizers, hybrid inverters, and central inverters. In 2024, the central inverters segment is expected to account for the largest share of over 40.0% of the solar inverters market. The large market share of this segment can be attributed to the increasing demand for cost-effective inverters with high conversion efficiencies, the widespread adoption of central inverters in utility-scale solar farms for connecting large arrays of solar panels, and the increasing utilization of these inverters in commercial and industrial solar projects, such as rooftop installations on warehouses and factories, as well as in solar power plants and microgrid installations.

However, the hybrid inverters segment is projected to register the highest growth rate during the forecast period of 2024 to 2031. The growth of this segment is driven by the growing integration of energy storage systems with solar PV installations, the rising need to reduce reliance on the grid and achieve energy independence, and the continuous technological advancements in energy storage systems.

Based on grid type, the global solar inverters market is broadly segmented into on-grid, off-grid, and hybrid. In 2024, the on-grid segment is expected to account for the largest share of over 70.0% of the solar inverters market. The large market share of this segment is attributed to its simplicity, cost-effectiveness, and compatibility with existing grid infrastructure. Additionally, the rising need to reduce reliance on traditional fossil fuel-based electricity generation drives the demand for on-grid solar inverters in residential, commercial, and utility-scale solar PV installations.

However, the hybrid segment is projected to register the highest growth rate during the forecast period of 2024 to 2031. The growth of this segment is driven by the increasing demand for systems capable of operating in both grid-tied and off-grid modes to maximize the self-consumption of solar energy and reduce reliance on grid-supplied electricity. Additionally, the rising utilization of hybrid solar inverters for remote or off-grid applications, particularly in areas where access to the utility grid is limited or unavailable, contributes to the growth of this segment.

Based on phase, the global solar inverters market is broadly single-phase solar inverters and three-phase solar inverters. In 2024, the three-phase solar inverters segment is expected to account for the largest share of over 75.0% of the solar inverters market. The large market share of this segment can be attributed to the increasing utilization of three-phase solar inverters in commercial and industrial sectors due to their capacity to handle higher power loads and deliver higher efficiency compared to single-phase solar inverters. Additionally, the rising adoption of three-phase solar inverters in utility-scale solar projects due to their scalability and compatibility with the grid contributes to the significant market share of this segment.

Moreover, the three-phase solar inverters segment is projected to register the highest growth rate during the forecast period of 2024 to 2031. This growth is driven by the increasing initiatives by market players to expand their product portfolios and enhance the capabilities of their existing products. For instance, in March 2022, Delta Electronics, Inc. (Taiwan) launched its new M100A Flex three-phase inverter. With a power range of 15 to 250kW, these inverters are suitable for residential and commercial rooftop PV projects. Featuring a robust IP66 enclosure and compact design for easy transport, they are suitable for both indoor and outdoor installations across various commercial and industrial applications.

Based on end user, the global solar inverters market is broadly segmented into residential, commercial & industrial (C&I), utility-scale, and other end users. In 2024, the utility-scale segment is expected to account for the largest share of over 52.0% of the solar inverters market. The large market share of this segment can be attributed to the rising deployment of large-scale solar projects globally aimed at expanding renewable energy capacity and curbing greenhouse gas emissions, supportive policies and regulations from governments encouraging the development of utility-scale solar projects, and the increasing demand for large-scale solar PV installations to generate electricity for distribution to the utility grid. Moreover, the utility-scale segment is projected to register the highest growth rate during the forecast period of 2024 to 2031.

Based on geography, the global solar inverters market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 60.0% of the solar inverters market, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific's significant market share can be attributed to various factors, including supportive government policies and regulatory frameworks, increasing investments in green energy resources, increasing deployment of solar energy projects, capacity expansion initiatives in power generation plants, rising sustainability and environmental concerns, and the comparatively lower costs of solar energy compared to conventional fossil fuel-based electricity generation.

Moreover, the market in Asia-Pacific is projected to register the highest CAGR of 10.0% during the forecast period.

Key Players:

The key players operating in the solar inverters market are Siemens AG (Germany), Schneider Electric SE (France), Hitachi Hi-Rel Power Electronics Pvt. Ltd. (India), Sungrow Power Supply Co., Ltd. (China), Huawei Technologies Co., Ltd. (China), Ginlong Technologies Co., Ltd. (China), Growatt (China), SMA Solar Technology AG (Germany), Power Electronics S.L. (U.S.), FIMER S.p.A. (Italy), TMEIC (U.S.), SolarEdge Technologies Inc. (Israel), Sineng Electric Co., Ltd. (China), ABB Ltd (Switzerland), Luminous Power Technologies Pvt. Ltd. (India), Nexus Solar Energy (India), Waaree Energies Ltd. (India), Delta Electronics, Inc. (Taiwan), Enphase Energy Inc. (U.S.), Fuji Electric Co., Ltd. (Japan), and Havells India Ltd. (India).

Key questions answered in the report-

Which are the high-growth segments in the solar inverters market based on product, grid type, phase, end user, and geography?
What is the historical market size for solar inverters across the globe?
What are the market forecasts and estimates for the period 2024-2031?
What are the major drivers, restraints, opportunities, and challenges in the solar inverters market?
Who are the major players, and what shares do they hold in the solar inverters market?
What is the competitive landscape like in the solar inverters market?
What are the recent developments in the solar inverters market?
What are the different strategies adopted by the major players in the solar inverters market?
What are the key geographic trends, and which are the high-growth countries in the solar inverters market?
Who are the local emerging players in the solar inverters market, and how do they compete with the other players?

Scope of the report:

Solar Inverters Market Assessment-by Product

String Inverters
Micro Inverters
Power Optimizers
Hybrid Inverters
Central Inverters

Solar Inverters Market Assessment-by Grid Type

On-grid
Off-grid
Hybrid

Solar Inverters Market Assessment-by Phase

Single-phase Solar Inverters
Three-phase Solar Inverters

Solar Inverters Market Assessment-by End User

Residential
Commercial & Industrial (C&I)
Utility-Scale
Other End users

Global Solar Inverters Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Netherlands
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- South Korea
- Thailand
- Singapore
- Rest of Asia-Pacific
Latin America
- Mexico
- Argentina
- Brazil
- Rest of Latin America
Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa

Product Code: MROTH - 1041146

1. Introduction

1.1 Market Definition & Scope
1.2 Market Ecosystem
1.3 Currency & Limitations
1.4 Key Stakeholders

2. Research Methodology

2.1 Research Approach
2.2 Data Collection & Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
2.4 Assumptions for the Study

3. Executive Summary

3.1 Market Overview
3.2 Market Analysis, by Product
3.3 Market Analysis, by Grid Type
3.4 Market Analysis, by Phase
3.5 Market Analysis, by End User
3.6 Market Analysis, by Geography
3.7 Competitive Analysis

4. Market Insights

4.1 Overview
4.2 Factors Affecting Market Growth
- 4.2.1 Drivers
  - 4.2.1.1 Growing Focus on Sustainability and Environmental Concerns
  - 4.2.1.2 Government Policies and Incentives Aimed at Promoting the Use of Renewable Energy
  - 4.2.1.3 Surge in Electricity Prices
- 4.2.2 Restraints
  - 4.2.2.1 High Installation Costs of Solar Inverters
- 4.2.3 Opportunities
  - 4.2.3.1 Integration of Solar Inverters with Energy Storage Systems
  - 4.2.3.2 Adoption of Smart Grid Technologies
- 4.2.4 Challenges
  - 4.2.4.1 Issues Related to the Integration of Solar Power Into Existing Electrical Grids
- 4.2.5 Trend
  - 4.2.5.1 Integration of Digital Technologies and Internet of Things (IoT) Capabilities into Solar Inverters
4.3 Comparison Between On-grid, Off-grid, and Hybrid

5. Global Solar Inverter Market Assessment-by Product

5.1 Overview
5.2 String Inverters
5.3 Micro Inverters
5.4 Power Optimizers
5.5 Hybrid Inverters
5.6 Central Inverters

6. Global Solar Inverter Market Assessment-by Grid Type

6.1 Overview
6.2 On-grid
6.3 Off-grid
6.4 Hybrid

7. Global Solar Inverter Market Assessment-by Phase

7.1 Overview
7.2 Single-phase Solar Inverters
7.3 Three-phase Solar Inverters

8. Global Solar Inverter Market Assessment-by End User

8.1 Overview
8.2 Residential
8.3 Commercial & Industrial (C&I)
8.4 Utility-Scale
8.5 Other End Users

9. Solar Inverter Market Assessment-by Geography

9.1 Overview
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 Germany
- 9.3.2 U.K.
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
- 9.3.7 Netherlands
- 9.3.8 Rest of Europe
9.4 Asia-Pacific
- 9.4.1 China
- 9.4.2 Japan
- 9.4.3 India
- 9.4.4 South Korea
- 9.4.5 Thailand
- 9.4.6 Singapore
- 9.4.7 Rest of Asia-Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
9.6 Middle East & Africa
- 9.6.1 UAE
- 9.6.2 Saudi Arabia
- 9.6.3 South Africa
- 9.6.4 Rest of Middle East & Africa

10. Global Solar Inverter Market Assessment-Competitive Analysis

10.1 Overview
10.2 Key Growth Strategies
10.3 Competitive Benchmarking
10.4 Competitive Dashboard
- 10.4.1 Industry Leaders
- 10.4.2 Market differentiators
- 10.4.3 Vanguards
- 10.4.4 Emerging Companies
10.5 Market Share Analysis

11. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Recent Developments)

11.1 Siemens AG
11.2 Schneider Electric SE
11.3 Hitachi Hi-Rel Power Electronics Pvt. Ltd.
11.4 Sungrow Power Supply Co., Ltd.
11.5 Huawei Technologies Co., Ltd.
11.6 Ginlong Technologies Co., Ltd.
11.7 Growatt
11.8 SMA Solar Technology AG
11.9 Power Electronics S.L.
11.10 FIMER S.p.A.
11.11 TMEIC
11.12 SolarEdge Technologies Inc.
11.13 Sineng Electric Co., Ltd.
11.14 ABB Ltd
11.15 Luminous Power Technologies Pvt. Ltd.
11.16 Nexus Solar Energy
11.17 Waaree Energies Ltd.
11.18 Delta Electronics, Inc.
11.19 Enphase Energy Inc.
11.20 Havells India Ltd.
11.21 Fuji Electric Co., Ltd.

(Note: SWOT Analysis of the Top 5 Companies will be Provided)

12. Appendix

12.1 Available Customization
12.2 Related Reports