According to the new research report titled “Solar PV Inverter Market Forecast to 2030 - COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 17,041.24 million by 2030 and register a CAGR of 7.8% from 2023 to 2030.

According to the International Energy Agency (IEA), the global energy demand increased by 8% in 2022. The upswing in investments in 2022 is a mixture of a cyclical response to recovery and a structural shift in capital flows toward cleaner technologies. Owing to global energy increasing are attracting investment in renewable energy will propel the solar PV inverter market growth.  Some of the recent investments are mentioned below:

•    According to the Solar Power Organization of Europe, the region installed 41.4 GW of solar plant in 2022 showcasing an increase of 47% in 2021.

•    The Saudi Arabian Ministry in January 2023 announced an investment of US$ 226 billion for development of clean energy across the country. This investment will be utilized for developing wind and solar energy infrastructure for generating power to meet the country-wide demand.

•    China’s National Energy Administration in 2022 installed 87 gigawatts (GW) solar infrastructure showcasing a 59% year-on-year growth.

Thus, the increasing investments toward renewable energy sector help in creating opportunities for solar PV inverter market players during the forecast period.

The global solar PV inverter market share was dominated by the central segment in 2022, which accounted for more than 55%. Central inverters convert the direct current (DC) collected from an array of solar modules into alternating current (AC) for connection to the grid. The main advantages of central inverters include credibility due to their high market presence, lower costs, and capability to generate higher output voltages, as well as reliability as these are placed in protective environments. These factors influence the use of central solar (PV) inverters, thereby offering lucrative opportunities to the global solar PV inverter market players in the central solar inverter market. For instance, SUNGROW announced the launch of its new central inverter with a power of 8.8 MW for solar energy storage in 2022.

The Europe solar PV inverter market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Solar is a major source of renewable energy in most European countries. Over the past few years, several solar power projects have been developed in the region, and many are under construction which are driving the solar PV inverter market growth. For instance, in February 2022, AMPYR Solar Europe (ASE), a European conglomerate, secured a massive facility of US$ 455 million from CarVal Investors. This project would be executed across Europe to bring more than 2GW of solar power capacity into operation by 2025. The funds secured from CarVal Investors would be employed to cover the construction costs of solar assets, as well as to cover capital development and operational or maintenance expenses. Such investment is contributing to increase the solar PV inverter market share of Europe. Although the Netherlands, Germany, and the UK will be the first development sites for the ASE in this project, it further plans to develop solar power sites in other European countries in the later phases. The company has also planned to provide additional funds for energy storage projects. Such ambitious projects from solar PV inverter market players are contributing to the growth of the market. 
 

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