Large scale investments in sustainable grid integration and favorable government initiatives are the significant drivers of the market.
Market Size – USD 9.97 billion in 2026, Market Growth - CAGR of 3.7% between 2019 and 2026, Market Trends – Rising demand for packaged foods and beverages
The Photovoltaic (PV) Inverter market is expected to grow to USD 9.97 Billion in 2026, at a CAGR of 3.7%. The global market share of PV inverters will be driven by favorable government initiatives to promote renewable energy and large - scale investments in sustainable grid integration.
Monetary financing and various government schemes, including net metering, feed tariffs to support the creation of innovative projects and the development of advanced technologies, will further increase growth in the industry.
The decreasing cost of solar components and increased operational efficiency have increased solar systems, which in turn will drive the growth of the global photovoltaic inverter market.
The improvement of primitive technologies in conjunction with volume production practices has led to a significant reduction in the overall price of components. In addition, the industry's landscape will be further enhanced by strict government standards to curb GHG emissions favored by rising electricity demand.
Further key findings from the report suggest
- The Photovoltaic (PV) Inverter market is expected to grow to USD 9.97 Billion in 2026, at a CAGR of 3.7%. The global market share of PV inverters will be driven by favorable government initiatives to promote renewable energy and large - scale investments in sustainable grid integration.
- On the basis of power class, the three-phase units are expected to have the largest market share during the forecast period. Due to their efficient operation in large-capacity industrial installations and transmission networks, three-phase units have a significant share of revenue. In addition, the increasing demand for reliability of power across industries, including mining and oil and gas, will further increase the demand for products.
- On the basis of nominal output power, the market share of photovoltaic inverters of 300 W is expected to grow strongly due to their use, which is favored by lower product costs in small - scale solar photovoltaic applications. Improving unit efficiencies and increasing flexibility in operation will increase product demand. In addition, the growing demand for cost - effective and cost - effective photovoltaic installations will complement the business outlook in line with increasing off - grid deployment.
- On the basis of nominal output voltage, the ≤ 230 V inverter market is expected to be valued at USD 3.71 Billion in 2026. Increasing demand from the downstream sector will increase the business landscape, along with increasing product shipments to China. The global installed photovoltaic capacity reached 100 GW in 2018, with more than 50% of China's installations.
- Photovoltaic inverters on the solar grid market are expected to gain more than 9.4% by 2026. Current electrification programs and favourable government initiatives to improve the deployment of sustainable electricity infrastructure connected to the grid will further stimulate the business outlook.
- The market for residential photovoltaic inverters is expected to grow by 2026 at a rate of more than 10%. The global industry outlook will be favoured by the electrification program in developing countries focusing on decentralized generation and the rapid advancement of distributed generation technologies.
- Asia Pacific led the market in 2018 with more than 52% of the market share. This can be directly attributed to the commissioning of several solar farms in the region, particularly in China and India, on a network scale. In driving solar power installations in the region, government subsidies and purchase incentives played the main role.
- The significant players in the market are Schneider Electric (France), Panasonic Corp. (Japan), Furukawa Battery Co., Ltd. (China), REFU Elektronik GmbH (Germany), SatCon Technology Corp. (US), Delta Group (Taiwan), Chint Group Co. Ltd. (China), Fronious International GmbH (Austia), Emerson Electric (US), ABB (Switzerland), General Electric (US).
Segments covered in the report:
This report forecasts volume and revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the market on the basis of connectivity, product, application, power class, nominal output power and nominal output voltage.
Power Class (Revenue, USD Million; 2016–2026)
- Single Phase
- Three Phase (≤99 kW)
Nominal Output Power (Revenue, USD Million; 2016–2026)
- ≤ 300 W
- 300 - 3,000 W
- 3,000 - 33,000 W
- 33,000 - 110,000 W
- > 110,000 W
Nominal Output Voltage (Revenue, USD Million; 2016–2026)
- ≤ 230 V
- 230 - 400 V
- 600 V
Connectivity (Revenue, USD Million; 2016–2026)
- Stand-alone
- On-grid
Product (Revenue, USD Million; 2016–2026)
- Micro
- String
- Central
- Transformer based
- Transformer less
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