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Global Solar PV Inverter Market: By Technology: Central Inverters, String Inverters, Microinverters, Others; By Voltage; By Application; Regional Analysis; Historical Market and Forecast (2015-2025); Market Dynamics; Value Chain Analysis; Price Analysis; Manufacturing Process; Competitive Landscape; Industry Events and Developments

Global Solar PV Inverter Market Outlook

The global solar PV inverter market size reached a value of almost USD 7.3 billion in the year 2019. The solar PV inverter industry is further expected to grow at a CAGR of 5% between 2020 and 2025 to reach a value of almost USD 9.8 billion by 2025.

The global solar PV inverter industry is supported by the Asia Pacific region, which is the leading regional market. The market is increasing due to the rising demand for solar inverters over the last few years. Other factors driving the industry include the need for rural electrification, increasing government support, technological advancements, and rising investments in renewable energy.

 

Properties and Applications

A solar inverter is one of the key elements of a solar electric power plant. It is considered as the brain of the system. Its basic function includes the conversion of direct current (DC) from solar panels into alternating current (AC), which can then be supplied to the power grids or houses for operating various appliances. Other features of these inverters include managing temperature, optimising power, and controlling and monitoring all parameters, yields, and operational data of the power plant. Presently, solar PV inverters majorly find applications in the utilities and industrial sectors.

The solar PV inverter market is segmented on the basis of technology into:

  • Central Inverters
  • String Inverters
  • Microinverters
  • Others

Currently, central inverters represent the most significant segment in the industry.

On the basis of voltage, the industry is divided into:

  • < 1,000 V
  • 1,000 – 1,499 V
  • >1,500 V
  • Others

Presently, the < 1000 V solar PV inverter holds the majority of the total market share.

On the basis of application, the industry is categorised into:

  • Utility Scale
  • Residential Scale
  • Small Commercial Scale
  • Large Commercial Scale
  • Industrial Scale
  • Others

Amongst these, the utility scale segment exhibits dominance in the industry.

The report also covers the regional markets of solar PV inverter like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Market Analysis 

The global solar PV inverter market is driven by the rising environmental concerns about greenhouse emissions and the vital role of solar and other renewable energy sources to reduce these emissions. The industry is accelerated by the increasing cost of fossil fuels, resulting in the growing adoption of solar power, which is a more economical source. In addition to this, the prices of solar inverters have also dropped in the recent years, making them more affordable to the general population. Thereby resulting in a healthy growth in the installation of solar electric systems across both developed and developing regions over the world, which is further driving the growth of the industry.

 

Competitive Landscape

The report gives a detailed analysis of the following key players in the global solar PV inverter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Schneider Electric SE
  • Siemens AG
  • Mitsubishi Electric US, Inc.
  • General Electric Company
  • Huawei Technologies Co., Ltd
  • FIMER Group
  • SolarEdge Technologies Inc
  • Toshiba International Corporation
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Solar PV Inverter Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Solar PV Inverter Historical Market (2015-2019) 
    8.3    Global Solar PV Inverter Market Forecast (2020-2025)
    8.4    Global Solar PV Inverter Market by Technology
        8.4.1    Central Inverters
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2015-2019)
            8.4.1.3    Forecast Trend (2020-2025)
        8.4.2    String Inverters
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2015-2019)
            8.4.2.3    Forecast Trend (2020-2025)
        8.4.3    Microinverters
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2015-2019)
            8.4.3.3    Forecast Trend (2020-2025)
        8.4.4    Others
    8.5    Global Solar PV Inverter Market by Voltage
        8.5.1    < 1,000 V 
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2015-2019)
            8.5.1.3    Forecast Trend (2020-2025)
        8.5.2    1,000 – 1,499 V 
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2015-2019)
            8.5.2.3    Forecast Trend (2020-2025)
        8.5.3    > 1,500 V
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2015-2019)
            8.5.3.3    Forecast Trend (2020-2025)
        8.5.4    Others
    8.6    Global Solar PV Inverter Market by Application
        8.6.1    Utility Scale 
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2015-2019)
            8.6.1.3    Forecast Trend (2020-2025)
        8.6.2    Residential Scale 
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2015-2019)
            8.6.2.3    Forecast Trend (2020-2025)
        8.6.3    Small Commercial Scale 
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2015-2019)
            8.6.3.3    Forecast Trend (2020-2025)
        8.6.4    Large Commercial Scale 
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2015-2019)
            8.6.4.3    Forecast Trend (2020-2025)
        8.6.5    Industrial Scale 
            8.6.5.1    Market Share
            8.6.5.2    Historical Trend (2015-2019)
            8.6.5.3    Forecast Trend (2020-2025)
        8.6.6    Others
    8.7    Global Solar PV Inverter Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2015-2019)
        9.1.2    Forecast Trend (2020-2025)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2015-2019)
        9.2.2    Forecast Trend (2020-2025)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Market (2015-2019)
        9.3.2    Market Forecast (2020-2025)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2015-2019)
        9.4.2    Forecast Trend (2020-2025)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2015-2019)
        9.5.2    Forecast Trend (2020-2025)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyers Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Price Analysis
13    Manufacturing Process

    13.1    Detailed Process Flow
    13.2    Operations Involved
    13.3    Mass Balance
14    Competitive Landscape
    14.1    Market Structure
    14.2    Key Players' Market Share
    14.3    Company Profiles
        14.3.1    Schneider Electric SE
            14.3.1.1    Company Overview
            14.3.1.2    Product Portfolio
            14.3.1.3    Demographic Reach and Achievements
            14.3.1.4    Financial Summary
            14.3.1.5    Certifications
        14.3.2    Siemens AG
            14.3.2.1    Company Overview
            14.3.2.2    Product Portfolio
            14.3.2.3    Demographic Reach and Achievements
            14.3.2.4    Financial Summary
            14.3.2.5    Certifications
        14.3.3    Mitsubishi Electric US, Inc.
            14.3.3.1    Company Overview
            14.3.3.2    Product Portfolio
            14.3.3.3    Demographic Reach and Achievements
            14.3.3.4    Financial Summary
            14.3.3.5    Certifications
        14.3.4    General Electric Company
            14.3.4.1    Company Overview
            14.3.4.2    Product Portfolio
            14.3.4.3    Demographic Reach and Achievements
            14.3.4.4    Financial Summary
            14.3.4.5    Certifications
        14.3.5    Huawei Technologies Co., Ltd
            14.3.5.1    Company Overview
            14.3.5.2    Product Portfolio
            14.3.5.3    Demographic Reach and Achievements
            14.3.5.4    Financial Summary
            14.3.5.5    Certifications 
    14.3.6    FIMER Group
            14.3.6.1    Company Overview
            14.3.6.2    Product Portfolio
            14.3.6.3    Demographic Reach and Achievements
            14.3.6.4    Financial Summary
            14.3.6.5    Certifications
        14.3.7    SolarEdge Technologies Inc
            14.3.7.1    Company Overview
            14.3.7.2    Product Portfolio
            14.3.7.3    Demographic Reach and Achievements
            14.3.7.4    Financial Summary
            14.3.7.5    Certifications
        14.3.8    Toshiba International Corporation
            14.3.8.1    Company Overview
            14.3.8.2    Product Portfolio
            14.3.8.3    Demographic Reach and Achievements
            14.3.8.4    Financial Summary
            14.3.8.5    Certifications
        14.3.9    Others
15    Industry Events and Developments

 

List of Figures and Tables

1.    Global Solar PV Inverter Market: Key Industry Highlights, 2015 and 2025
2.    Global Solar PV Inverter Historical Market: Breakup by Technology (USD Billion), 2015-2019
3.    Global Solar PV Inverter Market Forecast: Breakup by Technology (USD Billion), 2020-2025
4.    Global Solar PV Inverter Historical Market: Breakup by Voltage (USD Billion), 2015-2019
5.    Global Solar PV Inverter Market Forecast: Breakup by Voltage (USD Billion), 2020-2025
6.    Global Solar PV Inverter Historical Market: Breakup by Application (USD Billion), 2015-2019
7.    Global Solar PV Inverter Market Forecast: Breakup by Application (USD Billion), 2020-2025
8.    Global Solar PV Inverter Historical Market: Breakup by Region (USD Billion), 2015-2019
9.    Global Solar PV Inverter Market Forecast: Breakup by Region (USD Billion), 2020-2025
10.    North America Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2015-2019
11.    North America Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2020-2025
12.    Europe Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2015-2019
13.    Europe Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2020-2025
14.    Asia Pacific Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2015-2019
15.    Asia Pacific Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2020-2025
16.    Latin America Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2015-2019
17.    Latin America Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2020-2025
18.    Middle East and Africa Solar PV Inverter Historical Market: Breakup by Country (USD Billion), 2015-2019
19.    Middle East and Africa Solar PV Inverter Market Forecast: Breakup by Country (USD Billion), 2020-2025
20.    Global Solar PV Inverter Market Structure

Key Questions Answered in the Report

In 2019, the global solar PV inverter market attained a value of nearly USD 7.3 billion.

In the forecast period of 2020-2025, the market is projected to grow at a CAGR of 5%.

By 2025, the market is estimated to reach a value of about USD 9.8 billion.

The major drivers of the industry such as rural electrification, increasing government support, technological advancements, and rising investments in renewable energy are expected to aid the market growth

The lowering of solar inverters prices and the shift away from fossil-fuel based energy are the major trends expected to drive the market growth.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest market share.

The major technology in the industry are central inverters.

The <1000 V solar PV inverter is the leading voltage type of the inverter in the industry.

The leading application segment in the industry is the utility scale segment. 
 

The major players in the industry are Schneider Electric SE, Siemens AG, Mitsubishi Electric US, Inc., General Electric Company, Huawei Technologies Co., Ltd, FIMER Group, SolarEdge Technologies Inc, and Toshiba International Corporation, among others. 

Analyst Review

The global solar PV inverter market attained a value of almost USD 7.3 billion in the year 2019 driven by the growing rural electrification and favourable government policies. Aided by the technological advancements in the industry and the reducing costs of solar inverters, the market is expected to witness a further growth in the forecast period of 2020-2025, growing at a CAGR of 5%. The market is projected to reach USD 9.8 billion by 2025.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its technology, the market can be segmented into central inverters, string inverters, and microinverters, among others, with central inverters accounting for the largest market share in the global market. On the basis of voltage, the <1000 V solar PV inverter sector accounts for the largest share in the market. The utility scale segment accounts for the largest market share among other application segments. The major regional markets for solar PV inverter are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the global market. The key players in the above industry include Schneider Electric SE, Siemens AG, Mitsubishi Electric US, Inc., General Electric Company, Huawei Technologies Co., Ltd, FIMER Group, SolarEdge Technologies Inc, and Toshiba International Corporation, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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