The global PV inverter market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period (2021-2027). Factor such as supportive government initiatives for PV inverters in the market is favoring the growth of the market over the forecast period. In emerging nations such as India, both the Central Government and State Nodal Agencies (SNAs) are offering subsidy schemes to the people for installing rooftop PV systems. This encourages people to exploit renewable energy and to cut their electricity bills. Though the upfront cost of installation of a rooftop PV system is high, it is inexpensive in the long run when compared to electric generators. Once rooftop PV systems are installed, they don’t need any other expenses as they use solar energy instead of fossil fuels.
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According to the Ministry of New and Renewable Energy, the Central Government pays 30% of the benchmarked installation cost for rooftop PV systems. However, this subsidy scheme is applicable for institutional, residential, and social sectors. However, it is not applicable to the commercial sector, industrial sector, and public sector undertakings. For instance, according to the India brand equity foundation, to encourage domestic production, customs duty on solar inverters has been increased from 5% to 20%, and on solar lanterns from 5% to 15%.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
Segment Covered-
- By Product
- By Connection Type
- By End-User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- including ABB ltd., Enphase Energy, Inc., Renesola Zhejiang Ltd., SolarEdge Technologies Ltd., Delta Electronics Ltd., Seimens AG, Ginglong Technologies Co. Ltd., and others.
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PV Inverter Market Segmentation
By Product
- Central plant inverter system
- String Inverter System
- Multi-String Inverter System
- Microgrid Inverter System
By Connection Type
- On-Grid PV Inverter
- Off-Grid PV Inverter
By End User
- Residential
- Non-Residential
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Chilicon Power, LLC.
- Delta Electronics, Inc.
- Eaton Corp. Plc
- Emerson Electric Co.
- Fimer Group
- Fronius International GmbH
- Ginglong Technologies Co., Ltd.
- Hitachi Hi-Rel Power Electronics Pvt Ltd.
- Huawei Technologies Co., Ltd.
- KACO new energy GmbH
- Omran Corp.
- Power-One Micro Systems Pvt. Ltd.
- Seimens AG
- Sening Electric Co. Ltd.
- Shenzhen Growatt New Energy Co., Ltd.
- SMA solar technology AG
- Sungrow Power Supply Co., Ltd.
- TDK Corp.
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