Photovoltaic (PV) Inverter Market revenue is expected to grow significantly over the coming years, owing to its wide applications across utility, residential, and commercial sectors. As per Global Market Insights, Inc., “PV Inverter Industry size estimated at USD 6 billion in 2015, is expected to register a CAGR of 13% over 2016-2024.” In addition to this, growing need for reliable power supply as well as strict legislations pertaining to the reduction of greenhouse emissions is expected to boost PV inverter industry trends. Increasing popularity of off-grid electricity is expected to drive global PV inverter market size in the near future. Furthermore, favorable government norms encouraging feed-in tariffs and net metering uses is expected to enhance PV inverter market share over the coming years.
Photovoltaic or PV inverter industry size in residential sector estimated at USD 1480 million in 2015, is expected to witness a considerable surge over the coming years. The growth can be attributed to rise in number of electrification programs across the emerging economies. PV inverter market revenue in commercial sector is expected to grow noticeably in the near future, owing to the growing requirement of unhalted electric supply along with strict legislations to annihilate greenhouse emissions.
U.S. PV Inverter Market share, by application, 2013 - 2024 (MW)
Major photovoltaic inverter products include On-Grid and Standalone products. On-Grid PV inverter market is projected to reach USD 10 billion by 2024. Schemes such as feed-in tariffs and net energy metering are expected to add towards the growing product demand. Standalone Photovoltaic (PV) inverter market size is projected to be estimated at USD 6 billion by 2024. The growth can be credited to high demand for renewable energy along with the growing use of off-grid standalone systems in regions of Africa and Asia.
Based on the technology, PV industry is segmented into micro, central, battery based, and String PV inverters. String PV inverter market size is projected to grow at a rate of 19% over the period of 2016-2024. These technologies can be easily deployed and provides low initial cost per watt. Micro PV inverter market revenue worth USD 1 billion in 2015, is expected to witness a significant growth over the coming years. The growth can be credited to its rising installations in commercial as well as residential sectors. Central PV inverter market is expected to grow significantly over the next few years due to its growing use in commercial and utility-scale projects.
U.S. PV inverter market is projected to record highest gains of approximately 14% over the next eight years, owing to favorable government policies supporting the growth of renewable energy technologies. Furthermore, stringent government norms to enhance energy efficiency is expected to drive the regional growth.
South Africa Photovoltaic (PV) inverter industry is expected to surpass USD 30 million by 2024 due to rising demand for reliable energy. Chile PV inverter industry revenue is expected to be worth USD 150 million by 2024, owing to rise in number of solar projects requiring large-scale installations of PV inverters along with growing avenues for the business growth. UK PV inverter market share worth USD 400 million in 2015, is expected to grow considerably over the coming years.
Key PV inverter industry participants include SMA Solar Technology, KACO New Energy, Mitsubishi Electric, Growatt New Energy Technology Co. Ltd., Advanced Energy Industries Inc., ABB, and Fronius International GmbH.