The global PV inverter market size is expected to reach USD 10.37 billion by 2026, according to a new report by Grand View Research, Inc. The increasing demand for renewable energy over the last decade has primarily driven the market for solar PV inverters. The market is estimated to expand at a CAGR of 3.9% from 2018 to 2026.
Rising need for solar renewable energy has led to increased installations of solar systems. The solar PV inverter converts variable DC into alternating current frequency and is used in systems individually or in distinct combination depending on a particular installation. The market is witnessing technological innovations at a rapid rate. With technological advancements, the solar PV inverter market is projected to showcase promising growth prospects and advanced system optimization with improved performance efficiencies in near future. Such advancements have taken place in varying end-use sectors, such as grid support for residential installations up to utility-scale PV projects.
Central PV inverters is also projected to emerge as the fastest growing segment with a CAGR of around 4.0% from 2018 to 2026. String inverters market was valued at USD 3.18 billion in 2017, and estimated to grow at substantial rates over the forecast period. The utilities segment is projected to lead the product segment in terms of revenue growth. It is projected to expand at a CAGR of around 3.9% in the forthcoming years.
Major market players
Major market players include SMA Solar Technology AG, Siemens AG, Fronius International GmbH, ABB, Enphase Energy, KACO Omron Corporation, SunPower Corporation, Power-One, Hitachi H-Rel Power Electronics Pvt. Ltd, Tigo Energy, and Eaton.