Global Solar Inverter Market: Industry Analysis and Growth Opportunities

In the context of global energy transformation, solar energy, as a clean and renewable energy source, is developing rapidly. Among them, solar inverters, as the core component of solar power generation systems, are also showing a vigorous development trend.

Solar inverter is an important device in the solar system, which converts DC power flowing from solar panels to AC power. Apart from the conversion, solar inverters track voltage, allow grid connecting communication, and shutdown during emergency condition. Hence, increased use of on-grid solar inverter ensures the safety and efficiency of home appliances. Solar inverters are most commonly used in residential and utilities applications, and nowadays are increasingly used in the commercial & industrial projects across the globe.

According to relevant data, The global solar (PV) inverter market size was valued at $7.7 billion in 2020, and is expected to reach $17.9 billion by 2030, registering a CAGR of 8.8%. This rapid growth is mainly due to the increasing demand for renewable energy worldwide and the promotion of government policies on clean energy.

At the same time that the market scale is expanding, the technology of solar inverters is also continuously improving. From the earliest single-phase inverters to the current three-phase inverters, and possibly multi-stage inverters in the future, the technology and performance of inverters are constantly improving. Especially with the emergence of new types of inverters, such as high-efficiency, high-performance, and high-reliability inverters, the efficiency of solar power generation has been greatly improved, and costs are gradually decreasing.

In addition, competition in the global solar inverter market is also intensifying. Some of the major players in the market include Delta Electronics, Inc., Fimer S.p.A., Fronius International GmbH, Ginlong Technologies, Huawei Technologies Co., Ltd., Shenzhen Growatt New Energy Co., Ltd., Siemens AG, SMA Solar Technology AG, SolarEdge Technologies, Inc., and Sungrow Power Supply Co., Ltd.

Other players that operate in the value chain of the global solar (PV) inverter market are Goodwe, Canadian Solar, Sunpower Corporation, Sineng Electric Co., Ltd., SunPower, Omron Corporation, and others. The key players have adopted numerous strategies such as product launch, acquisition, agreement, partnership, and business expansion, to stay competitive in the solar inverter market.

For instance, in September 2021, Sungrow signed an agreement with local distributor Energy for You in Pakistan. This agreement aimed at supplying featured residential and commercial inverter solutions to power Pakistani installations within a year.

In addition, in March 2021, Fronius International GmbH launched single phase hybrid inverter named the Primo GEN24 plus. It was launched in categories from 3.0 - 6.0 kW and combined maximum yield, top flexibility, and ease of use in one compact and stylish high-tech device.

However, despite the continuous improvement of the market size and technological level of solar inverters, there are also some challenges. For example, the research and development and production costs of inverters are relatively high, which limits its market development to some extent. In addition, because the installation and maintenance of solar power generation systems require professional knowledge and technology, it also increases the difficulty of use for users.

In general, although the global solar inverter market faces some challenges, its development prospects are still broad with the increase of global demand for clean energy and policy support. At the same time, we look forward to the continuous progress of inverter technology, making solar power generation more popular and convenient.