PV Inverter Market is Booming at A Cagr Of 15.0% to Reach US$ 37.6 Bn by the End Of 2031- TMR Study

Rise in demand for safe and secure inverters, and rise in adoption of PV inverter in commercial sectors and utility sector for conversion of DC to AC.

WILMINGTON, DELAWARE, UNITED STATES, October 13, 2023 /EINPresswire.com/ -- The Global PV Inverter Market is estimated to attain a valuation of US$ 37.6 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 15.0 % during the forecast period, 2023-2031.

The key objective of the TMR report is to offer a complete assessment of the global market including major leading stakeholders of the PV Inverter industry. The current and historical status of the market together with forecasted market size and trends are demonstrated in the assessment in simple manner. In addition, the report delivers data on the volume, share, revenue, production, and sales in the market.

A PV inverter is an electrical device that converts DC output into useful alternating current. This electricity can be fed into the commercial grid or used by the off-grid networks. Typically, the output of PV inverters is 5 kW for private home rooftops; 10-20 kW for commercial plants, which includes factories and barn roofs; and 500-800 kW for use in PV power stations. One of the most important properties of PV inverter is its conversion efficiency. This inverter monitors the energy yield of the PV plant and alerts it of any issues. PV inverter communication interference enables the inverter to control and monitor overall parameters, operational data, and yield. Presently, an increase in demand for effective energy in commercial and utility sectors is estimated to boost the PV inverter market demand.

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Global PV Inverter Market: Growth Drivers

· Consistent increase in demand for renewable energy for the last few years has fueled the demand for solar energy, which in turn has propelled the demand for PV inverters. Grid connector inverters, a type of PV inverters synchronize with the electric grid and work efficiently by testing their output with input needed to be connected to solar panels into the grid.

· Demand for safe and secure inverters has been increasing for the last few years, due to the difference in incidences of electric shock, short circuits, and fire due to heavy loads and high temperatures driving the need for safe and secure inverters.

· PV inverter monitors the energy yield of the PV plant in which the temperature in the inverter housing also influences conversion efficiency, due to rising temperature, the inverter has to reduce its power. The communication interface allows it to control and monitor operational data and power yield, growing demand for safe and reliable inverters is anticipated to propel the PV inverter business growth during the forecast period.

Global PV Inverter Market: Regional Landscape

· Asia Pacific was a highly attractive market holding the dominant share in 2022 where the market in the region is expected to grow at an average CAGR, owing to an increase in demand for energy in commercial and utility sectors.

· China is one of the significant countries in the Asia Pacific, rising at a CAGR of 5.8% during the forecast period. The increase in trends of inverters and the growing population are expected to fuel the demand for PV inverters.

· North America is said to be followed by Asia Pacific where the United States is likely to register a 5.2% CAGR during the forecast period.

PV Inverter Market Research Methodologies and Approaches

The report on the PV Inverter market is prepared by employing well-validated research methodologies and approaches. The study authors have applied industry-validated tools for collection of data, including interviews, observations, surveys, questionnaire, and secondary research. The adoption of robust approaches for quantitative research measures makes the study offer holistic perspectives and unique.

Value Chain Analysis in PV Inverter Market: Trends and Industry Perspectives

The study presents a comprehensive insight into the value chain of the industry or industries associated with the PV Inverter market. It offers insights into trends shaping marketing channels that have delivered customer value. In understanding the marketspace, the business intelligence study evaluates changing consumer demands in various segments. Product/service segments where new strategies are required to attract demand are also highlighted in the study. The study offers business executives some of the pertinent consumer behavior models, which will help companies strengthen their prospects. The study offers a detailed evaluation on the changing attitudes and perceptions of customers to shed light on the potential revenue streams in the PV Inverter market.

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Competition Landscape

The global PV inverter business is dominated by a few large and medium players operating across the world. The top few players operating in the PV Inverter market, cumulatively, accounted for more than 40% to 45% share in 2022.

Prominent companies operating in the PV Inverters market are

Applied Robotics Inc.
DESTACO, A Dover Company
Festo Corporation
Gimatic Srl
HIWIN Technologies Corp.
MinebeaMitsumi Inc.
Parker Hannifin India Pvt. Ltd.
PHD Inc.
SCHUNK GmbH & Co., KG
SMC Corporation of America
Yamaha Motor Co., Ltd.
Zimmer Group

Some of the key aspects that the study sheds light on are:

· What are some of the recent marketing warfare strategies that have impacted the development of the PV Inverter market?
· How are some of the large-sized players allocating funds to strategic business units to stay ahead of rivals and peers?
· What are some of the expansion strategies by new entrants and top players?
· How do new entrants intend to use business strategies for generating customer value?
· What are some of the consumer-oriented strategies by pioneers and innovators?
· How do established players intend to enter into new markets and grow their market shares during the forecast period of 2022 – 2032?

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The global PV Inverter market is segmented as follows:

PV Inverters Market Segmentation

By Power Output

· 5kW

· 10-20kW

· 500-800kW

By Type

· Standalone inverters

· Grid-connected inverters

By End-use

· Residential

· Commercial

· Industrial

· Utility

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Nikhil Sawlani
Transparency Market Research Inc.
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