The PV inverter market is predicted to capture a valuation of US$ 1.5 billion in 2023, and is rising to US$ 2.8 billion by 2033. The market is estimated at a CAGR of 6.4% during the forecast period.
Factors influencing the market growth are
· The rising demand for electricity, constant power cuts, and renewable energy are expanding the market growth.
· Growing concern about the environment and awareness of sustainable and green energy is increasing the adoption of PV inverter.
· To reduce carbon emissions and preference alternative power, increasing the demand for PV inverter.
· The growing demand for PV inverter for commercial and industrial purposes for generating power is surging the market growth.
· The government initiative plans and research and development activities are expanding the market opportunities.
· A few solar inverters, including Sungrow inverters, hybrid solar inverters, and solar PV inverters, transfer the DC (Direct Current) from the solar panel.
· The increasing remote area work and huge power cuts in rural areas are increasing the adoption of PV inverter.
· Developing countries such as India and China are increasing the adoption of PV inverter due to growing demand for renewable, high electricity consumption, and cheap energy sources.
Growth outlook for PV inverters in the US, China, and UK.
· The United States is likely to capture a CAGR of 6.2% with a valuation of US$ 992.0 million during the forecast period. The increasing demand for hybrid solar inverters, solar panel installation, and government subsidies propel the United States PV inverter market growth. Growing consumer preferences, urbanization, and large enterprises are further bolstering the market in the country.
· The increasing demand for alternative sources and growing awareness is rising the sales of PV inverter. The United States government provided a 26% tax credit for installing the solar system in 2022. The adoption of central and three phase inverters is expected to propel the United States market size. Historically, the United States captured a CAGR of 8.7% between 2017 and 2022.
· During the forecast period, the United Kingdom is expected to record a CAGR of 5.5% with a valuation of US$ 117.8 million. The rising key manufacturing companies, technical experts, and high efficiency of solar devices are fueling the United Kingdom PV inverter market. The end-user industries, distribution channels, and prominent vendors are surging market opportunities in the country.
· The investors invest the maximum amount in the market to acquire maximum output in the United Kingdom.
· China is one of the significant countries in the Asia Pacific region that captures a CAGR of 5.8% during the forecast period. The increasing number of solar installations and electricity cut-offs are enhancing the market expansion in China. Increasing trends of inverters and the growing population are expected to fuel the demand for PV inverter.
· Key players, investors, and urbanization are accelerating the demand for PV inverter in China. The growth of several industries, infrastructure, and significant development is flourishing in China's PV inverter market. Historically, China captured a CAGR of 8.3% between 2017 and 2022.