Increasing electricity usage and declining costs drive demand for renewable energy, fostering growth in the solar PV inverter market. The decreasing cost of renewable energy makes it an attractive option for consumers. Companies in the solar PV inverter market are leveraging artificial intelligence, machine learning, and smart-energy fields, contributing to further market expansion.
NEWARK, Del, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The global residential solar PV inverter market is predicted to surge from US$ 3,955.1 million in 2023 to US$ 6,566.3 million by 2033.
Soaring GHG levels and surging electricity demand are adding a lot of strain to different power systems. This has created a considerable demand for renewable energy sources, eminently for solar energy.
The escalating fad of solar energy has led varied countries to employ solar inverters and panels across several residential buildings. In this context, China announced that it is aiming to lead the nation to put solar power stations in space by 2050.
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The standard carbon footprint generated with the development of solar PV inverters and panels is equivalent to 85 tons of carbon dioxide. Demand for solar PV inverter solutions in residential spaces is rising owing to their cost and energy efficiency. Additionally, top players in the market are emphasizing research and development to upscale and deliver groundbreaking innovations.
Tesla announced entering the solar PV inverter industry by adding its solar power inverter, i.e., Powerwall. The company officials state that Tesla Solar Inverter encompasses the Tesla home solar system for home energy consumption. The company’s breakthrough in the residential space is only one of the many inventions witnessed in the market.
Top Highlights from the FMI’s Analysis of Residential Solar PV Inverter Industry:
The United States is projected to surface as the leading market for the residential solar PV inverter industry. In 2023, the market is projected to have a slice of 23% of the entire market.
Japan is expected to hold a significant share of the Asia-Pacific market. The country is expected to register 5.8% of the overall market share.
In Europe, Germany is anticipated to account for 3.6% market share.
The United Kingdom is projected to expand at 3.5% CAGR over the forecast period.
In the Asia Pacific, China and India are expected to display a market share of 6.4% and 6.9% CAGR, respectively.
The top type of residential solar PV inverter is the micro-inverter. The segment is expected to clinch 43% of the market share.
Based on application, the three-phase segment is projected to hold the maximum share of 59%.
“Our findings indicate a substantial growth trajectory for residential solar PV inverters, driven by increasing awareness of sustainable energy solutions and a rising demand for residential solar installations.” - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
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Key Companies Profiled
Schneider Electric SE
Mitsubishi Electric Corporation
Stay Updated with Recent Developments in the Residential Solar PV Inverter Market
In October 2021, SolarEdge Technologies announced the debut of two novel products in the North America region. These two products include an Energy Bank battery and Energy Hub Inverter for residential purposes. The Energy Hub inverter spans from 7.6 kW to 11.4 kW PV power. This, in addition to 200% DC oversizing, is projected to provide a comparatively higher energy outcome for homes.
In 2021, SolarEdge revealed that it has signed a strategic supply contract with the United States’ significant residential solar services provider, i.e., Sunrun. In this union, the latter is said to offer SolarEdge’s Energy Hub to its residential customers.
Scope Of Residential Solar PV Inverter Market Report
2023 to 2033
Historical Data Available for
2018 to 2022
US$ million for Value
Key Countries Covered
The United States, Canada, Mexico, Brazil, Peru, Argentina, Chile, Colombia, Rest of Latin America, Germany, Italy, France, the United Kingdom, Spain, India, GCC, South Africa, Japan, China, South Korea, etc.
Key Regions Covered
North America, Latin America, the Asia Pacific, Europe, the Middle East, and Africa
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
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The Middle East and Africa (MEA)
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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