Residential Solar PV Inverter Market to Surpass US$ 6 Bn by 2032 |FMI
According to the residential solar PV inverter market survey by Future Market Insights (FMI), the residential solar PV inverter market is anticipated to register a CAGR of 3.8% during the forecast period 2022-2032.
The residential solar PV inverter market outlook will be bolstered by ongoing technological advancements, changing regulatory and consumer proximity, and the deployment of efficient inverter units.
As per the residential solar PV inverter market study, the growth of the residential solar PV inverter market is likely to be fueled by the increased deployment of solar PV modules to enhance the microgrid network.
The study also finds that the replacement of traditional storage technology and changes to existing techniques and cost-competitiveness will positively impact industry dynamics of residential solar PV inverter market trends.
In addition, sales of residential solar PV inverters spike due to the widespread adoption of renewable energy sources in the housing sector and the rise of net-metering schemes.
The residential solar PV inverter market future trends will be swayed by a paradigm shift toward adequate manufacturing precision, new product innovations, optimization, and standardized production processes for environmental compatibility, power output, and low installation costs.
Furthermore, smart communication will encourage the adoption of residential solar PV inverters by ensuring network reliability and balancing electricity demand and supply.
The ability of these inverters to generate grid-matching power (AC) directly through the back of each solar panel will influence the demand for residential solar PV inverters.
The parallel connection of these systems across the PV module reduces panel and inverter failure, further preventing the string from going offline, thereby positively impacting the residential solar PV inverters adoption trends.
A wide array of residential solar PV inverters market opportunities opens up as string-based residential solar PV inverter deployments will be aided by rising regulatory concerns about effective interconnection to grid-tied solar installations.
The residential solar PV inverters market size is likely to be worth US$ 4.8 Bn in 2026.
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Key Takeaways:
- Microinverter technology will grow in popularity in the residential solar PV inverter market due to its ability to operate as a plug-and-play device across solar arrays.
- By 2028, the single-phase residential solar PV inverters market is expected to exceed USD 5 Bn due to high operational feasibility and lower solar component costs.
- Central inverters are highly efficient and compatible with various grid features such as fluctuation management balancing and hence are expected to witness the fastest growth rate.
- By 2028, the Asia Pacific residential solar PV inverter industry is expected to have installed over 20 GW per year.
“The Asia-Pacific region dominates the residential solar PV inverter market, and this trend is expected to continue in the coming years. The majority of the demand is expected to come from China, also the world’s largest solar energy producer. Product penetration in the region will be driven by favourable reforms such as FITs, soft loans, incentives, subsidies, and tax rebates, etc.” opines an FMI researcher.
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Competitive Landscape:
The key player’s residential solar PV inverter market share will be bolstered by inorganic growth ventures, contracts, and new product innovations to expand the product portfolios of leading players.
SMA Solar Technology AG, Darfon Electronics Corp., General Electric, Schneider Electric, Enphase Energy, Sungrow, Siemens, Eaton, SolarEdge Technologies, Fimer Group, Huawei Technologies, Delta Electronics, Altenergy Power System, Hitachi Hi-Rel Power Electronics Private Limited and Fronius International GmbH are some of the major players in the residential solar PV inverter market.
Recent Developments in the Residential Solar PV Inverter Market are:
- The centralised inverters (model SG3125HV) and string inverters were introduced by Sungrow Power Supply Co. Ltd. (domestic model SG225HX; international model SG250HX). The 210 ultra-high-power modules are fully compatible with the newly launched investors.
- Tesla has announced the release of its own solar inverter. The Tesla solar inverter comes in two sizes: 3.8 kW and 7.6 kW, with two and four maximum power point trackers, respectively (MPPTs).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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