Maximize Market research, an energy and power business research firm has published a report on the “Solar Inverter Market”. The market report is a combination of both primary data and secondary data. The total market opportunity for Solar Inverter Market was USD 12.1 Bn in 2021 and is expected to grow at 5.78 percent CAGR through the forecast period by reaching nearly USD 18.97 Bn by 2029. As per the report, the Asia-Pacific region held the largest market share and is expected to hold around 43 percent by 2029.
Solar inverter plays a key role in the overall working of a solar system. Often coined as the brain of the solar system, the inverter changes direct current into alternative current. It performs the task of converting a circuit’s one-directional current into usable electricity for either home or commercial purposes. The Solar Inverter Market is expected to be mainly driven by technological advancements and increasing inclination towards green energy.
Solar Inverter Market Dynamics
Rapid technological and installation advancements along with increase inclination towards using green energy are the primary factors expected to drive the solar inverter market growth over the forecast period. The solar inverter installation procedure is being made simpler with intensive research and development is being conducted to increase performance and efficiency. Government activities and investments are expected to meet the growing need to electrify rural areas without adding to environmental pressures. This is expected to drive the Solar Inverter Market growth over the forecast period.
Given the competitive nature of the Solar Inverter Market, product differentiation serves as a key to set their product apart. For the same purpose, manufacturers are investing in research and development of the solar inverter to get a competitive edge over the competitors in the Solar Inverter Market. The market however, is expected to witness challenges given high costs, inadequate panel level monitoring and the problem of heat loss.
Solar Inverter Market Regional Insights
The Asia-Pacific region is expected to dominate the Solar Inverter Market growth over the forecast period, holding 43 percent of the market share by 2029. Within the region, China is leading the global market and is expected to grow at a significant rate. A major reason for the growth in the region is the increasing demand for green energy concentrated from the developing regions. The rise in solar installations is also responsible for the growth of the Solar Inverter Market in the region.
