The global PV inverter market is anticipated to grow at a considerable CAGR of 8.5% during the forecast period (2024-2031). Factor such as supportive government initiatives for PV inverters in the market is favoring the growth of the market over the forecast period. In emerging nations such as India, both the Central Government and State Nodal Agencies (SNAs) are offering subsidy schemes to the people for installing rooftop PV systems. This encourages people to exploit renewable energy and to cut their electricity bills. Though the upfront cost of installation of a rooftop PV system is high, it is inexpensive in the long run when compared to electric generators. Once rooftop PV systems are installed, they don’t need any other expenses as they use solar energy instead of fossil fuels. 

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According to the Ministry of New and Renewable Energy, the Central Government pays 30% of the benchmarked installation cost for rooftop PV systems. However, this subsidy scheme is applicable for institutional, residential, and social sectors. However, it is not applicable to the commercial sector, industrial sector, and public sector undertakings. For instance, according to the India brand equity foundation, to encourage domestic production, customs duty on solar inverters has been increased from 5% to 20%, and on solar lanterns from 5% to 15%.

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Market Coverage

Segment Covered- 

o             By Product 

o             By Connection Type

o             By End-User

Regions Covered-

o             North America

o             Europe

o             Asia-Pacific

o             Rest of the World

Competitive Landscape- including ABB ltd., Enphase Energy, Inc., Renesola Zhejiang Ltd., SolarEdge Technologies Ltd., Delta Electronics Ltd., Seimens AG, Ginglong Technologies Co. Ltd., and others.

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?

o             Deviation from the pre-COVID-19 forecast

o             Most affected region and segment

Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?

Global PV Inverter Market Report Segment

By Product 

Central Plant Inverter System 
String Inverter System
Multi-String Inverter System
Microgrid Inverter System

By Connection Type

On-Grid PV Inverter
Off-Grid PV Inverter

By End-User

Residential 
Non-Residential 

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