Residential Solar PV Inverter
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What Is the Expected CAGR for the Residential Solar PV Inverter Market Through 2025?
The market size for residential solar pv inverter has witnessed robust expansion in past years. Its growth is projected to surge from $5 billion in 2024 to $5.35 billion in 2025, marking a compound annual growth rate (CAGR) of 7.1%. The growth experienced in the historic period was driven by factors such as pricing trends in electricity, the global economic climate, initiatives to educate consumers, and the liberalization and competition in the market.
What’s the Projected Size of the Global Residential Solar PV Inverter Market by 2029?
The market size for residential solar PV inverters is anticipated to experience substantial growth in the coming years, reaching $6.89 billion in 2029 with a CAGR of 6.5%. The progression throughout this time period is attributed to factors such as a growing concern for energy independence, ways to integrate energy storage, an increase in consumer knowledge, and the incorporation of smart home technology. Noteworthy trends for this time frame include technological breakthroughs, the ingenuity of smart inverters, the advent of hybrid solar inverter systems, and an amplified focus on system integration.
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Top Growth Drivers in the Residential Solar PV Inverter Industry: What’s Accelerating the Market?
The escalating need for renewable energy is anticipated to fuel the expansion of the residential solar PV inverter market in the future. Renewable energy incorporates eco-friendly and sustainable power sources such as solar, wind, hydro, and geothermal, all of which are naturally replenished. Solar PV inverters play a crucial role in these renewable energy systems, transforming DC electricity into AC, maximizing energy yield, guaranteeing system security, and offering system monitoring and management functions. The International Energy Agency, a France-based government body, reported that in January 2024, additions to renewable electricity capacity reached an estimated 507 GW in 2023, an almost 50% increase compared to 2022, with solar PV and wind contributing a record 96% of the total. Consequently, the growing need for renewable energy is spurring on the expansion of the residential solar PV inverter market.
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What Are the Key Trends Driving Residential Solar PV Inverter Market Growth?
Leading companies in the residential solar PV inverter market are working on highly innovative solutions, such as advanced power hybrid inverters, to increase their market profits. This advanced power hybrid inverter amalgamates the functions of a solar inverter and a battery charger, allowing it to manage power supply from solar panels, solar batteries, and the utility grid simultaneously. For example, in April 2023, the China-based solar inverter manufacturer and distributor, Ginlong (Solis) Technologies, introduced their new S6 Advanced Power Hybrid Inverter for the South African market. This high-performance residential solar PV inverter, with an impressive efficiency of 97.6%, functions as an independent power center, targeting an array of businesses that are combining solar PV, generator options, and battery storage with the grid. The Solis S6 Advanced Power Hybrid Inverter enables easy pairing of generators through various input methods and automatic switch on/off control, thanks to its enhanced communication and control functionalities. The inverter comes in four versions, offering PV input power ranging from 42 kW to 70 kW and a maximum total load of 48 kW, topped with a maximum input voltage of 1000 V.
What Are the Main Segments in the Residential Solar PV Inverter Market?
The residential solar pv inverter market covered in this report is segmented –
1) By Type: Central Inverter, String Inverter, Micro Inverter
2) By Connection: On-Grid, Off-Grid
3) By Application: Single Phase, Three Phase
4) By End-User: Residential, Commercial, Utilities
Subsegments:
1) By Central Inverter: High-Power Central Inverters, Medium-Power Central Inverters
2) By String Inverter: Standard String Inverters, Optimized String Inverters
3) By Micro Inverter: Grid-Tied Micro Inverters, Battery-Integrated Micro Inverters
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Which Top Companies are Driving Growth in the Residential Solar PV Inverter Market?
Major companies operating in the residential solar PV inverter market are Huawei Technologies Co. Ltd., Siemens Aktiengesellschaft (AG), General Electric Company, Panasonic Corporation, Mitsubishi Electric Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation, Emerson Electric Co., Delta Electronics Inc., Sungrow Power Supply Co. Ltd., Canadian Solar Inc., GoodWe Technologies Co. Ltd., Omron Corporation, Yaskawa Solectria Solar, Solar Edge Technologies Inc., Enphase Energy Inc., SunPower Corporation, Ginlong Technologies Co. Ltd., SMA Solar Technology AG, Darfon Electronics Corp., Power Electronics S.L, Fronius International GmbH, Hitachi Hi-Rel Power Electronics Private Limited, Altenergy Power System Inc., Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC), Sineng Electric Co. Ltd., Fimer Group S.p.A, Refu Elektronik GmbH
Which Regions Will Dominate the Residential Solar PV Inverter Market Through 2029?
Asia-Pacific was the largest region in the residential solar PV inverter market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the residential solar pv inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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