Photovoltaic inverter channel sales

What is the global PV inverter market share?

Global PV inverter shipments grew by 56% to 536 gigawatts alternating current (GWac) in 2023, reflecting a strong year for the broader solar industry. The top 10 global PV inverter vendors accounted for 81% of the market, according to Wood Mackenzie’s ‘ Global solar inverter and module-level power electronics market share 2024’ report.

What is the growth of PV inverter market in Europe?

A growing number of solar installations in developing nations has also significantly contributed to growth of market in the region. Europe: The PV Inverter Market in Europe holds 10% share in the market and the presence of major players in the region. Figure 1. Global PV Inverter Market Share (%), By Region, 2024

Will the PV inverter market grow in the next 5 years?

PV Inverter Market - Analyst Viewpoint: The PV inverter market is poised to grow significantly over the next five years, driven by declining prices of solar panels and supportive government policies and regulations around the world.

What is solar PV inverter?

Solar PV accounted for approximately 4.5% of total global electricity generation in 2022. Solar PV inverters are an integral part of larger solar systems. These inverters convert direct current (DC) electricity to alternate current (AC) and hence determine efficiency of whole solar system.

Which segment dominated the global PV inverter market in 2022?

The utility end-user segment dominated the global PV inverter market in 2022. Solar power equipment and technologies are progressively making their way into the power generation, transmission, and distribution industry to increase the efficiency, productivity, and safety associated with power plants.

What drives the PV inverter market?

The PV inverter market is poised to grow significantly over the next five years, driven by declining prices of solar panels and supportive government policies and regulations around the world. Major drivers for the market include countries mandating renewable energy generation targets and incentives for rooftop solar installations.