Renewable Energy Inverters Market by Application and Geography - Forecast and Analysis 2022-2026

The renewable energy inverters market share is expected to increase to USD 8.43 billion from 2021 to 2026 at a CAGR of 10.9%. This report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

This renewable energy inverters market research report extensively covers market segmentation by application (solar PV, EV, and wind) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The renewable energy inverters market report also offers information on several market vendors, including Eaton Corp. Plc, Elpower Srl, Enphase Energy Inc., Fimer SpA, Fronius International GmbH, General Electric Co., GoodWe Technology Co. Ltd., Huawei Investment and Holding Co. Ltd., Ingeteam Corp. SA, KEB America Inc., Layer Electronics Srl, Panasonic Corp., Power Electronics Espana SLU, Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., and TBEA Co. Ltd. among others.

What will the Renewable Energy Inverters Market Size be During the Forecast Period?

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"The rise in the consumption of wind energy is one of the key factors driving the inverter market growth."

Renewable Energy Inverters Market: Key Drivers, Trends, and Challenges

The declining cost of solar and wind power generation is notably driving the renewable energy inverters market growth, although factors such as inverter-associated solar PV system failures may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the renewable energy inverters industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Renewable Energy Inverters Market Driver

• One of the key factors driving the global renewable energy inverters market growth is the declining cost of solar and wind power generation.
•  In May 2021, SETO launched Multi-Year Program Plan to reduce solar PV system costs by 2025. The targets for 2030 are USD 0.05 per kilowatt-hour (kWh) for residential PV, USD 0.04 per kWh for commercial PV, and  USD 0.02 per kWh hour for utility-scale PV.
• In the case of wind energy, the global weighted average cost for onshore wind installations decreased by around one-third between 2010 and 2020.
• The UK is a pioneer in generating wind power as the cost of producing electricity from wind turbines has decreased significantly due to the use of innovative designs and technological advances in the country.
• As of 2019, new onshore wind power plants cost 10.29% less than the new gas power plants in the country. Such factors are expected to drive the growth of the market during the forecast period.

Key Renewable Energy Inverters Market Challenge

• One of the key challenges to the global renewable energy inverters market growth is the inverter-associated solar PV system failures.
• The failure can be attributed to factors such as capacitor wear, overuse or operating beyond its operating limit, over-voltage and over-current, ultrasonic vibrations, and improper installations.
• To ease the fear of inverter failures, several vendors are offering extended warranties to customers.
• SMA Solar Technology AG (SMA Solar Technology) provides a 10-year warranty on its inverters.
• The inverter failures are still a major concern due to the high failure rate and their criticality in solar PV systems. Such inverter failures increase the operations and maintenance costs for solar PV plant operators, which will negatively impact the growth of the market in the forecast period.

Key Renewable Energy Inverters Market Trend

• Advances in power electronics used in solar PV systems is one of the key renewable energy inverters market trends that is expected to impact the industry positively in the forecast period.
• The power electronics-based conversion technique has revolutionized electricity generation by increasing product efficiency and streamlining the manufacturing processes of components such as solar PV inverters.
• According to the US DOE, 80% of the total electricity generated in the US is expected to flow through power electronics by 2030.
• Several developments are being undertaken to improve the efficiency of power electronics. For instance, the SunShot National Laboratory Multiyear Partnership (SuNLaMP) funding program has progressed toward the SunShot initiative goals in the US. Such factors will further support the market growth in the coming years.

This renewable energy inverters market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global renewable energy inverters market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the renewable energy inverters market during the forecast period.

Who are the Major Renewable Energy Inverters Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Eaton Corp. Plc
• Elpower Srl
• Enphase Energy Inc.
• Fimer SpA
• Fronius International GmbH
• General Electric Co.
• GoodWe Technology Co. Ltd.
• Huawei Investment and Holding Co. Ltd.
• Ingeteam Corp. SA
• KEB America Inc.
• Layer Electronics Srl
• Panasonic Corp.
• Power Electronics Espana SLU
• Schneider Electric SE
• Siemens AG
• Sineng Electric Co. Ltd.
• SMA Solar Technology AG
• SolarEdge Technologies Inc.
• Sungrow Power Supply Co. Ltd.
• TBEA Co. Ltd.

 

This statistical study of the renewable energy inverters market encompasses successful business strategies deployed by the key vendors. The renewable energy inverters market is fragmented and the vendors are deploying growth strategies such as product differentiation to compete in the market.

Product Insights and News

• Elpower Srl is a privately held company headquartered in Italy. It is a global company, with limited information regarding its financials and limited information regarding its employee strength is available. Its revenue from the global renewable energy inverters market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company.
• Elpower Srl - It offers a wide range of renewable energy inverters such as Cleanverter 10-30 TL, Cleanverter PV 40-80 among others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The renewable energy inverters market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Renewable Energy Inverters Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the renewable energy inverters market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Renewable Energy Inverters Market?

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68% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for renewable energy inverters in APAC. However, market growth in this region will be slower than the growth of the market in other regions.

The high solar PV installations and rapidly growing demand for EVs in countries such as China, India, Japan, and Australia will facilitate the renewable energy inverters market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 hindered the growth of the renewable energy inverters market in APAC. Countries such as China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines were under partial or full lockdowns owing to the COVID-19 pandemic. However, in H1 2021, the manufacturing and production facilities of renewable energy inverters were resumed, owing to the initiation of vaccination drives in the region. Thus, the demand for renewable energy inverters is expected to grow during the forecast period.

What are the Revenue-generating Application Segments in the Renewable Energy Inverters Market?

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The renewable energy inverters market share growth by the solar PV segment will be significant during the forecast period. The decline in the levelized cost of electricity (LCOE) of solar power generation, coupled with favorable government policies and advancements in the components of solar PV systems will be driving the installation of solar PV systems in the coming years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the renewable energy inverters market size and actionable market insights on post COVID-19 impact on each segment.

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Photovoltaic Inverter market - The market share is expected to increase by USD 1.48 billion from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 2.96%.

Solar Central Inverters market - The market share is expected to increase by USD 3.81 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 15.43%.

Renewable Energy Inverters Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 10.9%
Market growth 2022-2026	$ 8.43 billion
Market structure	Fragmented
YoY growth (%)	11.83
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 68%
Key consumer countries	US, China, India, Japan, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Eaton Corp. Plc, Elpower Srl, Enphase Energy Inc., Fimer SpA, Fronius International GmbH, General Electric Co., GoodWe Technology Co. Ltd., Huawei Investment and Holding Co. Ltd., Ingeteam Corp. SA, KEB America Inc., Layer Electronics Srl, Panasonic Corp., Power Electronics Espana SLU, Schneider Electric SE, Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., and TBEA Co. Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Renewable Energy Inverters Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive renewable energy inverters market growth during the next five years
• Precise estimation of the renewable energy inverters market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the renewable energy inverters industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of renewable energy inverters market vendors

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