Residential Solar PV Inverters Market Size, Share & Analysis Report By Phase (Single Phase, Three Phase), By Type (Central Inverters, String Inverters) Regional Forecasts, 2023 - 2032

Residential Solar PV Inverters Market is estimated to be worth USD 5.6 Billion in 2024 and is projected to grow at a CAGR of 9 % between 2024 to 2032. The study has considered the base year as 2023, which estimates the market size of the market, and the forecast period is 2024 to 2032. The report analyzes and forecasts the market size, in terms of value (USD Billion), for the market. The report segments the market and forecasts it by Phase, by Type, and by region/country.

Global warming nowadays has been significantly increasing due to the extensive utilization of fossil fuels such the oil, coal, etc. Due to such increasing utilization of these fuel prices has also skyrocketed. Due to this, many countries have been seeking out an alternative for these resources that can significantly reduce the pollution caused by these fuels, where efforts in adopting alternatives such as solar power, wind power, geothermal, fuel cell, etc are increasing.

Solar power is one of those alternatives that has shown promising benefits if adopted efficiently. The solar cell or photovoltaic (PV) cell directly utilizes energy collected from the sun to generate electricity.  As the energy acquired is free of cost the only major cost that remains is the installation cost. The installation cost usually comprises solar modules & the converter interface that is the power conditioning system (PCS). Adoption of such innovative alternatives will not only be a secure alternative for those fossil fuels but also significantly boost the Residential Solar PV Inverters Market.

After reviewing the data shown below, it can be determined that the Asia Pacific region dominates the Residential Solar PV Inverters Market for the following reasons.
The Asia-Pacific region currently dominates the Residential Solar PV Inverter market due to factors such as favorable government policies and tax breaks encouraging residential solar adoption. China has been a global leader in the production and installation of PV equipment since 2013. The cumulative installed PV capacity was 204.3 GWp by the end of 2019, with the addition of the new installation of 30.11 GWp in 2020. The market within China is experiencing significant growth.
North America is one of the fastest-growing regions within the Residential Solar PV Inverters. Significant technological advancements in the solar sector and extensive adoption of solar energy within North American grid systems are fuelling the region's rapid growth as one of the fastest-growing regions in the Residential Solar PV Inverter market. This extensive adoption and focus on technological advancements solidify North America's position in this dynamic market.

Segmentations

By Type

Based on Type, the Residential Solar PV Inverters Market is bifurcated into Central Inverters and String Inverters– where String Inverters are dominating and ahead in terms of share.
Based on the Type segmentation within the Residential Solar PV Inverters market, String Inverters are leading dominantly because string inverters are more efficient than the micro and central inverters as string inverters can produce an average of over 2% to 3% additional power than the central inverters in partially shaded, cloudy and monsoon conditions. Within normal conditions, the string inverters exceed the Central system by an average power generation of 4% to 8%. Due to this, the String Inverters are dominating within the type.

By Phase

Based on Phase, the Residential Solar PV Inverters Market is bifurcated into Single Phase and Three Phase– where Single Phase is dominating and ahead in terms of share.

Key Players

• SMA Solar Technology AG
• ABB Group
• Huawei Technologies Co. Ltd.
• SolarEdge Technologies Inc.
• Sungrow Power Supply Co. Ltd.

DRIVERS

Increasing Cost Effectiveness & Demand of Renewable Energy Sources
The increasing demand for renewable energy sources & cost-effectiveness of solar PV panels, all over the world has made the Residential Solar PV market grow significantly within a short duration of time. Also, the financial support from the governments for PV installations within their residence has made the market grow significantly.

OPPORTUNITY

Innovations
Considering the application of solar energy in residential areas, the installation cost has been always a problem. Nowadays PV systems are applied in innovative ways that help to reduce the cost of the system materials and also the installation labor. For example, frequent developments in the PV industry are in module mounting technology. Specifically, ways that allow fast, simple, labor-saving, wind-resistant, and non-penetrating retrofits of existing building rooftops are essential for the rapid acceptance of PV which is significantly driving the Residential Solar PV Inverters market.