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Meticulous Research®, a leading global market research firm, has released a report titled “Solar Inverter Market Size, Share, Forecast, & Trends Analysis by Product (String, Micro, Power, Hybrid, Central), Grid (On-grid, Off-grid), Phase (Single, Three), End User (Residential, Commercial & Industrial, Utility-Scale) – Global Forecast to 2031.”
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According to this latest report, the global solar inverter market is projected to reach $18.8 billion by 2031, growing at a CAGR of 8.9% from 2024. This growth is driven by increasing sustainability efforts, government incentives promoting renewable energy, and rising electricity prices. Opportunities for market expansion are also emerging through the integration of solar inverters with energy storage systems and smart grid technologies. However, high installation costs and challenges related to integrating solar power into existing grids may hinder market growth. Additionally, the incorporation of digital technologies and Internet of Things (IoT) capabilities in solar inverters is a significant trend in the industry.
Market Segmentation
The global solar inverter market is segmented by product, grid type, phase, and end user. The study also analyzes market competitors and assesses the landscape at regional and country levels.
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- Product: The market is divided into string inverters, micro inverters, power optimizers, hybrid inverters, and central inverters. The central inverters segment is expected to hold the largest share of 40.0% in 2024 due to high demand for cost-effective, efficient solutions, particularly in utility-scale solar farms and commercial applications.
- Grid Type: The market includes on-grid, off-grid, and hybrid segments. The on-grid segment is anticipated to dominate with 70.0% share in 2024, thanks to its simplicity and cost-effectiveness. However, the hybrid segment is expected to see the highest growth, driven by the need for systems that can operate in both grid-tied and off-grid modes.
- Phase: The market is categorized into single-phase and three-phase solar inverters. In 2024, three-phase inverters are projected to account for 75.0% of the market, favored for their efficiency in handling higher power loads in commercial and industrial settings. This segment is also expected to grow the fastest, with companies enhancing product offerings.
- End User: The market is divided into residential, commercial & industrial (C&I), utility-scale, and other users. The utility-scale segment is expected to dominate with 52.0% share in 2024, driven by the increasing deployment of large solar projects and supportive governmental policies.
Geographic Overview
The global solar inverter market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to hold the largest share at 60.0%, supported by favorable government policies, increased investments in green energy, and a growing number of solar projects. This region is projected to achieve the highest CAGR of 10.0% during the forecast period.
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