The PV inverter market is anticipated to witness robust growth by 2028 owing to rising demand for biodegradable and ecological means of producing electricity. Additionally, prevalent focus on installation of solar panels and inverters is likely to further support market growth over the forecast period.

Recently, industry players have increasingly been investing in product development and innovation in order to gain a competitive edge in the market. For instance, in January 2022, Amp Energy, a Toronto-based developer, attained permission to build two 400MW batteries in central Scotland, which would be the largest grid-connected battery storage facility in Europe.

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In another instance, in June 2021, Growatt New Energy, a China-based inverter manufacturer, introduced a new inverter for commercial and utility-scale solar power plants at the SNEC PV Power Expo held in Shanghai. The novel inverter operates at a maximum altitude of 4,000 meters and in temperatures ranging from -30 to 60 degrees Celsius. The maximum string input current of the inverter is 16A, which allows it to function with high-power modules rated at 500W+.

The PV inverter market has been segmented on the basis of product, phase, connectivity, nominal output power, nominal output voltage, application, and region. Based on connectivity, the market has been divided into standalone and on grid. In 2021, the standalone sub-segment was worth more than USD 2.4 billion and is likely to grow substantially over the forecast period.

By nominal output power, the market has been categorized into ≤ 0.5 kW, 0.5-3 kW, 3-33 kW, 33-110 kW, and >110 kW. The 0.5 - 3 kW sub-segment is anticipated to be valued at more than USD 11 billion by 2028. The 33 - 110 kW sub-segment is speculated to grow at a rate of approximately 4.6% through the analysis timeline.

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Based on nominal output voltage, the market has been bifurcated into ≤ 230 V, 230-400 V, 400-600 V, and >600 V. The 230-400 V sub-segment was valued at approximately USD 8.6 billion in 2021 and is slated to amass considerable gains over the forecast period. The 400 - 600 V sub-segment is projected to register annual shipment of over 35,000 MW by 2028. By 2028, the > 600 V sub-segment is estimated to be valued at approximately USD 10 billion.

From the regional point of view, the Europe PV inverter market is foreseen to observe robust growth at a CAGR of over 7.9% through the assessment timeframe. Meanwhile, the Latin America PV inverter market surpassed a valuation of USD 1.7 billion in 2021 and is expected to grow significantly over the forecast timeframe.

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