Residential Solar PV Inverter Market Size Report 2022, Industry Size, Share, Trends, Drivers, and Forecast to 2028

By Ronak Bora

The global residential solar PV inverter market is anticipated to register robust expansion by 2028 on account of surging demand for clean energy sources across the world. In addition, large-scale renewable integration, coupled with mounting demand for distributed energy across key regions, is set to augment market development over the forecast time period.
A solar inverter is also referred to as a PV inverter. It is an essential part of the solar energy system that helps convert direct current to alternate current. A solar PV inverter transforms the variable direct current (DC) output from a photovoltaic (PV) solar panel into alternating current 240V (AC). This AC electricity is then transferred to residential spaces for powering various appliances.
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Solar inverters are considered reliable sources of energy that help reduce electricity bills significantly. These inverters are easy to set up and use compared to conventional generators. Several technological advancements focused on improving solar energy use, and storage systems have played a vital role in bolstering industry uptake in recent years.
Notably, industry players have been engaging in lucrative strategies to gain a competitive edge in the rapidly evolving market, which has positively impacted overall business dynamics. For instance, in October 2021, Sungrow Power Supply Co. Ltd., a prominent supplier of inverter solutions for renewables, launched its novel residential storage solutions and 1-phase and 3-phase PV at Intersolar Europe 2021. The novel residential PV inverters have been designed to offer flexible configurations, easy installation, and extendable capacity.
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To cite another instance, in July 2020, as a part of its Digital Twin Solar research project, SMA Solar Technology AG, a leading photovoltaic system technology specialist, announced its plans to investigate the potential of artificial intelligence (AI) and machine learning (ML) for improving the reliability and efficiency of PV and storage systems. SMA, along with its project partners KEO GmbH, eoda GmbH, the University of Kassel, the Hamburg University of Applied Sciences, and TESVOLT GmbH, launched the large-scale research project to enhance energy storage systems and solar energy use.
The global residential solar PV inverter market has been bifurcated on the basis of phase, product, and region. From the regional point of view, the Middle East & Africa residential solar PV inverter market is projected to attain a substantial valuation by the end of 2028, recording a growth rate of more than 8% over the forecast period. Meanwhile, the Latin America residential solar PV inverter market is expected to witness notable growth to be valued at over USD 1 billion by the end of the study timeline.
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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....

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