Rooftop Solar Inverter Market, By type (String Inverter, Central Inverter, and Microinverters), By Application (Residential, Business, and Industrial), and Regional Forecast to 2033

ROOFTOP SOLAR INVERTER MARKET OVERVIEW

The global Rooftop Solar Inverter Market size is anticipated to be worth USD 8.32 billion in 2024 and is expected to reach USD 88.229 million by 2033 at a CAGR of 30% during the forecast period.

It provide the user with a lot of features that make this particular product service work efficiently and effectively. An apparatus known as a rooftop solar inverter transforms direct current (DC) electricity from solar panels into alternating current (AC) electricity that can be utilized by a local electrical network or the electrical grid. This factor has augmented the Rooftop Solar Inverter Market growth.

The anticipated rate of growth for this particular product service is due to quality level of assurance. Prosperity has been observed for this particular product market with amusing numbers. In the past, central inverters have dominated the market. Because of their low cost per kilowatt and ease of installation, these inverters are anticipated to increase during the projected period. Manufacturers of solar PV inverters aim for constant technological advancements, such as improved product functionality, adaptability, and efficiency. A lot of growth has been observed in the recent times because of this particular factor that contributed and aslo acted as a catalyst to the overall development of the product market. This has ultimately outraged the sales and demand for this particular market growth and prosperity. The solar PV inverter industry is anticipated to have enormous growth in the near future as a result of this feature.

GLOBAL CRISES ROOFTOP SOLAR INVERTER MARKETCOVID-19 IMPACT

Market Growth Obstructed by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps to stop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related to machinery and equipment. Therefore, a small influence from COVID-19 is anticipated on the Rooftop Solar Inverter Market share.

LATEST TREND

"Growing Investments to Drive Market Growth"

A latest trend has been witnessed to proliferate the market growth. This particular trend has been recorded to be the most profiting trends that have been upgraded to augment the overall market growth. It is anticipated that over the projected period, the market for solar PV inverters will expand due to the rising demand for solar power. Growing investments and aggressive solar energy goals are anticipated to propel the market under study's expansion. A lot of specifications have been made to this particular product which has benefited the market growth. This specific trend has influenced the market growth so much so that the revenue and share numbers of this particular product is touching the skies and soaring over.

ROOFTOP SOLAR INVERTER MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into String Inverter, Central Inverter, and Microinverters.

• String Inverter: A string inverter is a commonly used type of rooftop solar inverter where multiple solar panels are connected in series, forming a "string" of panels. The inverter converts the DC electricity generated by the entire string of panels into AC electricity.

• Central Inverter: A central inverter works similarly to a string inverter but is typically much larger and used for larger-scale solar power systems. It connects multiple strings of panels to a single inverter, centralizing the conversion process of DC to AC.

• Microinverters: A microinverter is a small inverter attached to each individual solar panel in a rooftop solar system. Each panel operates independently, converting its own DC electricity to AC directly at the panel level.

BY APPLICATION

Based on application, the global market can be categorized into Residential, Business, and Industrial.

• Residential: In residential applications, rooftop solar inverters are used in homes to convert the DC power generated by solar panels into AC power for household use.

• Business: In business applications, rooftop solar inverters are used to power small to medium-sized commercial properties, such as office buildings, retail stores, or service businesses.

• Industrial: In industrial applications, rooftop solar inverters are used in large-scale facilities, including manufacturing plants, warehouses, and industrial parks. These systems generate significant amounts of electricity to meet the energy demands of large operations.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Zero Emissions to Boost the Market"

This is the major factor attributing the growth of this particular market. This factor is majorly involved in taking the revenue numbers above the skies and soaring greater heights and also the sales and demands have been proliferation and increased its value to greater extent. The rising trend of installing solar PV on residential rooftops and in solar parks or farms is driving up the number of installations. In India, household rooftop solar is gradually getting better since it promotes zero emissions and more creative and advanced financing models. People will be able to reduce their daily energy costs thanks to this. Residential rooftop solar installations are increasing as a result of these advantages, and the Indian government is even prepared to encourage solar installations in India by offering financial incentives and subsidies. This will assist producers of solar systems in expanding their market share. The demand for the night vision gadget as a whole is thus further raised by these variables. This particular product has been recorded to be profitable for the market growth. This particular factor has been proved to be a boon for this particular product market. These factors are anticipated to drive the market growth during the forecast period.

"Dust and Haze to Expand the Market"

This is the second major factor attributing the growth of this particular market and has resulted in the hike of revenue numbers so much so that they are touching the skies. Clients benefit from it. One of the most significant renewable energy sources used in India to produce power is solar energy. Not all solar energy is generated when the greatest demand for energy occurs. Particularly in the afternoons and evenings of summer, solar energy exhibits notable day and seasonal maxima. Seasons, time of day, clouds, dust, haze, and obstructions like shadows, rain, snow, and dirt can all have an impact on the amount of energy produced by the sun. Occasionally, a solar energy system is situated close to or co-located with energy storage. In order to better incorporate solar into the energy landscape, the storage system can occasionally be used independently. As a result, creating an environment that uses less energy through improved and more sophisticated storage systems is imperative. As a result, it is anticipated that the high expenses and necessary investments will further hinder market expansion during the projection period. This factor has attributed the overall growth of this market and helped with the hike of revenue numbers as well. These factors are anticipated to drive the market growth in the present times and also during the forecast period.

RESTRAINING FACTOR

"High Cost of Raw Materials to Impede Market Growth"

These particular solutions have been very helpful yet extremely costly as well. This particular restraining factor has caused the revenue numbers to impede with extremely low yields and declining the sales and demand for this market. Installing and maintaining solar inverters is one of the key issues restricting the market, despite the fact that they offer several advantages over conventional central and string inverter systems. Solar inverters are expensive products. A solar inverter system is comprised of one solar inverter per module, a communication gateway, expensive AC trunk cables, and custom tools. Because of the limited current of an AC trunk line, there is a limit on the number of inverters that can be connected to the same cable trunk. As a result, it is anticipated that the high expenses and necessary investments will further hinder market expansion during the projection period. High operating costs and difficult diversification issues, however, restrict market expansion. This particular factor is anticipated to restrain the market growth and drastically reduce the sales and demands of this particular product market.

OPPORTUNITY

"Greenhouse Gas Emissions To Create Opportunity for the Product in the Market"

This particular opportunity has been attributing the market growth immensely. This opportunity has been creating a path for easy success for this particular market segment if seized on time. Because energy production using fossil fuels is responsible for over one-third of global greenhouse gas emissions, which lead to pollution and climate change, it is necessary to increase electricity production capacities and, consequently, to find sustainable energy production solutions. This is anticipated to generate fresh prospects for the industry as a whole throughout the predicted time.

CHALLENGE

"HIgh Initial Investment Could Be a Potential Challenge for Consumers"

One of the main obstacles to the tug boat market is the high cost of operation. Particularly in developing and underdeveloped nations, a lack of skilled workers or technological know-how will further limit the market growth pace. This particular factor has been drastically challenging for the market growth and has become another major restraining factor.

ROOFTOP SOLAR INVERTER MARKET REGIONAL INSIGHTS

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• NORTH AMERICA

The North American region has augmented a lot in the past few years in this particular product market. The United States Rooftop Solar Inverter Market has anticipated to augment immensely over the forecast period. The North American region held the biggest revenue share. This particular region is actually growing a lot and is anticipated to augment more over the years.

• EUROPE

The European market for this particular market has been accounted for attributing the over all global shares for this particular product service market.

• ASIA

Asia-Pacific is anticipated to expand at the fastest rate during the projection period due to a rise in the demand for cutting-edge technologies. This particular region is actually growing a lot and is anticipated to augment more over the years. This particular region has experienced immense proliferation in the market shares and has attributed to the global market revenue.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP COMPANIES

• Huawei (China)
• Sungrow Power (China)
• SMA (Germany)
• Power Electronics (Spain)
• FIMER (Italy)

KEY INDUSTRY DEVELOPMENT

March 2022: This particular company has attributed the market growth in terms of revenue and shares system. This particular development and investment the global market has been recorded to be a boon for the market growth. In India, SUNGROW officially opened its expanded production facility. With this development, the company hopes to reach a capacity of 10GW per year, having opened the plant in India in 2018. Thus, this factory would enable the company to meet the growing demand for solar inverters from utility-scale Indian and international markets as well as from residential, commercial, and industrial industries.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.market affecting the forecasting period. With detailed studies done, it also offers a comprehensive.