At 9.7% CAGR, the Europe Solar PV Inverters Market is projected to be worth US$ 4,408.51 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe solar PV inverters market is expected to grow from US$ 2,300.54 million in 2023 to US$ 4,408.51 million by 2030, registering a CAGR of 9.7% from 2023 to 2030. Growing residential solar rooftop installations and rising number of solar installations attributed to government-led incentives and schemes are the critical factors attributed to the Europe solar PV inverters market expansion. 

According to the International Energy Agency (IEA), the global energy demand increased by 8% in 2022. The upswing in investments in 2022 is a mixture of a cyclical response to recovery and a structural shift in capital flows toward cleaner technologies. The recent investment is mentioned below:

According to the Solar Power Organization of Europe, the region installed 41.4 GW of solar plant in 2022 showcasing an increase of 47% in 2021.

Thus, the increasing investments toward renewable energy sector help in creating opportunities for solar (PV) inverter market players during the forecast period. This is expected to drive the Europe solar PV inverters market during the forecast period.

On the contrary, safety risks associated with high dc voltages in solar inverters hurdles the growth of Europe solar PV inverters market. 

Based on product type, the Europe solar PV inverters market is categorized into string, micro, and central. The central segment held 63.0% market share in 2023, amassing US$ 1,449.88 million. It is projected to garner US$ 2,842.22 million by 2030 to expand at 10.1% CAGR during 2023–2030.

Based on phase, the Europe solar PV inverters market is bifurcated into single phase and three phase. The three phase segment held 70.8% market share in 2023, amassing US$ 1,629.80 million. It is projected to garner US$ 3,167.14 million by 2030 to expand at 10.0% CAGR during 2023–2030.

Based on connectivity, the Europe solar PV inverters market is bifurcated into standalone, on-grid. The on-grid segment held 67.4% market share in 2023, amassing US$ 1,549.46 million. It is projected to garner US$ 3,065.82 million by 2030 to expand at 10.2% CAGR during 2023–2030.

Based on application, the Europe solar PV inverters market is categorized into residential and community, commercial and industrial, and utility. The utility segment held 48.3% market share in 2023, amassing US$ 1,110.55 million. It is projected to garner US$ 2,223.90 million by 2030 to expand at 10.4% CAGR during 2023–2030.

Based on capacity, the Europe solar PV inverters market is categorized into below 5 kW, 5-15 kW, 15 -25 kW, 25 - 50 kW, above 50 kW. The above 50 kW segment held 44.7% market share in 2023, amassing US$ 1,029.41 million. It is projected to garner US$ 2,056.47 million by 2030 to expand at 10.4% CAGR during 2023–2030.

Based on country, the Europe solar PV inverters market has been categorized into Germany, France, Italy, the UK, Spain, and the Rest of Europe.  Our regional analysis states that the Rest of Europe captured 37.7% share of Europe solar PV inverters market in 2023. It was assessed at US$ 866.57 million in 2023 and is likely to hit US$ 1,280.30 million by 2030, exhibiting a CAGR of 5.7% during the forecast period.            

Key players dominating the Europe solar PV inverters market are Power Electronics SL; SMA Solar Technology AG; Solaredge Technologies Inc; Fimer SpA; Delta Electronics Inc.; and GoodWe Technologies Co. Ltd among others.

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