US Solar Inverter Market

The US Solar Inverter market size is expected to grow from US$ 825.86 million in 2022 and is expected to reach US$ 2,773.99 million by 2030; it is estimated to record a CAGR of 12.8% from 2022 to 2030.

Market Introduction

Major developments have been observed in the US solar inverter market. For instance, in November 2019, SMA Solar Technology AG collaborated with South Korea-based LG Chem. The SUNNY BOY STORAGE battery inverters of SMA and RESU 10M batteries of LG Chem combined to form new home storage systems, which resulted in the development of integrated DC/DC converters that can help increasing the operating voltage of batteries. Further, in July 2019, ABB and the Italian company FIMER S.p.A signed an agreement for FIMER to acquire ABB’s solar inverter business. The transaction enhanced the prospects of the US solar inverter market growth in business and enabled ABB to focus its business portfolio on other growth markets. Additionally, the market experienced several new product launches. For instance, Delta announced the launch of new US solar inverter market growth models in March 2022 for both residential and commercial applications.

In the last two decades solar PV from being the most expensive electricity source has become the cheapest attaining grid-parity. Solar PV deployment globally has gained popularity and is exceeding all expectations in the transition towards a greener sustainable global power generation mix.

One of the major drivers behind the solar PV successful deployment is attributable to the plummeting costs of raw materials, technological advancements, government policies and economies of scale. A significant reduction of the cost declines over the past decade can be attributed to 85% decline in the cost of module. A decade ago, the module alone used to cost around $2.50 per watt, and now an entire utility-scale PV system costs around $1 per watt.

Key Market Segments

Based on phase type, the US Solar Inverter market analysis is segmented into single phase, and three phase. Single phase is commonly utilized in cases where typical loads are heating, instead of large electric motors. This type of phase generates single phase power from the PV modules and is capable to connect power to single phase equipment or the grid itself. The single phase comes under a less than 5 kW of capacity. The single phase power produces electricity for the residential houses and power supplies which might be utilized domestically. Various appliances need small level of power to make televisions, lights, and heaters functional. Due to generation of power for using appliances, single phase inverter is ideal for residential purpose.

A three phase inverter considerably lowers possibilities of issues related with voltage and voltage rising. As, three phase inverters can generate more power for whichever direct usage, these are suitable for commercial, industrial, and utility scale projects. The three phase also enable the user to send more solar energy back into a grid itself as compared to single phase. Several medium scale business, industrial units, and large housing developments uses four-wire three-phase power supply, as it assists higher loads, like driving powerful electric pumps and motors.

Major Sources and Companies Listed

GoodWe Technologies Co Ltd, Delta Electronics Inc, CyboEnergy Inc, Yaskawa America Inc, Danfoss AS, SMA Solar Technology AG, SolarEdge Technologies Inc, Power Electronics SL, Ginlong Technologies Co Ltd, Chicago Digital Power Inc, Sungrow Power Supply Co Ltd, Caterpillar Inc. are some of the key US Solar Inverter market players. Various other companies are also introducing new technologies and offerings, helping the US Solar Inverter market players to expand their business in terms of revenue.

Reasons to Buy Report

• To understand the US Solar Inverter market landscape and identify market segments that are most likely to guarantee a strong return.
• To stay ahead of the race by comprehending the ever-changing competitive landscape for the US Solar Inverter market.
• To efficiently plan M&A and partnership deals in the US Solar Inverter market analysis by identifying market segments with the most promising probable sales.
• To make knowledgeable business decisions from the perceptive and comprehensive analysis of the market performance of various US Solar Inverter market segments.
• To obtain revenue forecast for the market by various segments from 2022 to 2028 in US$.