US Solar Inverter Market Forecast to 2030 - COVID-19 Impact and Global Analysis - by Product Type (String, Micro, Central); Phase (Single Phase, Three Phase); Connectivity (Standalone, On-grid); Application (Residential and Community, Commercial and Industrial, Utility); Capacity (Below 5 kW, 5-15 kW, 15-25 kW, 25-50 kW, above 50 kW)
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$.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Solar Inverter Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
5. Solar Inverter Market - Key Industry Dynamics
5.1 Key Market Drivers:
5.1.1 Growing Utility and Residential Solar Installations
5.1.2 Steep Decline in Raw Material Costs and PV Systems
5.1.3 Rising Number of Solar Installations Attributed to Government-led Incentives and Schemes
5.2 Key Market Restraints:
5.2.1 Removal of subsidies and favorable government support to slow the growth opportunities.
5.2.2 Higher installation, Maintenance, and Operational Cost
5.3 Key Market Opportunities:
5.3.1 Inclination Toward Renewable Energy Sources
5.4 Future Trend:
5.4.1 Technological Innovations in Smart Inverters
5.5 Impact of Drivers And Restraints:
6. Solar Inverter Market - Regional Market Analysis
6.1 Solar Inverter Market, (US$ Billion), 2020 and 2030
6.2 Solar Inverter Market Revenue (US$ Mn), 2020 – 2030
7. Solar Inverter Market Analysis – Product Type
7.1 Overview
7.2 Solar Inverter Market Revenue Share, By End-Use Industry (2022 and 2030)
7.3 String
7.3.1 Overview
7.3.2 String: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
7.4 Micro
7.4.1 Overview
7.4.2 Micro: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
7.5 Central
7.5.1 Overview
7.5.2 Central: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
8. Solar Inverter Market Analysis – Phase
8.1 Overview
8.2 Solar Inverter Market Revenue Share, By Phase (2022 and 2030)
8.3 Single Phase
8.3.1 Overview
8.3.2 Single Phase: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
8.4 Three Phase
8.4.1 Overview
8.4.2 Three Phase: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
9. Solar Inverter Market Analysis – Connectivity
9.1 Overview
9.2 Solar Inverter Market Revenue Share, By Connectivity (2022 and 2030)
9.3 Standalone
9.3.1 Overview
9.3.2 Standalone: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
9.4 On-Grid
9.4.1 Overview
9.4.2 On-Grid: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
10. Solar Inverter Market Analysis – Capacity
10.1 Overview
10.2 Solar Inverter Market Revenue Share, By Capacity (2022 and 2030)
10.3 Below 5 kW
10.3.1 Overview
10.3.2 Below 5 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
10.4 5-15 kW
10.4.1 Overview
10.4.2 5-15 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
10.5-25 kW
10.5.1 Overview
10.5.2-25 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
10.6-50 kW
10.6.1 Overview
10.6.2-50 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
10.7 Above 50 kW
10.7.1 Overview
10.7.2 Above 50 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
11. Solar Inverter Market Analysis – Application
11.1 Overview
11.2 Solar Inverter Market Revenue Share, By Application (2022 and 2030)
11.3 Residential and Community
11.3.1 Overview
11.3.2 Residential and Community: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
11.4 Commercial and Industrial
11.4.1 Overview
11.4.2 Commercial and Industrial: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
11.5 Utility
11.5.1 Overview
11.5.2 Utility: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
12. Pre & Post Covid-19 Impact
12.1 Overview
13. Competitive Landscape
13.1 Company Positioning & Concentration
13.2 Competitive Benchmarking
14. Industry Landscape
14.1 Overview
14.2 Market Initiative
14.3 Product Development
14.4 Mergers & Acquisitions
15. Company Profiles
15.1 GoodWe Technologies Co Ltd
15.1.1 Key Facts
15.1.2 Business Description
15.1.3 Products and Services
15.1.4 Financial Overview
15.1.5 SWOT Analysis
15.1.6 Key Developments
15.2 Delta Electronics Inc
15.2.1 Key Facts
15.2.2 Business Description
15.2.3 Products and Services
15.2.4 Financial Overview
15.2.5 SWOT Analysis
15.2.6 Key Developments
15.3 Yaskawa America Inc
15.3.1 Key Facts
15.3.2 Business Description
15.3.3 Products and Services
15.3.4 Financial Overview
15.3.5 SWOT Analysis
15.3.6 Key Developments
15.4 SMA Solar Technology AG
15.4.1 Key Facts
15.4.2 Business Description
15.4.3 Products and Services
15.4.4 Financial Overview
15.4.5 SWOT Analysis
15.4.6 Key Developments
15.5 Danfoss AS
15.5.1 Key Facts
15.5.2 Business Description
15.5.3 Products and Services
15.5.4 Financial Overview
15.5.5 SWOT Analysis
15.5.6 Key Developments
15.6 CyboEnergy Inc
15.6.1 Key Facts
15.6.2 Business Description
15.6.3 Products and Services
15.6.4 Financial Overview
15.6.5 SWOT Analysis
15.6.6 Key Developments
15.7 Chicago Digital Power Inc
15.7.1 Key Facts
15.7.2 Business Description
15.7.3 Products and Services
15.7.4 Financial Overview
15.7.5 SWOT Analysis
15.7.6 Key Developments
15.8 Caterpillar Inc
15.8.1 Key Facts
15.8.2 Business Description
15.8.3 Products and Services
15.8.4 Financial Overview
15.8.5 SWOT Analysis
15.8.6 Key Developments
15.9 Sungrow Power Supply Co Ltd
15.9.1 Key Facts
15.9.2 Business Description
15.9.3 Products and Services
15.9.4 Financial Overview
15.9.5 SWOT Analysis
15.9.6 Key Developments
15.10 Ginlong Technologies Co Ltd
15.10.1 Key Facts
15.10.2 Business Description
15.10.3 Products and Services
15.10.4 Financial Overview
15.10.5 SWOT Analysis
15.10.6 Key Developments
15.11 Power Electronics SL
15.11.1 Key Facts
15.11.2 Business Description
15.11.3 Products and Services
15.11.4 Financial Overview
15.11.5 SWOT Analysis
15.11.6 Key Developments
15.12 Solaredge Technologies Inc
15.12.1 Key Facts
15.12.2 Business Description
15.12.3 Products and Services
15.12.4 Financial Overview
15.12.5 SWOT Analysis
15.12.6 Key Developments
16. Appendix
16.1 Appendix
LIST OF TABLES
Table 1. Solar Inverter Market Segmentation
Table 2. Solar Inverter Market Revenue And Forecasts To 2030 (US$ Mn)
Table 3. US Solar Inverter Market, By Product Type - Revenue and Forecast to 2030 (US$ Million)
Table 4. US Solar Inverter Market, By Phase - Revenue and Forecast to 2030 (US$ Million)
Table 5. US Solar Inverter Market, By Connectivity - Revenue and Forecast to 2030 (US$ Million)
Table 6. US Solar Inverter Market, By Capacity - Revenue and Forecast to 2030 (US$ Million)
Table 7. US Solar Inverter Market, By Application - Revenue and Forecast to 2030 (US$ Million)
Table 8. Competitive Benchmarking
LIST OF FIGURES
Figure 1. Solar Inverter Market Segmentation, By Geography
Figure 2. Solar Inverter Market - PEST Analysis
Figure 3. Solar Inverter Market - Ecosystem Analysis
Figure 4. Solar Inverter Market - Key Industry Dynamics
Figure 5. Impact Analysis of Drivers And Restraints
Figure 6. Solar Inverter Market, (US$ Billion), 2020 and 2030
Figure 7. Solar Inverter Market Revenue (US$ Mn), 2020 – 2030
Figure 8. Solar Inverter Market Revenue Share, By Function (2022 and 2030)
Figure 9. String: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 10. Micro: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 11. Central: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 12. Solar Inverter Market Revenue Share, By Phase (2022 and 2030)
Figure 13. Single Phase: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 14. Three Phase: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 15. Solar Inverter Market Revenue Share, By Connectivity (2022 and 2030)
Figure 16. Standalone: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 17. On-Grid: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 18. Solar Inverter Market Revenue Share, By Capacity (2022 and 2030)
Figure 19. Below 5 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 20. 5-15 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 21.-25 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 22.-50 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 23. Above 50 kW: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 24. Solar Inverter Market Revenue Share, By Application (2022 and 2030)
Figure 25. Residential and Community: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 26. Commercial and Industrial: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 27. Utility: Solar Inverter Market Revenue and Forecast to 2030 (US$ Million)
Figure 28. Company Positioning & Concentration
- GoodWe Technologies Co Ltd
- Delta Electronics Inc
- CyboEnergy Inc
- Yaskawa America Inc
- Danfoss AS
- SMA Solar Technology AG
- SolarEdge Technologies Inc
- Power Electronics SL
- Chicago Digital Power Inc
- Sungrow Power Supply Co Ltd
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