The Europe PV Inverter Market would witness market growth of 17.9% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 744.2 thousand units, showcasing a growth of 18.2% (2019-2022).
PV inverters, or solar inverters, are electronic devices that convert the DC electricity solar panels generate into AC electricity. These inverters are designed to optimize power output, enhance energy efficiency, and ensure the compatibility of solar energy systems with electrical grids. The increasing recognition of environmental concerns and the imperative to mitigate carbon emissions propel the demand for sustainable energy alternatives. This, in turn, is anticipated to stimulate the demand for a range of energy equipment, such as photovoltaic inverters.
Inverters for solar PV are essential components of larger solar systems. By converting direct current (DC) to alternating current (AC), these inverters ascertain the overall efficiency of the solar system. Solar PV inverters possess unique attributes and functionalities, while various factors that influence solar system generation are considered. Shading, roof orientation, roof inclination, summer and winter production, panel swaying, and numerous other variables contribute significantly to the output requirement. The government has implemented diverse new incentive programs to encourage the use of solar and other renewable technologies.
The European Union's renewable energy target for 2030 was elevated to 45% in May 2022, as the International Energy Agency (IEA) suggested. This expansion would necessitate 1,236 GW of total installed renewable capacity, of which 600 GW would be solar PV and a component of the REPowerEU Plan. Accelerated-case modeling shows the European Union could install over 30% more renewable energy capacity, the largest absolute upside potential of all key countries and regions. The EU aims to remain a global leader in renewable energy technologies. The expansion of the market aligns with this objective, fostering innovation, competitiveness, and leadership in the clean energy sector. Therefore, the factors mentioned above will propel the market growth in this region.
The Germany market dominated the Europe PV Inverter Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,033.3 Million by 2030. The UK market is experiencing a CAGR of 16.9% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 18.8% during (2023 - 2030).
Based on Product, the market is segmented into String PV Inverter, Central PV Inverter, Micro PV Inverter, and Other PV Inverter. Based on End-use, the market is segmented into Utilities, Commercial & Industrial, and Residential. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global PV Inverter Market will Hit USD 40.5 Billion by 2030, at a CAGR of 18.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Delta Electronics, Inc., Eaton Corporation PLC, Emerson Electric Co., Fimer Group, Hitachi, Ltd. (Hitachi Hi-Rel Power Electronics Private Limited), Omron Corporation, Power Electronics Espana, S.L.U. (Advanced Energy Industries, Inc.), Siemens Energy AG, SMA Solar Technology AG, and SunPower Corporation (Infineon Technologies AG)
By Product (Volume, Thousand Units, USD billion, 2019-2030)
By End-use (Volume, Thousand Units, USD billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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