The Latin America, Middle East and Africa PV Inverter Market would witness market growth of 20.4% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 802.4 thousand units, showcasing a growth of 21.7% (2023-2030).
The renewable sector has demonstrated remarkable competitiveness in comparison to alternative electricity sources. As per the International Renewable Energy Agency (IRENA), the expansion of these energy resources will be an order of magnitude. This statement is supported by two significant factors: the declining cost of solar components, which will enable the construction of more solar and wind power facilities and economic considerations regarding solar energy in the coming decades. The pursuit of reducing power generation expenses is an additional factor driving market growth. The prices of renewable energy have decreased as a result of several government policies that promote the use of sustainable energy.
Consistently exceeding end-user’s expectations, it has witnessed an increase in businesses committing to their respective energy transitions and establishing new milestones annually. Solar PV inverter demand is being driven by developments in the supply chain and favourable government policies that support PV inverter production. Furthermore, developments in renewable energy generation have been propelled by shifting consumer preferences toward environmental sustainability, ambitious adoption goals for PV inverters set by national governments, and effective policies and plans for PV inverters.
According to the International Trade Administration, in 2023, the renewable energy sector will account for 83% of the Brazilian electricity matrix, while the global average is around 25%. Utility-scale solar energy in Brazil increased by 40.9% in 2021, while distributed generation from solar increased by 84%—investments in utility-scale solar energy projects that have already been approved amount to more than $20 billion. Brazil conducts competitive auctions for the development of solar energy projects. These auctions attract developers and investors who compete to secure contracts for supplying solar power. The expansion of utility-scale projects resulting from these auctions drives the demand for PV inverters. Thus, the above aspects will expand the market growth across the region in the upcoming years.
The Brazil market dominated the LAMEA PV Inverter Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,185 Million by 2030. The Argentina market is exhibiting a CAGR of 20.8% during (2023 - 2030). Additionally, The UAE market would experience a CAGR of 19.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide PV Inverter Market is Projected to reach 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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