The North America PV Inverter Market would witness market growth of 17.3% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 929.0 thousand units, showcasing a growth of 17.6% (2019-2022).
The residential sector has embraced solar energy with increasing enthusiasm. It plays a vital role in converting the DC power rendered by solar panels into usable AC power for household consumption. The compact and efficient inverters designed for residential use contribute to decentralizing energy production. Large-scale solar installations in commercial and industrial settings leverage PV inverters to harness solar power efficiently. These inverters are characterized by higher capacity and advanced features to meet the energy demands of businesses, factories, and other large facilities.
Utility-scale solar projects, ranging from solar farms to concentrated solar power (CSP) plants, rely on high-capacity PV inverters to convert massive amounts of solar energy into grid-compatible electricity. These installations contribute significantly to the clean energy mix and help meet the growing global demand for electricity. It plays a pivotal role in off-grid and remote applications, providing a reliable power source where traditional grid connectivity is challenging. These applications include remote telecommunications towers, off-grid communities, and emergency power systems.
According to the International Trade Administration, Canada's total installed electricity generation capacity was approximately 149 GW in 2021 and is projected to gain 170 GW in 2035. Canada is among the few developed countries that predominantly rely on clean hydro energy. In 2022, the electricity generation composition was almost unchanged from the previous year: hydro (61.3%), nuclear (12.9%), fossil fuels (19.2%), wind (6.1%), and solar (0.5%). Various levels of the Canadian government have implemented initiatives and policies to promote renewable energy production. These policies often include incentives, subsidies, and regulatory frameworks that encourage the deployment of solar energy systems, driving the demand for PV inverters. As a result, these aspects will boost the market growth in the coming years.
The US market dominated the North America PV Inverter Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,118.5 Million by 2030, growing at a CAGR of 16.5 % during the forecast period. The Canada market is expected to witness a CAGR of 20% during (2023 - 2030). Additionally, The Mexico market is expected to witness a CAGR of 19.6% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global PV Inverter Market is Predict 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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