They play a vital role in maximizing the power generation from solar PV systems and ensuring compatibility with existing electrical infrastructure. Advances in power semiconductor technology have allowed manufacturers to develop high efficiency micro-grid or string inverters that optimize power output from PV panels. The increasing global focus on reducing greenhouse gas emissions and transitioning to clean energy has boosted investments in renewable energy which in turn has driven the demand for PV inverters.

The Global PV Inverter Market is estimated to be valued at US$ 15.28 BN in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the PV Inverter Market Size are Eaton, Emerson Electric Co., Power Electronics S.L., Hitachi Hi-Rel Power Electronics Private Limited, Siemens Energy, Fimer Group, SMA Solar Technology AG, Delta Electronics, Inc, SunPower Corporation, Omron Corporation.

The residential PV market is witnessing strong growth globally supported by initiatives to bring down prices of solar panels and inverters along with innovations in solar financing. Countries in Europe and Asia Pacific have witnessed rising residential installations which has contributed to increasing demand for solar PV inverters catering to the residential segment. Rapid proliferation of rooftop solar is expected to drive continued strong demand over the coming years.

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