GlobalData’s latest report, titled ‘Solar PV Modules and Inverters Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast, 2024-2030’, reveals significant growth projections for the solar photovoltaic (PV) modules and inverters market. With this in mind, the report projects the global market will explode to a staggering $115.8 billion by 2030. This growth will be driven by increasing demand for utility-scale projects and hybrid solar-plus-storage systems.
The U.S. solar PV inverter market is experiencing an incredibly dynamic period of change. This rapid change is mainly due to the focus on sustainable energy solutions and net-zero targets from countries across the globe. The demand for solar solutions has skyrocketed. Increasing grid compliance and cybersecurity regulations, particularly in Europe and the United States, are fueling this growing demand.
Market Dynamics
Across the world, very rapidly, utility-scale projects are coming online. This recent boom is fueling the need for cost-effective and high-quality solar PV inverters with increased efficiency and reliability. These systems are responsible for transforming the direct current (DC) electricity created by solar panels into alternating current (AC). This transformation is necessary to decarbonize our homes and buildings.
Moreover, interest in hybrid solar-plus-storage systems is skyrocketing. These systems integrate solar photovoltaic energy production with battery storage capability, allowing users to enjoy the benefits of energy generation and storage. This trend is in step with the increasing focus on energy independence and resilience, particularly in communities that suffer from frequent or extended power outages.
Furthermore, regulatory pressures to adhere to stricter grid reliability standards and cybersecurity guidelines are forcing companies to do so. These issues are exacerbated in developed markets, as governments in places like the U.S. and Europe push aggressively for renewable energy technologies to take hold.
Regional Insights
The Asia-Pacific (APAC) region has been at the forefront of the global solar PV market, playing a vital role in its overall advancement. The region’s policy accomplishments have gone hand-in-hand with strong advocacy to further renewable energy development. It has trailblazed ambitious statewide solar adoption targets, as well. Massive cross-border investments in solar projects are coming online, propelled by fast paced urban growth and the plummeting cost of technology.
Additionally, large economies in the APAC region, such as India and Indonesia, are building up their own solar manufacturing capabilities and promoting innovation in solar technology. That, in turn, has allowed the region to emerge as a global market leader. The solar PV inverter market value in APAC has stormed to $19.8 billion.
Supportive federal policies and innovative technologies are pushing the growth of new sustainable energy sector. Raising public awareness around sustainable, energy-efficient solutions is just as critical to this momentum. As countries around the world increase commitments to renewable energy, the need for productive and cost-effective solar PV solutions will only continue to increase.
Future Outlook
Demand for both solar PV modules and inverters worldwide is expected to grow dramatically. Industries and governments are like running full speed to get to net-zero emissions which is powering this growth. One thing’s for sure, the transition to sustainable energy sources will continue to be a priority, providing additional impetus for investments in breakthrough solar technologies.