Photovoltaic Inverter Producers and Photovoltaic Inverter Market Trend
The PV inverter is a device that converts the DC power generated by the PV module into AC power that can be connected to the grid or used by the load, and is the core component of the PV power generation system, whose stability directly determines the overall stability of the power generation system. The PV inverter mainly consists of input EMI circuit, DC/DC MPPT circuit, DC/AC inverter circuit, output EMI circuit, and core control unit circuit.
The global PV inverter market size was USD 2.7 billion in 2017, growing to USD 5.8 billion in 2022, with a CAGR of 16.5% from 2017 to 2022. The global PV inverter market size is expected to grow to USD 11.3 billion in 2027, with a CAGR of 14.3% from 2022 to 2027.
Figure 2017-2027 Global Photovoltaic Inverter Market Size (Billion USD) and CAGR
The global regional shares of PV inverters are Asia Pacific (42%), North America (24%), Europe (21%), South America (10%), and MEA (3%).
The top three global PV inverters are HUAWEI, Sungrow, and SMA, with market shares of 23.2%, 19.1%, and 7.2%, respectively. Other participants include Power Electronics, Growatt, Ginlong, Fimer, Sineng, GoodWe and TMEIC.