According to the recent research report titled ‘Global PV Inverter Market 2022-2028’ available with MarketStudyReport, global PV inverter market is estimated to reach USD 12,648 million in valuation by 2028, processing at a CAGR of 4.1% during the estimated timeframe.

Rapid developments in the solar energy sector and a growing number of global PV power plant installations are some of the major factors driving the global PV inverter market.

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It is to be noted that PV inverters are a vital system component in a solar system that allows standard AC-powered equipment to be used. Maximum power point tracking and anti-islanding prevention are two features that solar power converters have adopted for use with photovoltaic arrays.

The research offers in-depth analysis into the present market landscape, as well as the most recent trends and drivers of the overall business scenario. It provides a unique perspective on market size, the competitive landscape, major trends, growth rate, and the segments as well. The influence of the COVID-19 outbreak on global PV inverter market is also examined in this research document.

The worldwide PV inverter marketplace is segmented into product categories, power range, grid connectivity, end user reach, and regional terrain. Based on product categories, this marketplace is bifurcated into a microinverter, central inverter, and string inverter.

This marketplace, by power range, is classified into above 1000 kW, 100-1000 kW, 10-100 kW, and less than 10kW. The less than 10kW segment accounted for the largest market share in 2021 and is expected to have modest gains by the forecast timeline.

Based on grid connectivity, the global PV inverter business sphere is split into on-grid, and off-grid segments. The on-grid segment is anticipated to account for the largest share through the forecast duration due to rapid developments in the solar energy sector

Moving forward in terms of end-user segment, the global PV inverter industry is segregated into utility, residential, and commercial.

This marketplace, by regional analysis, is categorized into North America, Europe, Asia Pacific and the rest of the world.

Among these, the leading players defining the competitive landscape of this industry vertical are Power Electronics S.L., Fimer S.p.A., Huawei Technologies Co. Ltd., Ginlong Technologies Co. Ltd., Kehua Hengsheng Co. Ltd., Shenzhen Growatt New Energy Technology Co. Ltd., Sineng Electric Co. Ltd., Shenzhen KSTAR Science and Technology Co. Ltd., SolarEdge Technologies Inc., SMA Solar Technology AG, Sungrow Power Supply Co. Ltd., and Jiangsu GoodWe Power Supply Technology Co. Ltd., among others.