According to the Graphical Research new growth forecast report titled “North America PV Inverter Market Size By Power Class (Single Phase, Three Phase), By Nominal Output Power (≤ 300 W, 301 - 3,000 W, 3,001 - 33,000 W, 33,001 - 110,000 W, > 110,000 W), By Nominal Output Voltage (≤ 230 V, 231 - 400 V, 401 - 600 V, > 600 V), By Product (Micro, String, Central), By Connectivity (Stand-alone, On-grid), By Application (Residential, Commercial, Industrial, Utility), Industry Analysis Report, Country Outlook (U.S, Canada), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, to Expand at Significant CAGR through 2026.
North America PV Inverter Market is anticipated to grow on account of adoption of renewable energy resources along with the surging demand for electricity. Ongoing replacement of conventional energy storage systems along with refurbishment of power grid infrastructure will propel the industry scenario. Rising integration of sustainable power sources across the gird network coupled with favorable government measures and subsidized solar energy units will foster the product deployment.
Three phase PV inverter market is projected to witness significant growth owing to flexible product specifications coupled with ability of these units to operate across industrial and utility sectors. Growing installation of solar PV systems followed by increasing number of solar PV projects will fuel the product adoption. Moreover, applicability of these units across on-grid and off-grid facilities, offering monitoring and control solutions will augment the product deployment.
On-Grid PV inverters industry will witness an upsurge owing to its ability to cater to surging electricity demand across utility and industrial sector. For instance, Kstar launched an inverter series, ‘grid-tied string’ for solar rooftops providing low-temperature resistance, reactive power control, and WiFi plugs. Ongoing technological advancement followed by increasing R&D investments offering effective power supply will complement the product demand.
Micro PV inverter market is set to surge on account of increasing focus toward deployment of solar PV units across microgrid networks. Rising environmental concerns followed by stringent government mandates to reduce carbon emissions will shift the manufacturers focus toward installation of energy efficient conservation measures. Ongoing re-structuring of conventional electrical networks coupled with rapid technological adoption which includes IoT based solutions as well as two way communicating systems will accelerate the product demand.
Growing deployment of industrial solar PV units owing to rising electricity demand across the manufacturing and production segments will foster the demand for 33,001 W - 111,000 W PV inverters. Ongoing private and public investments toward renewable grid integration will enhance the North America PV inverter market outlook. Furthermore, increasing mandates to minimize the solar PV component and installation cost followed by rising government funding to deploy solar PV farms will complement the business landscape.
Major manufacturers across North America PV inverter market are aiming for strategic alliances, joint ventures and M&As for strengthening their market share in the industry. Key players are Siemens AG, Emerson Electric, Panasonic, General Electric, Enphase Energy and Schneider Electric amongst others.