Report : Europe Solar Inverters Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Central, String, and Micro), System Type (On-Grid and Off-Grid), and End User (Residential, Commercial, and Utility)
At 8.7%CAGR, the Europe Solar Inverters Market is speculated to be worth US$ 3152.01 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Europe Solar Inverters market was valued at US$ 1912.65 million in 2022 and is expected to reach US$ 3152.01 million by 2028, registering an annual growth rate of 8.7% from 2022 to 2028. Growing residential solar rooftop installations and schemes and technological innovations in solar inverters are the critical factors attributed to the market expansion.
The economic aspect is the biggest incentive for installing home rooftop solar panels. Solar energy emerged as one of the most promising and widely accepted renewable energy sources. Residential solar solutions can provide free, uninterrupted electricity for the years while simultaneously contributing to a greener environment. Residential solar rooftop systems are also easy to install and require minimal maintenance. The electricity produced in excess can be sold to the grid through a net-metering facility, directly impacting the existing electricity bills. With depleting fossil fuel reserves, accelerated environmental degradation, and pressure on the power generation infrastructure, several governments have taken various steps in the form of subsidies to accelerate the adoption of solar energy by providing residential solar solutions. Therefore, growing residential solar rooftop installations support the Europe solar inverters market growth.
On the contrary, challenges faced in issues safety risks associated with high dc voltages in solar inverters hurdles the growth of the Europe Solar Inverters market.
based on type, the Europe Solar Inverters market is segmented into central, string, and micro. The central held 55.16%market share in 2022, amassing US$ 1054.96 million. It is projected to garner US$ 1704.67 million by 2028 to expand at 8.3% CAGR during 2022–2028.
Based on system type, the Europe Solar Inverters market is segmented into on-grid and off-grid. The on-grid held 74.09% market share in 2022, amassing US$ 1417.04 million. It is projected to garner US$ 2313.85 million by 2028 to expand at 8.5% CAGR during 2022–2028.
Based on end user, the Europe Solar Inverters market is segmented into residential, commercial, and utility. The utility held 47.35% market share in 2022, amassing US$ 905.58 million. It is projected to garner US$ 1426.42 million by 2028 to expand at 7.9% CAGR during 2022–2028.
Based on country, the Europe Solar Inverters market has been categorized into France, Germany, UK, Italy, Russia, and Rest of Europe. Our regional analysis states that Rest of Europe captured 24.74% market share in 2022. It was assessed at US$ 473.10 million in 2022 and is likely to hit US$ 793.79 million by 2028, exhibiting a CAGR of 9.0% during the forecast period.
Key players dominating the Europe Solar Inverters market are FIMER S.a.p, Delta Electronics; GOODWE, Power Electronics S.L, Sineng Electric, SMA Solar Technology AG, SolarEdge Technologies, and Hitachi Hi-Rel Power Electronic Pvt.Ltd, among others.
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