Report : North America 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 7.8%CAGR, the North America Solar Inverters Market is speculated to be worth US$ 3293.82 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the North America Solar Inverters market was valued at US$ 2104.70 million in 2022 and is expected to reach US$ 3293.82 million by 2028, registering an annual growth rate of 7.8% from 2022 to 2028. Rising number of solar installations attributed to government-led incentives and schemes and growing residential solar rooftop installations are the critical factors attributed to the market expansion.
Various schemes are currently being launched to encourage the domestic use of solar power with the several governments working towards establishing solar power as a primary energy source. Installing solar rooftop systems help people generate electricity and use it for different purposes, including residential, commercial, and even industrial. To make it easier, Indian central and state governments launched various schemes to encourage the implementation of rooftop solar panels.
Thus, the rising number of solar installations attributed to government-led incentives and schemes propel the demand for solar inverters, which drives the 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 North America Solar Inverters market.
based on type, the North America Solar Inverters market is segmented into central, string, and micro. The central held 53.84% market share in 2022, amassing US$ 1133.08 million. It is projected to garner US$ 1741.78 million by 2028 to expand at 7.4% CAGR during 2022–2028.
Based on system type, the North America Solar Inverters market is segmented into on-grid and off-grid. The on-grid held 73.28% market share in 2022, amassing US$ 1542.23 million. It is projected to garner US$ 2365.73 million by 2028 to expand at 7.4% CAGR during 2022–2028.
Based on end user, the North America Solar Inverters market is segmented into residential, commercial, and utility. The utility held 61.29% market share in 2022, amassing US$ 1289.95 million. It is projected to garner US$ 1904.46 million by 2028 to expand at 6.7% CAGR during 2022–2028.
Based on country, the North America Solar Inverters market has been categorized into the US, Canada, and Mexico. Our regional analysis states that US captured 70.89% market share in 2022. It was assessed at US$ 1492.01 million in 2022 and is likely to hit US$ 2415.04 million by 2028, exhibiting a CAGR of 8.4% during the forecast period.
Key players dominating The North America Solar Inverters market are FIMER S.a.p, Delta Electronics, Enertechups, GOODWE, Power Electronics S.L, SMA Solar Technology AG, SolarEdge Technologies, and Hitachi Hi-Rel Power Electronic Pvt.Ltd, among others.
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