At 12.5% CAGR, the North America Solar PV Inverters Market is projected to be worth US$ 3,094.06 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the North America solar PV inverters market is expected to grow from US$ 1,357.63 million in 2023 to US$ 3,094.06 million by 2030, registering a CAGR of 12.5% from 2023 to 2030. Growing residential solar rooftop installations and rising number of solar installations attributed to government-led incentives and schemes are the critical factors attributed to the North America solar PV inverters market expansion.

Residential solar solutions can provide free, uninterrupted electricity for years while contributing to a greener environment. Residential solar rooftop systems are easy to install and require minimal maintenance. The electricity produced in excess can be sold to the grid through a net-metering facility, which help in reducing the 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.

As per Solar Energy Industries Association in June 2022, the US installed 3.9 gigawatts (GW) of solar photovoltaic (PV) capacity in Q1 2022 to reach 126.1 GW of total installed capacity, enough to power 22 million American homes. Solar power accounted for 50% of all power generating capacities through renewable sources added in the US in Q1 of 2022. Residential solar power had its largest quarter in the history with 1.2 GW installed—a 30% increase year-over-year. Therefore, the growing residential solar rooftop installations support the solar PV inverters market growth. This is expected to drive the North America solar PV inverters market during the forecast period.

On the contrary, safety risks associated with high dc voltages in solar inverters hurdles the growth of North America solar PV inverters market. 

Based on product type, the North America solar PV inverters market is categorized into string, micro, and central. The central segment held 60.1% market share in 2023, amassing US$ 816.16 million. It is projected to garner US$ 1,916.49 million by 2030 to expand at 13.0% CAGR during 2023–2030.

Based on phase, the North America solar PV inverters market is bifurcated into single phase and three phase. The three phase segment held 66.0% market share in 2023, amassing US$ 896.39 million. It is projected to garner US$ 2088.69 million by 2030 to expand at 12.8% CAGR during 2023–2030.

Based on connectivity, the North America solar PV inverters market is bifurcated into standalone, on-grid. The on-grid segment held 72.6% market share in 2023, amassing US$ 985.67 million. It is projected to garner US$ 2,346.66 million by 2030 to expand at 13.2% CAGR during 2023–2030.

Based on application, the North America solar PV inverters market is categorized into residential and community, commercial and industrial, and utility. The utility segment held 65.7% market share in 2023, amassing US$ 891.29 million. It is projected to garner US$ 2,222.94 million by 2030 to expand at 13.9% CAGR during 2023–2030.

Based on capacity, the North America solar PV inverters market is categorized into below 5 kW, 5-15 kW, 15 -25 kW, 25 - 50 kW, above 50 kW. The above 50 kW segment held 59.6% market share in 2023, amassing US$ 809.24 million. It is projected to garner US$ 2012.65 million by 2030 to expand at 13.9% CAGR during 2023–2030.

Based on country, the North America solar PV inverters market has been categorized into the US, Canada, and Mexico.  Our regional analysis states that the US captured 88.1% share of North America solar PV inverters market in 2023. It was assessed at US$ 1,196.69 million in 2023 and is likely to hit US$ 2,773.99 million by 2030, exhibiting a CAGR of 12.8% during the forecast period.            

Key players dominating the North America solar PV inverters market are Power Electronics SL; SMA Solar Technology AG; Solaredge Technologies Inc; Fimer SpA; Delta Electronics Inc.; EnerTech UPS Pvt Ltd; and GoodWe Technologies Co. Ltd among others.

• In Jun 2022, SMA announces doubling of production capacity by 2024.
• In Feb 2023, SolarEdge and Freedom Forever Announce Multi-Year Agreement that Includes PV and Battery Storage Systems.

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