The increased push toward using green power to achieve sustainability and energy security is the primary factor driving the deployment of US solar inverter market players to meet the rising demand and replace fossil-fuel-based power generating sources. The growth is majorly attributable to increasing government initiatives and incentives, technological advancements, constantly reducing costs, and rural electrification. Through constant technological advancements, solar PV inverter manufacturers have successfully developed advanced inverters with higher efficiency, better reliability, and user-friendly features. Micro inverters and power optimizers are gaining popularity through their ability to improve the performance of solar panels.
Solar PV inverters track voltage, establish grid communication, and shut down operations during emergency conditions apart from converting direct current (DC) into alternating current (AC) via solar panels. US Solar inverter market players inverter are commonly used in residential and utility applications and are increasingly used in commercial and industrial projects globally. Solar photovoltaic (PV) inverters aid in maximizing energy production, ensuring safe system operations, improving grid capabilities, and tracking power output. Critical factors to be considered while adopting US solar inverter market are roof orientation, shading, roof inclination, tilting panels, and summer and winter production difference that result in the required output.
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US Solar Inverter Market: Strategic Insights
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 825.86 Million |
| Market Size by 2030 | US$ 2,773.99 Million |
| Global CAGR (2022 - 2030) | 12.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | United State
|
| Market leaders and key company profiles |
The List of Companies - US Solar Inverters Market
The US solar inverter market is expected to reach US$ 2,773.99 Mn by 2030.
The US solar inverter market was estimated to be USD 825.86 million in 2022 and is expected to grow at a CAGR of 12.8 %, during the forecast period 2022 - 2030.
The technological Innovations in Smart Inverters can be the future trends for the US solar inverter market.
The growing utility and residential solar installations, steep decline in raw material costs and PV systems, and rising number of solar installations attributed to government-led incentives and schemes are the major factors that propel the US solar inverter market.
The incremental growth, expected to be recorded for the US solar inverter market during the forecast period, is US$ 2.8 billion.
The key players, holding majority shares, in US solar inverter market includes SL Power Electronics Corp, SUNGROW, SolarEdge, and SMA Solar Technology AG.