Rising Number of Solar Installations Attributed to Government-Led Incentives and Schemes to Provide Growth Opportunities for US Solar Inverter Market During 2022–2028
According to our latest market study on "US Solar Inverter Market Forecast to 2030 – COVID-19 Impact and Analysis – by Product Type, Phase, Connectivity, Application, and Capacity," the market is expected to grow from US$ 825.86 million in 2022 and to reach US$ 2,773.99 million by 2030; it is estimated to record a CAGR of 12.8% from 2022 to 2030.
Strong government policy support continues to remain the principal driver for solar PV deployment across the world. Various policies have been implemented, including auctions, feed-in-tariffs, net-metering, contracts for difference, investment tax credit, production tax credit, and renewable power generation targets.
US Solar Inverter Market — by Phase, 2022
US Solar Inverter Market Forecast to 2030 - analysis by Product Type (String, Micro, and Central), Phase (Single Phase and Three Phase), Connectivity (Standalone and On-Grid), Application (Residential and Community, Commercial and Industrial, Utility), and Capacity (Below 5 kW, 5–15 kW, 15–25 kW, 25–50 kW, and Above 50 kW)
US Solar Inverter Market to Grow at a CAGR of 12.8% to reach US$ 2,773.99 million from 2022 to 2030
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Source: The Insight Partners Analysis
Governments worldwide are launching various schemes to encourage the use of solar power as a primary energy source. Installing solar rooftop systems helps people generate electricity and use it for different purposes, including residential, commercial, and even industrial.
In August 2022, the Biden-led US government announced the Inflation Reduction Act into law, making it one of the most significant policy changes after ITC and PTC to encourage renewable energy deployment. The 10-year timeline for the bill's provisions has brought long-term clarity to the manufacturers, developers, and investors as uncertainty around the policy risks is minimized.
Smart inverters are a more advanced type of power electronics that can make autonomous decisions to keep the grid stable and reliable. Smart inverters work autonomously while ensuring uninterrupted power flow without voltage fluctuations. Advanced features such as voltage and frequency sensors allow smart inverters to detect grid abnormalities and send feedback to utility operators. Moreover, smart inverters allow two-way communication with utility control centers, thereby enhancing their efficiency across residential and commercial applications.
Delta's smart solar inverter solutions enable smart and cost-effective designs for industrial and small utility-scale PV power plants by maximizing energy yields even in challenging landscapes and locations. Smart inverters have more direct current (DC) overloading options, flexible maximum power point tracking (MPPT) channels, fuse-less or in-line fuse options, and wireless communication systems. With the mentioned features, smart solar inverters are capable of reducing clipping loss.
Additionally, Interstate Renewable Energy Council (IREC) focuses on updating the existing technical standards and codes, such as IEEE 1547 and UL 1741, to ensure optimum utilization of smart inverters owing to the constant increase in the number of DER grids. The organization promotes the integration of smart solar inverters across solar grids to increase the hosting capacity of DER, grid reliability, and consistency across deployments. All these innovative features are likely to spur the market growth during the forecast period.
The US solar inverter market is segmented into product type, phase, connectivity, application, and capacity. Based on product type, the US solar inverter market is segmented into string, micro, and central. The US solar inverter market, by phase, is categorized into single phase, three phase . Based on application, the market is bifurcated into residential and community, commercial and industrial, utility. Based on the capacity, the market is bifurcated into below 5 kW, 5-15 kW, 15-25 kW, 25-50 kW, above 50 kW.
GoodWe Technologies Co Ltd, Delta Electronics Inc, CyboEnergy Inc, Yaskawa America Inc, Danfoss AS, SMA Solar Technology AG, SolarEdge Technologies Inc, Power Electronics SL, Ginlong Technologies Co Ltd, Chicago Digital Power Inc, Sungrow Power Supply Co Ltd, and Caterpillar Inc are among the key players profiled during the study on the US solar inverter market. Several other major US solar inverter market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The US solar inverter market players report provides detailed market insights, which would help key players strategize US solar inverter market growth.
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