(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The "North America Solar PV Inverters Market Forecast to 2030 -Regional Analysis" report has been added to ResearchAndMarkets's offering.
The North America solar PV inverters market is set to experience substantial growth, forecasted to expand from a valuation of US$ 1,357.63 million in 2023 to an impressive US$ 3,094.06 million by 2030. This growth, reflecting a Compound Annual Growth Rate (CAGR) of 12.5% from 2023 to 2030, is largely driven by the increasing number of solar installations backed by government-led incentives and schemes.
Key Drivers of Market Growth
Government-led Incentives: Significant government subsidies and incentives are boosting the installation of solar rooftop systems across North America. These systems, ranging in capacity, are eligible for varying levels of government subsidies, enhancing their affordability and adoption. Investment Tax Credits: The US federal government, in 2021, announced a solar Investment Tax Credit (ITC) of 26% for solar installations between 2020 and 2022, further encouraging the market. Installation Targets: Ambitious installation targets, such as 320 GW of solar photovoltaic grids by 2025 and approximately 600 GW by 2030, underline the commitment to expanding solar energy infrastructure.
The market is analyzed based on various segments:
By Product Type: Including string, micro, and central inverters, with the central segment dominating the market in 2023. By Phase: Segmented into single phase and three phase, with the latter holding a larger market share in 2023. By Connectivity: Divided into standalone and on-grid, with on-grid being more prevalent. By Application: Categorized into residential and community, commercial and industrial, and utility, with the utility segment leading in market share. By Capacity: Ranging from below 5 kW to above 50 kW, where the above 50 kW segment held the largest market share. By Country: Focusing on the US, Canada, and Mexico, with the US leading the market in 2023.
Leading Companies in the Market
Several key players are leading the North American solar PV inverters market, including Power Electronics SL, SMA Solar Technology AG, Solaredge Technologies Inc, Fimer SpA, Delta Electronics Inc., EnerTech UPS Pvt Ltd, and GoodWe Technologies Co. Ltd. These companies play a vital role in the market's growth trajectory through technological advancements and product innovations.
The North America solar PV inverters market is poised for significant growth, driven by governmental support and a growing focus on renewable energy sources. As the market continues to evolve, these factors will play a critical role in shaping its future trajectory, offering substantial opportunities for market players and investors alike.
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North American Solar PV Inverters Market
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