Solar PV Systems Industry Data Book - Solar PV Modules, PV Inverter and Solar Charge Controller Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030

Grand View Research’s solar PV systems sector database is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.

Access the Global Solar PV Systems Industry Data Book, 2023 to 2030, compiled with details like trade data, pricing intelligence, and competitive benchmarking.

PV Inverter Market Report Highlights

The global PV Inverter Market size was valued at USD 11.10 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.8% from 2023-2030.

• Based on product, the string PV inverter dominated the market and accounted for the largest market share of 47.10% in 2023. This is due to its numerous advantages such as efficient energy conversion, grid integration, enhanced performance and monitoring, adaptability and scalability, and cost-effectiveness
• Based on end-use, the residential segment is expected to grow at the fastest CAGR over the forecast period. The increasing adoption of solar PV in the residential sector is driving the demand for PV inverters. According to the Solar Energy Industries Association (SEIA), annual solar PV installation in the residential sector in California, U.S., was recorded at 2,000 MW in 2022, up by over 40% compared to the previous year
• Asia Pacific dominated the market in 2023, owing to the increasing adoption of renewable energy in the residential, commercial and industrial sector. In addition, favorable government policies such as Pradhan Mantri Kisan Urja Suraksha Evam Uttham Mahabhiyan, Development of Solar Parks and Ultra Mega Solar Power Projects in India are further propelling the market growth
• The strengthening of market presence by major players is primarily driven by strategies such as mergers, acquisitions, and product launches. For instance, in March 2023, Semiconductor Components Industries, LLC collaborated with Sineng Electric Co., Ltd. to develop next-generation solar PV inverters to meet the growing demand for solar energy systems by end-users.

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Solar Charge Controller Market Report Highlights

The global Solar Charge Controller Market size was valued at USD 1.95 billion in 2022 and is expected to grow at compound annual growth rate (CAGR) of 16.7% from 2023 to 2030.

• Favorable government policies regarding the clean fuel agenda along with the growing deployment of off-grid solar energy systems across several end-use industries are expected to drive the solar charge controller market growth in the coming years.
• A charge controller regulates the flow of current and voltage from the solar panels to the connected battery to prevent excessive charging and discharging of the battery.
• Rising demand for continuous energy supply in urban, mobile, or harsh climatic conditions with sufficient sun hours is expected to boost the charge controller demand to regulate power flow in off-grid applications.
• The market in China is expected to witness significant growth owing to the presence of major manufacturers across the region along with rising solar equipment exports from the country to other parts of the world.
• In addition, massive investments in the industry have resulted in low-cost manufacturing of solar-related equipment and devices. This trend is anticipated to provide a potential growth landscape for the solar charge controller market over the forecast period.

Go through the table of content of Solar PV Systems Industry Data Book to get a better understanding of the Coverage and Scope of the study

Competitive Landscape

The market players compete based on product quality, production capacity, technology used to manufacture solar PV systems, and their geographical presence. Major players engage in investing in research and development, developing infrastructure, production facilities expansion, and mergers and acquisitions to vertically integrate their operations across the solar PV systems value chain.

Key players operating in the Solar PV Systems Industry are:

• JinkoSolar
• JA Solar
• Trina Solar
• LONGi Solar
• Canadian Solar

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. 

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