Solar PV Modules and Inverters Market Trends and Analysis by Technology, Installed Capacity, Generation, Key Players and Forecast to 2027
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Solar PV Modules and Inverters Market Report Overview
The solar PV modules and inverters market size was $73.12 billion in 2022. The expected increase in the installation of solar PV modules globally will drive the market growth during the forecast period.
Solar PV Modules and Inverters Market Outlook, 2022-2027 ($ Billion)
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The solar PV modules and inverters market research report offers comprehensive information on trends and drivers shaping the market. The report provides an in-depth analysis of the market capacity and value for the key regions over the historical and forecast period. Our analysts have also reviewed key countries in these regions along with their installations, policies, and regulatory environment, as well as key policies and initiatives.
Gain a competitive advantage and get familiarized with the strategy of major players through our elaborate analysis of the competitive landscape at the global level for the year 2022.
Market Size (2022) | $73.12 Billion |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Regions | • Americas
• Europe and The Middle East and Africa (EMEA) • APAC |
Key Module Types | • Crystalline
• Thin-film |
Key Inverter Types | • Residential
• Commercial • Utility |
Key Countries | • The US
• Chile • China • India • Japan • Germany • The UK • France |
Leading Companies (Solar PV Modules) | • LONGi Solar Technology Co Ltd
• Trina Solar Co Ltd • JA Solar Holdings Co Ltd • JinkoSolar Holding Co Ltd • Canadian Solar Inc |
Leading Companies (Solar PV Inverter) | • Huawei Technologies Co Ltd
• Sungrow Power Supply Co Ltd • Ginlong Technologies Inc • Growatt New Energy Technology Co Ltd • Jiangsu Goodwe Power Supply Technology Co Ltd |
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Solar PV Modules and Inverters Market Dynamics
Factors such as the push for clean power generation sources, the decline in costs of PV installations, and government policies will create new opportunities for market growth and expansion. Furthermore, the pressing need to address climate change, increasing emission levels owing to the rising demand for power, and energy security concerns have influenced the promotion and use of renewable power. Owing to their relative maturity, wind and solar technologies have grown substantially and wind remains one of the largest sources of clean power. However, with the advent of technology and logistics, solar power registered rapid growth in the last decade and is expected to grow in the coming years. However, policy changes and a lack of infrastructure and technical support may challenge the market growth in the coming years.
Solar PV Modules Market Segmentation by Types
The key module types in the solar PV modules market are crystalline and thin-film. In 2022, crystalline module type dominated the market. This is attributed to the growing adoption of crystalline modules owing to their relative maturity.
Solar PV Modules Market Analysis, by Module Types, 2022 (%)
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Solar PV Inverters Market Segmentation by Types
The key types in the solar PV inverters market are residential, commercial, and utility. In 2022, utility inverters dominated the solar PV inverters market. The growing awareness of PV technology, favorable policies and subsidies, and a conscious move to transition from the excessive consumption of fossil fuel sources accelerated the growth of solar PV. This propelled the inverters market growth.
Solar PV Inverters Market Analysis, by Types, 2022 (%)
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Solar PV Modules and Inverters Market Segmentation by Geography
The key regions in the solar PV modules and inverters market are the Americas, Asia-Pacific, and EMEA. In 2022, Asia-Pacific was the highest revenue contributor in the market. This is attributed to the development of emerging economies such as China and India in the region. China was the largest market for solar PV module capacity in the world. India also has ambitious solar PV targets. A large base of pipeline projects, ongoing and upcoming government electrification schemes, and distributed generation are a few of the primary reasons for growth in the Indian market.
The key countries of the solar PV modules and inverters market discussed in the report are the US, Chile, China, India, Japan, Germany, the UK, and France.
Solar PV Modules and Inverters Market Analysis, by Regions, 2022 (%)
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Solar PV Modules and Inverters Market – Competitive Landscape
LONGi Solar Technology Co Ltd was the solar PV modules market leader in 2022
The key companies in the solar PV modules market are LONGi Solar Technology Co. Ltd., Trina Solar Co. Ltd., JA Solar Holdings Co. Ltd., JinkoSolar Holding Co. Ltd., and Canadian Solar Inc. among others. The crystalline technology market is heavily oriented towards Asia, particularly China.
The key companies in the solar PV inverters market are Huawei Technologies Co. Ltd., Sungrow Power Supply Co. Ltd., Ginlong Technologies Inc., Growatt New Energy Technology Co. Ltd., and Jiangsu Goodwe Power Supply Technology Co. Ltd. among others.
Solar PV Modules Market Analysis, by Companies, 2022 (%)
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Segments Covered in the Report
Solar PV Modules Market Types Outlook (Value, $ Billion, 2018-2027)
- Crystalline
- Thin-film
Solar PV Inverters Market Types Outlook (Value, $ Billion, 2018-2027)
- Residential
- Commercial
- Utility
Solar PV Modules and Inverters Market Regions Outlook (Value, $ Billion, 2018-2027)
- Americas
- Asia-Pacific
- EMEA
Solar PV Modules and Inverters Market Countries Outlook (Value, $ Billion, 2018-2027)
- The US
- Chile
- China
- India
- Japan
- Germany
- The UK
- France
Scope
The report provides:
- Analysis of the solar PV module and inverter market with a focus on market value and capacity at the global and regional levels.
- Overview of the regional market including Asia-Pacific, Americas, Europe, and Middle East and Africa (EMEA).
- Value and capacity analysis of the solar PV module and inverter markets for key countries including the US, Chile, China, India, Japan, the UK, Germany, and France for the historical (2018–2022) and forecast (2023–2027) periods.
- Competitive landscape at the global and country level for the year 2022, profiles of major players in the markets, key projects, and tenders issued and contracts signed at the country level.
- Market drivers and restraints along with their impact on the markets, along with key policies and regulations are also discussed.
Reasons to Buy
- Develop strategies based on developments in the market.
- Make decisions by analyzing historical and forecast data on the solar PV modules and inverters market.
- Identify key partners and business-development avenues, based on an understanding of the activities of major competitors in the market.
- Respond to your competitors’ business structure, strategies, and prospects.
Astronergy
AU Optronics Corp
AXITEC, LLC
Canadian Solar
Emmvee Solar
First Solar Inc
GCL
Goldi Solar
Hanwha Q cells
Heckert Solar AG
HHV Solar
Huawei Technologies Co Ltd
Ingeteam Corporacion SA
JA Solar Holdings Co Ltd
JinkoSolar Holding Co Ltd
Kyocera Corp
LG Electronics Inc
LONGi Solar Technology Co Ltd
Navitas Solar
Phono Solar Technology Co Ltd
Premier Solar
Prism Solar Technologies Inc
REC Solar Holdings AS
ReneSola America Inc
RenewSys
Saatvik Green Energies
Sharp Corp
Sharp Energy Solutions Corp
Shunfeng International Clean Energy Ltd
SMA Solar Technology AG
Solar Edge, Inc.
Solar Frontier KK
Sova Solar
SUNfarming GmbH
Sungrow Power Supply Co Ltd
SunPower Corp
Sunpreme Inc
Suntech America, Inc.
Suntech Power
Tata Power Solar
Tebian Electricity Apparatus Stock Co Ltd
Toshiba Energy Systems and Solutions Corp
Trina Solar Co Ltd
Upsolar Global Co Ltd
Vikram Solar
VOLTEC Solar
Waaree Energies
Yingli Green Energy Japan Corporation Ltd
Zhongli Talesun Solar Co Ltd
ZNSHINE PV-Tech Co Ltd.
Table of Contents
Table
Figures
Frequently asked questions
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What was the size of the wind market in 2022?
The solar PV modules and inverters market size was valued at $73.12 billion in 2022.
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Which module type accounted for the largest solar PV modules and inverters market share in 2022?
In 2022, the onshore module types dominated the solar PV modules and inverters market.
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Which are the key companies operating in the solar PV modules market?
The key companies in the solar PV modules market are LONGi Solar Technology Co. Ltd., Trina Solar Co. Ltd., JA Solar Holdings Co. Ltd., JinkoSolar Holding Co. Ltd., and Canadian Solar Inc. among others.
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Which are the key companies operating in the solar PV inverters market?
The key companies in the solar PV inverters market are Huawei Technologies Co. Ltd., Sungrow Power Supply Co. Ltd., Ginlong Technologies Inc., Growatt New Energy Technology Co. Ltd., and Jiangsu Goodwe Power Supply Technology Co. Ltd. among others.
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