Solar Pv Modules And Inverters Market Size
Solar PV Modules and Inverters Market Size was valued at US$ 12.84 billion in 2024 and is expected to grow at a CAGR of 4.9% to reach US$ 19.90 billion by 2034
The market for solar PV modules and inverters is expanding quickly due to the increased need for electricity produced from renewable sources. Alternatively known as solar panels, solar PV modules are designed to convert sunlight into DC electricity. After that, solar inverters transform the DC electricity that the solar panels had recovered into AC electricity that residences and businesses may directly feed and utilize. In fact, the majority of governments worldwide provide financial incentives and tax exemptions to encourage the use of solar energy. Naturally, because of these incentives, solar energy is now more affordable for a large number of residences and companies, which has increased demand for solar PV modules and inverters. The cost of solar PV modules and inverters has dropped significantly in the last few years.
Two things make this possible: obtaining economies of scale and advancements in manufacturing technologies. Solar energy is getting more and more cost-competitive when compared to traditional energy sources like coal and natural gas due to its steady price reduction. In terms of greenhouse gas emissions, solar energy is clean, renewable, and non-emitting. With more people across the world becoming aware of the implications of climate change, solar energy is being seriously explored as a way to cut down on carbon emissions into the environment. The market for solar PV modules and inverters will keep growing. In addition to the above listed factors, the availability of grid-connected solar power systems is growing.