Market Size of Middle East and Africa Solar PV Inverters Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.39 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
MEA Solar PV Inverters Market Analysis
The Middle East and Africa Solar PV Inverters Market is projected to register a CAGR of over 7.39% during the forecast period.
The COVID-19 pandemic didn't significantly impact the market in 2020. Presently, the market has reached pre-pandemic levels.
- Over the long term, the market for solar PV inverters is anticipated to develop, along with investments and ambitious solar energy targets, due to the rising demand for solar electricity.
- On the other hand, technological drawback, such as the lack of expandability of string inverters, is expected to hamper the growth of solar PV inverters during the forecast period.
- Technological advancement and product innovation are likely to create opportunities for the market to grow in the upcoming years.
- United Arab Emirates is expected to be the largest market during the forecast period, with the majority of the demand for solar energy.
MEA Solar PV Inverters Industry Segmentation
Solar PV inverters are power inverters that change the electricity produced by photovoltaic (PV) solar panels from direct current (DC) to alternating current (AC) at utility frequency. This can be applied to local off-grid electrical networks like microgrids or electrical grids for homes and businesses.
The Middle East and Africa solar PV inverters market is segmented by Inverter Type (Central Inverters, String Inverters, and Micro Inverters), Application (Residential, Commercial and Industrial (C&I), and Utility-scale), and Geography ( UAE, Saudi Arabia, Israel, and Rest of Middle East and Africa ). The report offers the market size and forecasts in revenue (USD billion) for all the above segments. The report also covers the market size and forecasts for the Middle East and Africa solar PV inverters market across major regions.
| By Inverter Type | |
| Central Inverters | |
| String Inverters | |
| Micro Inverters |
| By Application | |
| Residential | |
| Commercial and Industrial (C&I) | |
| Utility-scale |
| By Geography | |
| UAE | |
| Saudi Arabia | |
| Israel | |
| Rest of Middle East and Africa |
Middle East and Africa Solar PV Inverters Market Size Summary
The Middle East and Africa solar PV inverters market is poised for significant growth, driven by increasing investments and ambitious solar energy targets. The demand for solar electricity is rising, which is expected to propel the market forward despite some technological challenges, such as the limited expandability of string inverters. Technological advancements and product innovations are anticipated to create new opportunities for market expansion. The United Arab Emirates is projected to be the largest market in the region, largely due to its substantial investments in solar energy projects and its leadership in renewable energy initiatives.
Central inverters, which are crucial for utility-scale solar photovoltaic systems, are expected to dominate the market growth. These inverters are essential for converting DC power from solar arrays into AC power for grid connection and are characterized by their high power density, low cost, and comprehensive protection functions. The UAE's strategic plans, such as the 'UAE Energy Strategy 2050', aim to significantly increase the contribution of clean energy to the national energy mix, further boosting the solar PV inverters market. The market is moderately fragmented, with key players including FIMER SpA, Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, and Omron Corporation, all contributing to the competitive landscape.
Middle East and Africa Solar PV Inverters Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD Billion Till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Inverter Type
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2.1.1 Central Inverters
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2.1.2 String Inverters
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2.1.3 Micro Inverters
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2.2 By Application
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2.2.1 Residential
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2.2.2 Commercial and Industrial (C&I)
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2.2.3 Utility-scale
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2.3 By Geography
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2.3.1 UAE
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2.3.2 Saudi Arabia
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2.3.3 Israel
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2.3.4 Rest of Middle East and Africa
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Middle East and Africa Solar PV Inverters Market Size FAQs
What is the current Middle East and Africa Solar PV Inverters Market size?
The Middle East and Africa Solar PV Inverters Market is projected to register a CAGR of 7.39% during the forecast period (2024-2029)
Who are the key players in Middle East and Africa Solar PV Inverters Market?
Omron Corporation, Mitsubishi Electric Corporation, FIMER SpA, Siemens AG and Schneider Electric SE are the major companies operating in the Middle East and Africa Solar PV Inverters Market.
