Market Size of South America Solar PV Inverters Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South America Solar PV Inverters Market Analysis
The South American solar PV inverters market is projected to register a CAGR of over 5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. It has now reached pre-pandemic levels.
- Over the long term, the growing demand for solar power is expected to stimulate the growth of the solar PV inverters market. Furthermore, increasing investments and ambitious solar energy targets are expected to drive the growth of the market studied.
- On the other hand, technical drawbacks of string inverters are expected to hamper the growth of solar PV inverters during the forecast period.
- Nevertheless, product innovation and adaptation of the latest technologies in solar PV inverters are likely to create lucrative growth opportunities.
- Brazil is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments, coupled with supportive government policies in the country.
South America Solar PV Inverters Industry Segmentation
A solar PV inverter is a power inverter that converts electricity in direct current (DC) output from a photovoltaic (PV) solar panel into alternating current (AC) at utility frequency. This can be used for residential and commercial electrical grids or by a local off-grid electrical network, such as microgrids.
The solar PV inverters market in South America is segmented by inverter type, application, and geography. By inverter type, the market is segmented into central inverters, string inverters, and micro-inverters. By application, the market is segmented into residential, commercial and industrial, and utility-scale. The report also covers the market size and forecasts. For each segment, the market sizing and forecasts are calculated based on revenue (in USD billion).
| By Inverter Type | |
| Central Inverters | |
| String Inverters | |
| Micro Inverters |
| By Application | |
| Residential | |
| Commercial and Industrial | |
| Utility-Scale |
| By Geography | |
| Brazil | |
| Argentina | |
| Chile | |
| Rest of South America |
South America Solar PV Inverters Market Size Summary
The South American solar PV inverters market is experiencing a resurgence, having rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The market is poised for growth, driven by the increasing demand for solar power and substantial investments in the sector. Ambitious solar energy targets and supportive government policies, particularly in Brazil and Chile, are further propelling market expansion. However, the technical limitations of string inverters pose challenges to growth. Despite these hurdles, ongoing product innovation and the adoption of advanced technologies in solar PV inverters are expected to create significant opportunities for market players. Brazil is anticipated to lead the market, benefiting from its robust investment climate and favorable regulatory framework.
The region is witnessing a rapid increase in utility-scale solar projects, which necessitates the selection of efficient inverters to maximize energy generation. Countries like Chile and Argentina are at the forefront, with Chile's high solar potential and supportive policies attracting foreign investments. Argentina's solar market is bolstered by government initiatives encouraging private investments in infrastructure projects. The demand for large central inverters is expected to rise, driven by the proliferation of utility-scale solar projects. Brazil, despite competition from other renewable sources, is set to expand its solar capacity significantly, supported by government plans and initiatives like net metering. The development of a domestic solar PV manufacturing industry in Brazil is anticipated to further enhance market growth, offering a promising outlook beyond the forecast period. The market remains fragmented, with key players including Ingeteam, Ginlong (Solis) Technologies, Mitsubishi Electric Corporation, Enphase Energy Inc., and Omron Corporation, among others, actively contributing to the sector's development.
South America 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 Market Drivers
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1.5.2 Market Restraints
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - 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 Substitutes 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
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2.2.3 Utility-Scale
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2.3 By Geography
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2.3.1 Brazil
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2.3.2 Argentina
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2.3.3 Chile
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2.3.4 Rest of South America
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South America Solar PV Inverters Market Size FAQs
What is the current South America Solar PV Inverters Market size?
The South America Solar PV Inverters Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in South America Solar PV Inverters Market?
Ingeteam, Ginlong (Solis) Technologies, Mitsubishi Electric Corporation, Enphase Energy Inc. and Omron Corporation are the major companies operating in the South America Solar PV Inverters Market.
