(Reuters) Residential Solar PV Inverter Industry is expected to grow and register around 4% annual growth rate from 2022 to 2028 due to shifting focus toward the integration of renewable energy resources.

Global residential solar PV inverter market value is expected to exceed USD 6 billion by 2028, as reported in the latest study by Global Market Insights Inc. The rising environmental concerns along with strict government reforms to minimize emissions have aligned residential shift toward the integration of effective energy conservation measures. In addition, the continuous technological developments including optimized product operations, flexibility, and efficiency will augment the industry dynamics.

Residential solar string PV inverter industry is anticipated to grow on account of cost-effectiveness in comparison to micro inverters. Operational feasibility along with individual connection with a single solar module for lower failure rate and cost incursion will foster the industry outlook. Moreover, growing regulatory concerns toward effective interconnection with grid-tied solar installations will upsurge the product deployment.

The ability for efficient, flexible, and reliable operational performance across small & large residential installations will drive the single-phase PV inverters industry expansion. For instance, in April 2021, Schneider Electric announced an e-commerce Solar Store, in which customers can procure Schneider Electric’s solar products including the PV & hybrid inverters, power distribution panels, MPPT charge controllers, as well as accessories online. Favorable regulatory prospects including feed-in tariff schemes along with key manufacturers expanding their business spectrum will positively influence the business landscape.

Some major findings of the global residential solar PV Inverter market report include:

• Increasing renewable-based power generation sources along with the effective energy utilization norms will propel the business growth.
• The industry has significantly been influenced by geopolitical scenarios and strategic implications by the global and domestic industry participants.
• Rapid technological enhancements coupled with developing regulatory & consumer inclination toward the deployment of efficient inverter systems will encourage the product adoption.
• Eminent players operating across industry include Schneider Electric, Siemens, SolarEdge Technologies, General Electric, Canadian Solar, etc.
• Decrease in overall component costs on account of rising manufacturing capacity and primitive technology advancements for effective operational efficiency will escalate solar installations.