Canada Pv Inverter Market Size & Outlook, 2023-2030
Canada pv inverter market, 2018-2030 (US$M)
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Canada pv inverter market highlights
- The Canada pv inverter market generated a revenue of USD 369.1 million in 2023 and is expected to reach USD 1,387.4 million by 2030.
- The Canada market is expected to grow at a CAGR of 20.8% from 2024 to 2030.
- In terms of segment, central pv inverter was the largest revenue generating product in 2023.
- Micro PV inverter is the most lucrative product segment registering the fastest growth during the forecast period.
Pv inverter market data book summary
| Market revenue in 2023 | USD 369.1 million |
| Market revenue in 2030 | USD 1,387.4 million |
| Growth rate | 20.8% (CAGR from 2023 to 2030) |
| Largest segment | Central pv inverter |
| Fastest growing segment | Micro PV inverter |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | String PV inverter, Central PV inverter, Micro PV inverter, Other |
| Key market players worldwide | Delta Electronics Inc DR, Eaton Corp PLC, Emerson Electric Co, Hitachi Ltd, OMRON Corp, Siemens Energy AG ADR, SunPower Corp, SMA Solar Technology AG, Power Electronics, Fimer |
Other key industry trends
- In terms of revenue, Canada accounted for 2.8% of the global pv inverter market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. pv inverter market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 972.8 million by 2030.
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PV Inverter Market Scope
PV Inverter Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada pv inverter market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pv inverter market will help companies and investors design strategic landscapes.
Central pv inverter was the largest segment with a revenue share of 48.25% in 2023. Horizon Databook has segmented the Canada pv inverter market based on string pv inverter, central pv inverter, micro pv inverter, other covering the revenue growth of each sub-segment from 2018 to 2030.
The federal department of Canada offer funds for setting up clean energy technology plants & power stations under Sustainable Development Technology Canada (SDTC), Infrastructure Canada, and Industrial Research Assistance Program (IRAP). These organizations along with their financial support and favorable governmental regulations have driven the market growth in the country.
The Canada’s Energy Innovation Program (EIP) encourages the collaboration of private, public, and governmental organizations to gather resources and thus increase the R&D pertaining to clean energy technologies The latitude of Canada results in a relatively low level of solar irradiance (solar power per unit area).
The northern territories in the country have a relatively lower solar potential and receive less direct sunlight. Over 80% of Canada’s solar power generation capacity is in Ontario. According to the Canadian Renewable Energy Association, the country installed at least 1.8 GW of utility-scale solar PV capacity in 2022.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada pv inverter market , including forecasts for subscribers. This country databook contains high-level insights into Canada pv inverter market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada pv inverters market size, by product, 2018-2030 (US$M)
Canada PV Inverter Market Outlook Share, 2023 & 2030 (US$M)
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