Mexico Pv Inverter Market Size & Outlook, 2023-2030
Mexico pv inverter market, 2018-2030 (US$M)
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Mexico pv inverter market highlights
- The Mexico pv inverter market generated a revenue of USD 224.4 million in 2023 and is expected to reach USD 972.8 million by 2030.
- The Mexico market is expected to grow at a CAGR of 23.3% from 2024 to 2030.
- In terms of segment, string pv inverter was the largest revenue generating product in 2023.
- Central 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 224.4 million |
| Market revenue in 2030 | USD 972.8 million |
| Growth rate | 23.3% (CAGR from 2023 to 2030) |
| Largest segment | String pv inverter |
| Fastest growing segment | Central 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, Mexico accounted for 1.7% 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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Mexico 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.
String pv inverter was the largest segment with a revenue share of 46.97% in 2023. Horizon Databook has segmented the Mexico 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.
Mexico is a developing economy, with more than 40 million electricity customers, which presents a significant opportunity for the growth of the untapped renewable energy sector. Owing to energy reforms, investments in Mexico’s solar energy sector are expected to witness rapid growth in the coming years, which is likely to drive the market for PV inverter.
Increasing solar energy installations, owing to the projects announced in the LTAs during 2015-2018, increasing demand for decentralized solar energy systems, and ambitious renewable energy targets are expected to drive the PV inverter market in Mexico during the forecast period.
Factors such as approval procedures for solar projects sized from 500kW to 2MW by net metering and the government's initiatives to expand and promote the domestic PV market are expected to support market growth. The low cost of solar technology and additional subsidies for solar systems are driving the PV market.
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Horizon Databook provides a detailed overview of country-level data and insights on the Mexico pv inverter market , including forecasts for subscribers. This country databook contains high-level insights into Mexico pv inverter market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Mexico pv inverters market size, by product, 2018-2030 (US$M)
Mexico PV Inverter Market Outlook Share, 2023 & 2030 (US$M)
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