Global Solar PV Inverter Testing and Certification Market Size To Grow At 7.7% CAGR From 2023 to 2030

Solar PV Inverter Testing and Certification Market Analysis (2023 - 2030)

As per our research report, the global Solar PV Inverter Testing and Certification Market size is estimated to be growing at a CAGR of 7.7% from 2023 to 2030. 

The pandemic witnessed an increasing demand for solar PV inverters as a result of increasing electricity consumption. These inverters proved ideal in supporting the varied energy needs of people, especially households. Further, these solar PV inverters were used to generate electricity for electronic devices such as laptops, computers, fans, air conditioners, and others, which put pressure on the functioning of these inverters. With the increasing need for solar power, many types of inverters are produced and developed by manufacturers to facilitate clean energy. Furthermore, due to the wide use of solar inverters for various energy purposes, it has become necessary to regularly inspect and certify solar PV systems. These inverters need regular testing and certification for reducing the risk of faulty installation, system design errors, over-usage metrics, improper maintenance, and others. Hence, demand for solar PV testing and certification increased during the pandemic for maintaining the efficiency of inverters. However, these services also faced some restrictions due to the global lockdown, as there were limitations on the movement of people and social distancing norms enforced. Moreover, due to the closure of factories and manufacturing centres, the production of solar PV inverters was halted, which resulted in a disrupted supply chain. Further, there was an increasing load on the solar PV inverters, which increased voltage and system failure resulting in the need for testing these devices and analyzing the defects. Moreover, unforeseen climatic conditions and the absence of testing and certification services due to the lockdown resulted in damage to solar PV inverters and raised operational costs for consumers.

Apart from this, post-pandemic increasing energy demand globally increased the need for storing solar energy and hence gave rise to battery solar PV inverters for energy storage, which gradually increased the demand for hybrid solar PV inverters and in turn boosted the demand for solar PV testing and certification services. Further, owing to increased pollution, the carbon footprint has increased, which has given rise to carbon footprint verification test services among consumers. This test helps to assess the quality of solar PV inverters and the amount of carbon footprint generated during the product lifecycle of the inverter. Therefore, these tests and certifications help to reduce pollution and increase the usage of green and sustainable technologies.

However, there are some restraints to this market which include increasing service fees for testing and certification services resulting in avoidance or ignorance on the part of consumers for regularly maintaining solar PV inverters.

KEY MARKET INSIGHTS: 

• Based on inverter type, grid-connected inverters occupy the highest share in the solar PV inverter testing and certification market. Constant use of these inverters in household appliances has increased the need for regularly maintaining the inverters. Further, hybrid inverters are the fastest growing market and generate demand for voltage testing that helps in mitigating high voltage and short-circuit-related risks.
• Based on testing and certification type, the IEC certification test occupies the highest share as it is widely preferred by manufacturers of solar PV inverters. Further, it has standards for all applications of solar PV inverters, which makes it popular testing and certification in the market. Further, the STC certification test is the fastest growing segment due to its application in all types of solar PV systems and efficient testing strategies, which include testing the voltage, current, and power for ensuring efficient performance.
• Based on end-use, the household sector holds the highest share of the market. Due to the increased consumption of electricity, the demand for solar PV inverters has increased in the market. This has given rise to solar inverter testing and certification services for maintenance needs.
• Based on by region Asia-Pacific holds the largest share in the market owing to increased electricity consumption and rising demand for renewable technology. An increase in energy consumption and rising costs has shifted consumer focus towards clean and green energy technologies boosting the demand for solar PV inverters in the region. Further, North America occupies the second position in the market to growing demand from the industrial sector.
• Companies playing a leading role in the global Solar PV Inverter Testing and Certification market are - Intertek, SinoVoltaics, TUVRheinland, UL Solutions, Hioki, and Chroma. These major market players are playing a vital role in creating lucrative opportunities in the market and expanding the scope of global market.

MARKET SEGMENTATION: 

By Inverter Type

• Standalone or Off-Grid Inverters

• Grid-Connected Inverters

• Hybrid Inverters

By Testing & Certification Type

• IEC Certification Test

• STC Certification Test

• NOCT-Test

• CFV Test

• Others

By End-Use

• Household

• Commercial

• Industrial

• Others

By Region

• North America

• Europe

• Asia Pacific

• Middle East and Africa

• South America

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