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Solar PV Inverter Testing and Certification Market Research Report – Segmented By Inverter Type (Standalone, Grid-Connected, and Hybrid); By Certification & Testing (IEC Certification Test, STC Certification Test, NOCT-Test, CFV Test, and Others); By End-Use (Household, Commercial, Industrial, and Others) and Region - Size, Share, Growth Analysis | Forecast (2023 – 2030)

Global Solar PV Inverter Testing and Certification Market Size (2023 – 2030)

The Global Solar PV Inverter Testing and Certification Market Market was estimated to be worth USD7.7 Billion in 2022 and is projected to reach a value of USD13.94 Billion by 2030, growing at a steady CAGR of 7.7% during the outlook period 2023-2030.

GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET

The growing need for renewable energy sources has increased the use of solar energy in the market. Solar energy provides power to home appliances, factories, industries, or even businesses that incorporate green technology. Just as solar PV cells or panels are used to generate electricity, the amount and direction of electricity are given by a solar inverter. A solar inverter produces power through solar panels into something that can be used by people. In simple words, these inverters alter the raw direct current into alternating current that powers up electrical appliances. 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. Moreover, if a solar PV inverter is not inspected regularly it can lead to uninsured losses in the long run. Additionally, one can face connection loss and light-induced degradation loss as a result of poor maintenance and overexposure to sunlight respectively.

Further, the ideal time to test and certify solar PV inverters is during the main electricity-generating months (April to September) for ensuring the efficient performance of solar PV inverters.

Global Solar PV Inverter Testing and Certification Market Drivers:

Rising demand for renewable energy sources has fuelled the growth of the Solar PV Inverter Testing and Certification Market.

Solar Energy is amongst the leading form of renewable energy preferred by everyone. It has become an alternative source of energy for catering to the increasing energy demands. Further, electricity generated through solar PV inverters has grown drastically in recent years owing to increasing demand for clean and sustainable energy. According to IEA (), power generated through solar PV increased by 22% in 2021 generating 179TWh energy. Additionally, there was an increasing demand for utility-scale and residential purposes. This further increased the need for solar PV inverter testing and certification services for preventing future energy losses and protecting consumers from unsafe industry practices such as poor installation or equipment performance. Moreover, the increase in electricity consumption resulted in increased use of inverters for various energy purposes resulting in increased demand for solar PV inverter testing and certification services.

Favorable government support towards solar energy has boosted the demand for Solar PV Inverter Testing and Certification

The government has recognized the growing trends in the usage of solar energy and hence supported it through various schemes, which include incentives to manufacturers that deal with solar PV inverter production, allotment of more revenue towards renewable energy sources, setting up of test laboratory for solar PV systems, and others. For instance, in February 2023, the US government provided US$27 billion in funding for green energy and solar projects for leveraging clean and green energy use and for providing solar energy access to low-income and disadvantaged communities. Another government support towards solar energy can be seen in India, In May 2023, the Ministry of New & Renewable Energy announced to reduction of application fees by 80% and a substantial reduction in inspection fees for all solar equipment manufacturers. All this has increased demand for solar PV inverter testing and certification in the market.

Solar PV Inverter Testing and Certification Market

Global Solar PV Inverter Testing and Certification Market Challenges:

The lack of proper testing equipment and trained personnel is the biggest challenge for the solar PV inverter testing and certificate market. Types of equipment used for testing inverters may fail in detecting faults in the inverter or sometimes do not indicate future risks involved in the inverters. Further, information gaps regarding solar PV inverter certification between the consumer and manufacturer such as not adhering to maintenance and usage rules, can result in declining the market growth for solar PV inverter testing and certification services.

COVID-19 Impact on the Global Solar PV Inverter Testing and Certification Market:

The pandemic had a positive impact on the solar PV inverter testing and certification market due to the increased use of electricity. As a result of the work-from-home culture and students studying from home have increased electricity consumption and hence the need for solar PV inverters. Further, as inverters were increasingly used to cater to multiple energy requirements their testing became essential. For instance, the use of solar PV inverters for kitchen appliances and electronic devices witnessed huge growth. Moreover, extreme usage of this resulted in performance failure and therefore increased the demand for solar PV inverter testing and certification.

Global Solar PV Inverter Testing and Certification Market Recent Developments:

  • In July 2020, UL Solutions, a leading safety science company launched its testing services in India for solar PV inverter manufacturers. The services were expanded in Bengaluru and helped Indian solar PV inverter manufacturers to comply with global safety, standards, quality, and performance.

GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 - 2030

Base Year

2022

Forecast Period

2023 - 2030

CAGR

7.7%

Segments Covered

By Inverter Type, Testing & Certification Type, End-Use, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regional Scope

North America, Europe, APAC, Latin America, Middle East & Africa

Key Companies Profiled

Intertek, SinoVoltaics, TUVRheinland, UL Solutions, Hioki, Chroma

 

Global Solar PV Inverter Testing and Certification Market Market Segmentation: By Inverter Type

  • Standalone or Off-Grid Inverters
  • Grid-Connected Inverters
  • Hybrid Inverters

Based on the segmentation by inverter type, the grid-connected inverters segment holds the highest market share. Grid-connected solar inverters are used to convert Dc power into PC power and provide electricity for everyday appliances such as household utilities. Further, they are also used to power public utilities such as road lights. However, they have an automatic switch that shut off power from the grid in case of extreme power use. Further, these inverters are prone to damage due to grid and inverter failure as a result of overexposure to the sun. Hence, solar PV testing and certification services are widely used for grid-connected inverters to maintain their structure and prevent future power failure. The hybrid inverter is predicted to be the fastest-growing segment as it combines both the features of off-grid and grid-connected inverters. Their battery storage facility enables consumers to store solar energy in the event of system failure. Further, demand for standard testing, performance, and voltage testings have increased for detecting the voltage over usage and failure in hybrid inverters. The standalone or off-grid inverter segment holds a sizable share of the market and has increased the market demand for solar testing and certification testing in remote areas as off-grid inverters are used to generate power in remote areas and these areas are prone to unforeseen climate changes require solar testing and certification services that provide them improved performance and power.

Global Solar PV Inverter Testing and Certification Market Market Segmentation:  By Testing & Certification Type

  • IEC Certification Test
  • STC Certification Test
  • NOCT-Test
  • CFV Test
  • Others

Based on testing and certification type, IEC (International Electrochemical Commission) certification occupies the highest market share. It is the most important solar PV testing procedure that is required to be complied with by both individuals and businesses. This test makes it mandatory to inspect the various loads on solar PV systems that ensure the functionality and safety of solar PV systems. Further, it requires checking external influences such as the climatic conditions on solar PV systems. Additionally, it consists of various standards regarding buildings, energy suppliers, construction and material, and others. Moreover, since many manufacturers rely on IEC certification standards, it makes it essential to follow them while testing solar PV inverters.

STC (Standard Test Conditions) certification tests are predicted to witness the fastest growth during the forecast period as they are widely used to test all solar PV systems. They evaluate and compare solar PV on current, voltage, and power. Further, they have increasingly been used in testing grid-connected inverters for testing the exposure to heat and for maintaining performance.

Further, CFV (Carbon Footprint Verification) holds a sizable market share. It is a recent test carried out by the British Standards Institution for assessing the carbon footprint generated during the product lifecycle of solar PV systems including solar PV inverters.

Global Solar PV Inverter Testing and Certification Market Market Segmentation: By End-Use

  • Household
  • Commercial
  • Industrial
  • Others

Based on market segmentation by end-use, households occupy the highest share of the market. Household is the major consumer of electricity for various purposes, which has increased the use of Solar PV inverters in the market. Further, continuous usage of these inverters leads to wear and tear of the device that requires regular maintenance. These solar inverter testing companies provide various testing and certification services to consumers that provide them with increased power, enhanced performance, and best sustainable practices. Further, regular inspection of solar PV inverters has increased their lifespan of it and reduced future power losses.

Global Solar PV Inverter Testing and Certification Market Market Segmentation: By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America

Based on market segmentation by region, Asia-Pacific holds the highest share of the market. 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. Further, the region characterized by extreme climatic conditions requires regular inspection of solar PV inverters. Moreover, rising household demand for testing and certification services has fuelled its market growth. However, government support in the form of schemes and programs has increased the need to regularly maintain solar PV inverters. Additionally, China and India are the leading countries in the solar PV testing and certification market.

The second position is occupied by North America. Due to the increasing usage of solar PV inverters in companies and industries for varied power, there is an increasing demand for solar testing and certification that ensure the quality performance of PV inverters.

Global Solar PV Inverter Testing and Certification Market Key Players:

  1. Intertek
  2. SinoVoltaics
  3. TUVRheinland
  4. UL Solutions
  5. Hioki
  6. Chroma

Chapter 1. GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET – Scope & Methodology
1.1. Market Segmentation
1.2. Assumptions
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET – Executive Summary
2.1. Market Size & Forecast – (2023 – 2030) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
             2.3.1. Impact during 2023 - 2030
             2.3.2. Impact on Supply – Demand
Chapter 3. GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET - Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porter's Five Force Model
       4.4.1. Bargaining Power of Suppliers
       4.4.2. Bargaining Powers of Customers
       4.4.3. Threat of New Entrants
       4.4.4. Rivalry among Existing Players
       4.4.5. Threat of Substitutes
Chapter 5. GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities 
Chapter 6. GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET - By Inverter Type
6.1    Standalone or Off-Grid Inverters
6.2    Grid-Connected Inverters
6.3    Hybrid Inverters
Chapter 7. GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET - By Testing & Certification Type
7.1    IEC Certification Test
7.2    STC Certification Test
7.3    NOCT-Test
7.4    CFV Test
7.5    Others
Chapter 8. GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET - By End-Use
8.1    Household
8.2    Commercial
8.3    Industrial
8.4    Others
Chapter 9. GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET - By Region
9.1    North America
9.2    Europe
9.3    Asia-Pacific
9.4    Rest of the World
Chapter 10.  GLOBAL SOLAR PV INVERTER TESTING AND CERTIFICATION MARKET - Key Players 
10.1    Intertek
10.2    SinoVoltaics
10.3    TUVRheinland
10.4    UL Solutions
10.5    Hioki
10.6    Chroma


 

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Frequently Asked Questions

The Global Solar PV Inverter Testing and Certification Market Market was estimated to be worth USD7.7 Billion in 2022 and is projected to reach a value of USD13.94 Billion by 2030, growing at a steady CAGR of 7.7% during the outlook period 2023-2030.

Increase in demand for renewable energy sources and government support towards solar energy Global Solar PV Inverter Testing and Certification.

Standalone, Grid-Connected, and Hybrid are the segments under Global Solar PV Inverter Testing and Certification Market by inverter type

IEC is the most common solar PV certification in the Global Solar PV Inverter Testing and Certification  Market.

 

Asia-Pacific region dominates the Global Solar PV Inverter Testing and Certification market.

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