ITALY SOLAR INVERTER MARKET

Italy solar inverter market share is set for substantial CAGR during the forecast period fueled by government incentives and a rise in investment in solar power infrastructure.

Major Italy Solar Inverter Market Drivers and Emerging Trends

Italy solar inverter market size is anticipated to expand in the coming years due to encouraging government policies promoting renewable energy and a lower costs of solar PV systems. Italy stands out as a major solar energy consumer and significantly contributes to the global increase in solar power capacity. Italy’s solar capacity addition market is among the largest in the world, while in the European Union it holds the second position in the photovoltaic sector only behind Germany. According to data from World Population Review, Italy’s solar capacity hit 25,083 MW in 2022.

The push from the Italian government for solar energy is aimed at decreasing reliance on fossil fuels while raising the renewable component of the energy mix. This initiative is in line with its national climate and energy strategies which set a goal of having renewable energy constitute forty five percent of gross final power consumption.

 According to the Energy and Environment Ministry, the government intends to increase the national grid’s capacity of renewable energy by at least 70 GW. To accomplish this objective the government is drafting a decree to streamline and accelerate the approval procedures for renewable energy initiatives.

However, market growth is expected to be hindered by issues such as insufficient public knowledge and the costs associated with developing infrastructure. The market expansion is also likely to face obstacles in the coming years due to increased use of wind and other renewable sources along with constraints in storage solutions and grid infrastructure.

Despite the existing obstacles, the commitment of inverter manufacturers to pioneering and incorporating advanced solar technologies is expected to offer significant growth opportunities for Italy solar inverter market. Additionally, the potential for solar installations in offshore areas is expected to create significant opportunities for industry players going forward.

According to the product type, central inverters are anticipated to lead the market. Central inverters can be categorized into monolithic types which use one power train with a multi-MPPT tracker and modular types which incorporate several power trains. Modular inverter is more sophisticated but can still deliver lower power output when some modules fail and offer the option of either a master-slave or a multi-MPPT control approach.

According to the application, residential rooftop systems were the primary market driver but commercial system installations have now become equally significant. Homeowners account for the largest share of the demand with about 47 percent of systems being installed on house roofs. The category includes systems that generate up to 12 kilowatts. The rest of the demand was primarily driven by commercial installations intended for self-consumption with outputs ranging from 20 kilowatts to one megawatt. This segment saw a significant increase particularly in April to June of 2023 with a 49 percent rise in commercial system installations in comparison to earlier months. The market expansion is largely due to ongoing high electricity costs. This reflects a growing awareness among companies that stabilizing power prices is essential, with solar energy providing a buffer against price increases which could impact their profitability.

Segments covered in the Report:

The Italy Solar Inverter Market has been segmented on the basis of inverter type and application. Based on the inverter type, the market is segmented into central inverters, string inverters, micro inverters. Based on the connection type, the market is segmented into On-Grid Connection and Off-Grid Connection. Based on the application, the market is segmented into residential, commercial and industrial, utility-scale.

Market Segmentation

Italy Solar Inverter Market by Inverter Type

• • Central Inverters
  • String Inverters
  • Micro Inverters

Italy Solar Inverter Market by Connection Type

• • On-Grid Connection
  • Off-Grid Connection

Italy Solar Inverter Market by Application

• • Residential
  • Commercial and Industrial
  • Utility-scale