Utility Scale PV Inverter Market Size By Product (String, Central), By Voltage (< 1500 V, ≥ 1500 V), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028

Industry Trends

Utility Scale PV Inverter Market size surpassed USD 8 billion in 2021 and is projected to grow at about 3% CAGR from 2022 to 2028. Growing installation of solar across the globe owing to various government initiatives to increase renewable power generation along with the rising concerns toward GHG emissions is set to bolster the industry growth.
 

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Increasing global energy demand with large scale public as well as private investments to surge the renewables share in the overall energy mix will drive the business stance. An inclining trend toward the integration of these sources and energy efficiency concord is predicted to propel the market expansion.
 

In the recent years, the world economy has witnessed a negative impact due to the widespread outbreak of COVID- 19. Most industries around the globe have been impacted by the pandemic impelled by several disruptions in the supply chain resulting in the increased component costs. On the contrary, the solar PV sector observed a significant rise in the deployment trend in 2020 on account of favorable government initiatives toward clean energy sources. Moreover, with rising subsidies and incentives to reduce the overall system cost combined with increasing utility scale solar power plant projects post-lockdown will supplement the market growth.
 

Enhanced power output coupled with the increasing electrical infrastructure development to fuel the adoption of string inverters

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In the recent years, there has been a paradigm shift toward string inverters in the 1,500 V utility solar PV plants for better efficiency, low maintenance, and easy handling compared to central inverters. Rising deployment of renewable energy sources for electricity generation globally is expected to boost the sales of these components.
 

Introduction of advanced & reliable products

The < 1500 V utility scale PV inverter market is likely to gain 3% through 2028. End users, policymakers, and private investors have embraced new solutions for below 1500 V applications as reliable and sustainable solution for electricity access. These systems offer low maintenance and management costs, which is anticipated to fuel the market demand. Growing awareness towards the use of low carbon-intensive products to alleviate GHG emissions will foster the industry landscape.
 

Various government subsidies in countries including India, China, and ASEAN to encourage the use of solar in line with the reduction in taxes. For example, Clime Capital Management, which is the Southeast Asia Clean Energy Facility (SEACEF) has invested in the progression of Vietnamese 500 MWp floating solar project combined with up to 200 MWh battery storage system. Furthermore, Southeast Asia has showcased a massive growth in the recent years led by higher solar potential in the region, which is around 41 TWh.
 

Ongoing restructuring and refurbishment activities in Europe

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The Europe utility scale PV inverter market size is poised to value USD 1.5 billion by 2028. Favorable solar tax credits, government support programs, investment subsidies, and renewable integration targets will foster the industry statistics. Growing development of the renewables during the recent timeframe owing to increasing solar investments together with the supportive government reforms will stimulate the market revenue. For instance, in December 2021, the European Bank for Reconstruction & Development (EBRD) provided around USD 11 million loan for the construction of five on-grid PV plants.
 

Rising focus on the reduction of carbon footprints

Manufacturers in Europe, Asia Pacific, and the U.S. are inclining toward partnerships, joint ventures, strategic collaborations, and acquisitions to attain a competitive advantage. Leading players across the globe are focusing on the sustainability and economies of scale to enhance their market share. Key participants in the Middle East and Latin America are focused on the reduction of GHG emissions in the environment. For instance, In July 2021, Panasonic Corporation launched Solar Grid-Tie Inverters in three states of India. The product offers clean energy solutions for conscious and eco-driven consumers. These product line offers compact design, assure higher longevity and lightweight.
 

Major utility scale PV inverter market participants include Sungrow, Siemens, SMA Solar Technology AG, Darforn Electronics Corp., Enphase Energy, SolarEdge Technologies, Inc., Growatt New Energy, Schneider Electric, Fronius International GmbH, Eaton, Fimer Group, Delta Electronics, Inc., TMEIC, Canadian Solar, Tabuchi Electric Co., Ltd., Hitachi Hi-Rel Power Electronics Private Limited, Altenergy Power System, Inc., Sineng Electric Co., Ltd., and Panasonic Corporation.
 

This market research report on utility scale PV inverter includes in-depth coverage of the estimates & forecast in terms of MW & ‘USD Million’ from 2018 to 2028 for the following segments:

Market, By Product

• String
• Central

Market, By Voltage

• < 1500 V
• ≥ 1500 V

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Italy
  • Poland
  • Netherlands
  • Austria
  • UK
  • France
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Israel
  • Saudi Arabia
  • UAE
  • South Africa
  • Egypt
  • Nigeria
• Latin America
  • Brazil
  • Chile
  • Mexico