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Utility Scale PV Inverter Market Size
- Report ID: GMI5270
- Published Date: Jun 2023
- Report Format: PDF
Utility Scale PV Inverter Market Size
Utility Scale PV Inverter Market was valued at USD 14.24 billion in 2023 and is projected to grow at a CAGR of 8.4% from 2024 to 2032. Solar power has become increasingly cost-competitive with conventional power sources, such as fossil fuels. The declining costs of solar panels, advancements in technology, and economies of scale associated with large-scale installations have contributed to the cost competitiveness of solar power. This cost advantage makes solar a compelling choice for utility-scale projects and attracts investments in the industry.
A utility PV inverter, also known as a solar inverter or photovoltaic inverter, is an electrical device that converts the direct current (DC) electricity generated by a photovoltaic (PV) solar panel array into alternating current (AC) electricity suitable for use in the utility grid. The introduction of new product designs equipped with Gallium Nitride (GaN) and Silicon Carbide (SiC) switching components is driving advancements in the utility PV inverter market. These advanced materials offer several benefits, including reduced cooling requirements and increased power densities, resulting in lower overall system costs.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Utility Scale PV Inverter Market Size in 2023: | USD 14.24 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 8.4% |
| 2032 Value Projection: | USD 31.27 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 508 |
| Segments covered: | Product, Voltage |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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In recent years, the solar industry has experienced substantial regulatory and economic growth. However, the availability of competitive auxiliary generation technologies has remained a challenge. Despite the significant decline in solar component prices, tax incentives, and overall plant ownership costs, other technologies including wind and hydro continue to offer a lower Levelized Cost of Electricity (LCOE). However, ongoing advancements and innovation in solar technology, along with supportive policies and incentives, are expected to address the existing challenges and enhance the competitiveness of utility scale PV inverter market. The global market of residential solar PV inverter is set to surpass USD 15.9 billion by 2032.
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Utility Scale PV Inverter Market Scope
