Utility Scale PV Inverter Market is set to surpass USD 10 billion by 2028, as reported in the latest study by Global Market Insights Inc.
The massive solar installations across the globe for sustainable energy development coupled with stringent clean energy targets is fueling the utility scale PV inverter industry growth. Increasing distribution of technologically advanced systems along with growing number of solar plants across emerging economies will bolster the market scenario. Furthermore, solar PV is likely to replace fossil fuel generated electricity because of its low costs and favorable economies of scale associated with utility scale installations, which will further propel the market statistics.
High reliability index, long running time, easy installation and flexibility are some of the crucial benefits that will stimulate the market outlook. Increasing ventures to balance the high energy demand combined with rising operations of renewable energy sources will sway the industry landscape. Rising need for agile power systems due to growing power outages will boost the adoption of hybrid systems. Moreover, leading manufacturers worldwide are focusing on the advancement of technology by providing inverters with in-built storage.
Central inverters with enhanced power durability to supplement the adoption of these systems
The central inverters market size is poised to expand at more than 3% CAGR through 2028 on account of the growing focus toward the distributed generation technologies with the expansion of sustainable energy systems. Low maintenance & operating costs, upgradation of manufacturing facilities, and easy installation will encourage the product adoption. Besides, these systems consist of centralized power control ensuring product cost optimizations and easy management, which will further stimulate the market demand.
Browse key industry insights spread across 250 pages with 319 market data tables & 26 figures & charts from the report, “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”, in detail along with the table of contents:
Increasing deployment of utility-scale projects and shifting trend toward sustainable energy
The extensive resource availability, growing utility scale PV inverter market potential, and cost competitiveness will continue to propel the business growth. The ≥ 1500 V system is anticipated to observe multi fold growth led by favorable economies of scale, solar densities, effective government tax policies, low technology costs, and flexible financing & delivery models. In addition, growing demand for clean electricity coupled with strict regulations & norms related to the manufacturing of efficient technologies will propel the market growth.
Increasing subsidy allocations and a growing shift toward competitive auctions in Asia Pacific
In the recent years, Asian countries including China and India experienced a significant shortfall in PV installations on account of poor grid connection, non-availability of land, delayed execution of policies, and financial challenges. Despite the issues, the installations in China experienced a considerable surge in 2020 with the government inclination toward investment priorities due to COVID- 19 and increased focus toward larger project development to achieve lower bids and economies of scale benefits.
Moreover, continuous decline in the solar component costs coupled with growing subsidy allocations and investments by public and private associations for renewable project development will further increase the demand for utility solar inverters. For instance, The National Energy Administration (NEA) in China launched two auctions for large scale solar PV projects of capacities between 1 GW and 2 GW with additional developments of 3 GW and 1 GW in Yunnan and Guangxi regions, respectively.
Major players operating in the utility scale PV inverter market include SMA Solar Technology AG, Sungrow, Siemens, Growatt New Energy, Darforn Electronics Corp., Enphase Energy, SolarEdge Technologies, Inc., Eaton, Fimer Group, Schneider Electric, Fronius International GmbH, Delta Electronics, Inc., Altenergy Power System, Inc., TMEIC, Canadian Solar, Tabuchi Electric Co., Ltd., Sineng Electric Co., Ltd., Hitachi Hi-Rel Power Electronics Private Limited, and Panasonic Corporation