Enjoy complimentary customisation on priority with our Enterprise License!
The solar central inverters market size is forecast to increase by USD 3.68 billion and is estimated to grow at a CAGR of 14.99% between 2023 and 2028. The market is experiencing significant growth due to several key factors. Firstly, the increasing investment in renewable energy sources is driving market expansion. Secondly, the rising demand for energy, particularly in developing countries, is creating a large consumer base for solar central inverters. Lastly, favorable government policies and incentives are providing a conducive environment for market growth. Renewable energy projects, particularly solar, are receiving substantial financial backing from governments worldwide, leading to a surge in demand for solar central inverters. Additionally, the increasing awareness of the environmental benefits of renewable energy is further boosting market growth. Overall, the Solar Central Inverters market is poised for continued expansion in the coming years.
For More Highlights About this Report, Request Free Sample
Solar Central Inverters are a crucial component of Solar Photovoltaic Systems, converting DC power generated from Solar panels into AC power suitable for Home appliances and Utilities applications. Central Inverters are employed in Industrial, Commercial, and Residential sectors for On-grid and Off-grid systems. Two primary types of Central Inverters are String Inverters and Monolithic Inverters. String Inverters connect multiple Solar panels in a series, while Monolithic Inverters process power from individual Solar panels. Central Inverters ensure Grid Connection and Maximum Power Point Tracking. On-grid Solar Inverters use Pure Sine Wave technology, reducing harmonic distortion. Input Voltage levels vary, with some Central Inverters supporting low-frequency Transformers for optimal performance. BOS Components, including Central Inverters, are essential for the efficient operation of Solar Systems. The Market encompasses applications ranging from Home systems to Utility-scale projects. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising investment in renewables is notably driving market growth. Solar central inverters play a pivotal role in the renewable energy sector, particularly in solar power generation. These inverters convert the direct current (DC) electricity produced by solar panels into alternating current (AC) suitable for powering home appliances and utilities applications. Pure sine wave central inverters ensure reliable and continuous power supply, minimizing heat loss during the conversion process.
Moreover, the market for central inverters is significant in the PV inverter market, with large-sized solar inverters being a key segment. These inverters are used in various applications, including solar power transmission, solar parks, construction projects, commercial buildings, and renewable energy plants. Phase configurations include single phase and three phase, catering to the needs of residential and utilities users. Power generation from solar structures is facilitated by these inverters through grid connection, ensuring maximum power point tracking. Thus, such factors are driving the growth of the market during the forecast period.
Growing demand for clean energy technologies is the key trend in the market. The global surge in electricity demand, particularly in the context of home appliances and utilities applications, has led to significant growth in the Solar Central Inverters Market. According to industry reports, the global PV inverter market, which includes central inverters, grew from approximately 70 GW in 2016 to over 120 GW in 2021.
Moreover, central inverters, which are commonly used in large-sized solar structures, offer advantages such as pure sine wave output and panel level monitoring. Central inverters are essential components of Solar Photovoltaic Systems, enabling power generation and transmission to the grid. These inverters are available in both single phase and three phase configurations, catering to the varying power requirements of residential and utilities users. Thus, such trends will shape the growth of the market during the forecast period.
Challenges posed by alternative sources of energy is the major challenge that affects the growth of the market. Solar Central Inverters play a pivotal role in the conversion and optimization of solar energy into usable electricity for various applications. Pure sine wave output from these inverters ensures seamless integration with home appliances and utilities applications, minimizing heat loss during power generation. Large-sized solar inverters cater to the needs of power transmission sector, including solar parks, power plants, and construction projects. Phase configurations, such as single phase and three phase, cater to the requirements of residential and utilities users.
Moreover, solar photovoltaic systems employ Central Inverters for grid connection, ensuring Maximum Power Point Tracking and adherence to Electric Grid Standards. Input Voltage compatibility and BOS Components integration are essential considerations for these inverters. Energy Storage Systems integration is a growing trend in the PV inverter market, enabling efficient power management and grid stability. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers ABB central inverters PVS800 that are designed for fast and easy installation.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The utlity segment is estimated to witness significant growth during the forecast period. The market caters primarily to utility applications, surpassing all other segments in 2023. According to the US Energy Information Administration (EIA), utility-scale projects encompass installations with a minimum generation capacity of 1 MW. These projects are driven by government policies and corporate targets, aiming to expand power generation capacity, meet escalating energy demands, and lessen reliance on the grid.
Get a glance at the market share of various regions Download the PDF Sample
The utility segment was the largest segment and valued at USD 2.43 billion in 2018. A significant portion of the global solar power capacity falls under the utility segment. A utility-scale solar plant produces solar energy and channels it into the main grid. Large-sized solar inverters, including string inverters and modular inverters, play a pivotal role in this sector. These inverters ensure Maximum Power Point Tracking (MPPT) and grid connection for Solar Photovoltaic Systems. Hence, such factors are fuelling the growth of this segment during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Solar Central Inverter Market refers to the segment of the renewable energy sector that specializes in the production and distribution of central inverters for solar power systems. Central inverters, a type of PV inverter, convert DC power generated from solar panels into AC power suitable for electricity grids and large-scale industrial, commercial, and residential applications. Central inverters are commonly used in on-grid solar power systems for industrial and commercial establishments, large buildings, and residential areas. They offer several advantages, including higher efficiency, lower failure rates, and economic friendliness compared to string inverters and micro inverters. In the context of the renewable energy sector, solar inverters play a crucial role in reducing carbon emissions and greenhouse gas emissions. Central inverters, in particular, are suitable for hot prone regions and rural electrification projects, contributing significantly to power supply and infrastructure development. Hence, such factors are driving the market in APAC during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also interested in below market reports:
The market encompasses the production, sales, and supply of solar inverters worldwide. Solar inverters convert the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity, which can be used by homes and businesses. The market is driven by the increasing adoption of solar energy as a renewable and sustainable energy source. Central inverters are a type of solar inverter that can handle multiple solar panels and are connected to a central inverter station. They offer several advantages, including higher efficiency, lower installation costs, and easier maintenance. The market for central solar inverters is expected to grow significantly due to the increasing demand for large-scale solar projects. Industry players are focusing on innovation and technology to improve the performance and efficiency of central solar inverters. Companies are also investing in research and development to create smart inverters that can optimize energy production and consumption. The market for central solar inverters is competitive, with several key players dominating the market. The market for solar inverters, including central inverters, is expected to grow at a robust pace due to the increasing demand for renewable energy sources and government incentives for solar energy adoption. The market is expected to reach new heights in the coming years, driven by technological advancements and growing awareness of the environmental benefits of solar energy.
Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.99% |
Market growth 2024-2028 |
USD 3.68 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.22 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 56% |
Key countries |
US, China, Vietnam, Japan, and Australia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Delta Electronics Inc., Eaton Corp. Plc, Fimer SpA, Hitachi Ltd., Huawei Technologies Co. Ltd., Infineon Technologies AG, Ingeteam Corp. S.A., OCI Co. Ltd., Shenzen Growatt New Energy Technology Co. Ltd., Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., Toshiba Corp., Yaskawa Solectria Solar, and Zhejiang CHINT Electrics Co. Ltd. |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.