Worldwide Solar PV Inverters Industry to 2027 – Central Inverters Segment to Witness Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Solar PV Inverters Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The solar PV inverters market is expected to register a CAGR of more than 8% during the forecast period, 2022 – 2027.
- ABB Ltd
- Schneider Electric SE
- Siemens AG
- Mitsubishi Electric Corporation
- Omron Corporation
- General Electric Company
- SMA Solar Technology AG
- Delta Energy Systems Inc.
- Enphase Energy Inc.
- SolarEdge Technologies Inc.
- Huawei Technologies Co. Ltd
Key Market Trends
Central Inverters Segment to Witness Growth
- Central inverters are highly efficient, and they are compatible with distinct features of the grid-like fluctuation management, balancing, etc. These inverters are generally huge and have their storage room, exhaust system, etc. These inverters are ideal for large commercial installations, industrial facilities, or utility-scale solar farms. However, their much smaller counterpart, string inverters, is sufficient for fulfilling household energy requirements for residential applications.
- The central inverter possesses several advantages over the other inverters, making them more attractive than others like string and microinverters. The investment for central inverters is less per watt than string or microinverters due to the fewer components and connections with low installation costs. Central inverters are housed in protective environments, decreasing the risk of failure by being exposed to the harsh environment. However, central inverters have a few negative points, which can hinder their growth over other inverters, but the situation is expected to get better in the near future.
- The shift from the conventional inverter to string inverter in the market can be observed in the increase in the number of project planners and developers considering using string inverters with a central architecture design. This is an approach that Sungrow has called the virtual central inverter concept, which brings together 1,500-volt string inverters, and the centralized command and control usually seen with central inverters.
- For instance, in January 2022, Sungrow launched a new 1+X central modular inverter with an output of 1.1MW that can connect to energy storage systems. The 1+X modular inverter can be stacked into eight units to reach a power of 8.8MW and features a DC/ESS interface for the connection of energy storage systems (ESS).
- Such developments are likely to increase the demand for the central inverters segment, thus contributing to significant growth for the solar PV inverters market during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the solar PV inverter market in 2021, and it is expected to continue its dominance over the coming years. Most of the demand is expected to come from China, which is also the largest producer of solar energy in the world.
- In China, there has been an increased emphasis on solar inverters over the years, providing Zero-voltage Ride Through (ZVRT) scheme. To meet the scheme norms, the solar PV power plants must continue to operate without breaking. This is even more significant as the country hosts the largest amount of solar power generation globally.
- With the rising pollution concerns worldwide due to industrialization, especially in Asia-Pacific, regional solar power generation has gained considerable momentum. As part of the Paris Agreement commitments, the Government of India set an ambitious target of achieving 175 GW of renewable energy capacity by 2022. Out of the 175 GW, 100 GW was earmarked for solar capacity with 40 GW (40%), which was expected to be achieved through decentralized and rooftop-scale solar projects. To achieve this huge target, the government launched several new programs in 2019, like the solar rooftop phase-2, PM-KUSUM, and the development of ultra mega renewable energy power parks (UMREPPs).
- India’s solar potential is more than 750 GW, and the country’s energy security scenario 2047 shows a possibility of achieving around 479 GW of solar PV installed capacity by 2047. The solar power in India, bestowed with high solar irradiance, has already achieved grid parity that encourages the adoption of solar power as a mainstream energy source, pushing forward the capacity installations in the utility-scale and rooftop solar segments.
Key Topics Covered:
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Inverter Type
5.1.1 Central Inverters
5.1.2 String Inverters
5.1.3 Micro Inverters
5.2.2 Commercial and Industrial
5.3.1 North America
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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Laura Wood, Senior Press Manager
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