Authored By: Sarah
11 Jul 2024

 Solar Central Inverters Market Size to grow by USD 3675.6 million between 2024-2028

According to a research report “ Solar Central Inverters Market” by Application (Utility, Non-utility) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3675.6 million, at a CAGR of  14.99% during the forecast period. In the business realm, renewable energy has emerged as a pivotal force in the global transition towards a more sustainable and less carbon-intensive economy. Regulatory initiatives aimed at reducing carbon emissions have propelled the adoption of clean energy technologies worldwide. According to the International Energy Agency (IEA), renewables accounted for 29% of global electricity production in 2020, and this figure is projected to reach 40% by 2040. This growth is driven by the competitive pricing of renewable energy generation, subsidies from governments, and favorable regulatory frameworks. The global energy landscape has undergone a radical transformation over the past two decades, with renewables assuming an increasingly significant role in the global energy mix.

Browse market data tables, figures, and in-depth TOC on “Solar Central Inverters Market” by Application (Utility, Non-utility) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Utility segment is projected to dominate the market size in 2024

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By Geography, APAC  segment is expected to hold the largest market size for the year 2024

In the global solar central inverters market, utility-scale installations held the largest market share in 2023, according to the US Energy Information Administration (EIA). Utility-scale solar projects, defined as those with a capacity of 1 MW or more, are a significant focus for governments and corporations due to their potential to increase power generation capacity, meet escalating energy demands, and decrease reliance on the grid. These projects involve the installation of solar power plants that feed electricity directly into the main power grid. The EIA reports that the majority of the world's solar power capacity falls under the utility segment.

APAC is forecasted to hold the largest market size by region in 2024

The Solar Central Inverter Market represents a significant growth opportunity for businesses in the renewable energy sector. These inverters convert DC power from solar panels into AC power for grid connection. Market expansion is driven by increasing solar installations worldwide, government incentives, and technological advancements. Key players include SMA Solar Technology, Huawei Technologies, and ABB. Businesses should capitalize on this trend by investing in solar central inverters to reduce carbon footprint and secure long-term energy cost savings.

The Solar Central Inverters Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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
  • Zhejiang CHINT Electrics Co. Ltd.
.

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Research Analysis Overview

The Solar Central Inverters Market encompasses a range of inverters used in Solar Photovoltaic Systems for converting DC power from solar panels into AC power for utilities applications and home appliances. Central inverters, also known as string or utility-scale inverters, are contrasted with micro inverters, which are connected to each solar panel individually. Central inverters have higher efficiency and can handle larger input voltages, making them suitable for utility-scale solar installations. However, they also have higher heat loss and require BOS components like low-frequency transformers for grid connection. Micro inverters, on the other hand, offer advantages such as maximum power point tracking for each panel and pure sine wave output. They are ideal for residential and commercial installations, where each panel may have varying conditions and shading. String inverters, another type of central inverters, are used in off-grid installations. The choice between micro inverters, monolithic inverters, and central inverters depends on the specific requirements of the solar project, including the scale, input voltage, and grid connection.

Market Research Overview

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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