What is Centralized PV Inverter Market Scope?
One of the most crucial components of a solar energy system is an inverter. It is a device that transforms solar panels' produced direct current (DC) electricity into the alternating current (AC) electricity needed by the electrical grid. Because PV power generation is an electrical source with good potential for reducing carbon dioxide emission levels, thereby boosting the sustainability of the world's energy resources, photovoltaic (PV) inverters are attracting increasing interest for both commercial and residential applications. Currently, there are primarily two promising markets for PV power generation systems: large-scale power plants with installation capacities up to several megawatts (large-scale solar farms with prolonged sunlight, PV grid-tie or stand-alone systems for professional use, etc.) and small-scale residential applications (grid-connected PV buildings, electricity supply for remote islands or villages, etc.), where the power level is typically less than 5Kw.
Influencing Trend:
Technological Advancements in the Field Of Alternative Power Generation, Rising Adoption of Solar to Cut Carbon Emissions and Government-Led Incentives And Schemes Increases Solar Park Installation
Market Growth Drivers:
Higher demand for the most traditional inverter topology, Industry prefers the easy system design and implementation Inverters and Shift towards Competitive Auctions in Emerging Economies
Challenges:
High DC wiring costs and power loss due to Voltage Drop and Potential Problems occur due to the Single point of failure
Restraints:
Less Effective Where Panels Are Installed Facing Different Directions and Continuous Employment Reduces the Inverter’s Lifetime
Opportunities:
Increased Government Initiatives to create Awareness Regarding Solar Energy, Growing demand from the large-scale industries, Technological Advancement in Centralized PV Inverter, Rising Demand For Renewable Energy And Sustainable Development in Emerging Economies and High Unmet Demand And Urgent Need For Power
The Centralized PV Inverter market study is being classified by Type (Single-phase and Three-phase), by Application and major geographies with country level break-up.
According to AMA, the Global Centralized PV Inverter market is expected to see growth rate of 9.19% and may see market size of USD6826.57 Million by 2027.With the increasing penetration of Large-Scale Photovoltaic Power Plants in the power system the companies the Centralized PV Inverter manufacturers focusing on launching the high-power inverter with less maintenance.The Manufacturers having a strong hold in the market are Sungrow, SMA Solar Technology AG, Fimer, Simens AG, Schneider Electric Solar. Analysts at AMA predicts that Manufacturers from Germany will contribute to the maximum growth of Global Centralized PV Inverter market throughout the predicted period.
Fronius International GmbH (Austria), KACO New Energy GmbH (Germany), Shenzhen SORO Electronics (China), ABB Limited (Switzerland), SolarEdge Technologies (Israel), Schneider Electric Solar (Australia), SMA Solar Technology AG (Germany), Delta Energy System GmbH (Germany), Solarmax Group (Germany) and Chint Power Systems (China) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Growatt New Energy Technology (China), Advanced Energy Industries (United States) and Samil Power Co., Ltd. (China).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Centralized PV Inverter market by Type, Application and Region. On the basis of Type, On-Grid are dominating the market in the year 2021 where as Off-Grid stood as second largest market share.
On the basis of application, Large-Scale Utility Plant segment is dominating the market in the year 2021 where as Mid-Scale Community Solar Project segment stood as second largest market.
On the basis of geography, the market of Centralized PV Inverter has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region hold largest market share in the year 2021. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement.
Market Influencers and their Development Strategies
In February 2022- Tata Power Solar Systems partnered with the State Bank of India, for the financing solar projects. They developing the dedicated centralized Cell in the project name Surya Shakti cell. and In January 2022- Chinese inverter manufacturer Sungrow launched a new modular central inverter solution with an output of 1.1MW. Called the 1+X modular inverter, the new product can be deployed, by combining eight units, to reach a power of 8.8MW.
May 2021, Fronius International launches new Tauro inverter for large scale PV systems. It offers low operating overall cost and high yield based combination of product design and, resistance to harsh environment condition and Nov 2020, Kaco new energy launches solar PV inverter for the commercial and residential application. The output of invertor is 105KV and 125KV
Key Target Audience
Manufacturers of Centralized Inverter, Suppliers of Centralized Inverter, Wholesalers, Distributors, and Retailers of Centralized Inverter, Provider of Solar Panel and Governmental Bodies
Centralized PV Inverter Market Study: Important Years
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in Centralized PV Inverter Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in Centralized PV Inverter industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.