Central PV Inverter Market Size - By Phase (Single Phase, Three Phase), By Nominal Output Voltage (230 - 400 V, 401 - 600 V), By Nominal Output Power, By Application, 2024 – 2032

Central PV Inverter Market Size

Central PV Inverter Market was valued at USD 11 billion in 2023 and is anticipated to grow at a CAGR of 10.2% during 2024 to 2032. It is a device used in solar power systems to convert the DC electricity generated by photovoltaic panels into AC electricity suitable for use in the electrical grid or by standard AC-powered devices. These inverters are typically high-capacity units designed for large-scale solar installations, such as utility-scale solar farms.
 

Expansion of large-scale solar farms requires robust inverters that can handle substantial power loads, ensuring efficient energy conversion and integration into the power grid thereby leading to product adoption. Rising advancements in solar panel technology and manufacturing processes coupled with supportive government policies, including subsidies, and tax incentives to encourage investment in solar energy projects will positively influence the market statistics.
 

Rising innovations in inverter technology, such as higher efficiency rates, improved grid management capabilities, and enhanced reliability are set to augment the product demand. Furthermore, growing energy consumption particularly in developing regions will provide a scalable and sustainable solution, augmenting the product demand.
 

Central PV Inverter Market Trends

Rising traction of smart inverters equipped with advanced communication capabilities, real-time monitoring, and adaptive algorithms to enhance grid stability and optimize energy production will drive the product penetration. Increasing investment by key players to develop modular and scalable inverter solutions for flexibility in large-scale solar projects will propel the product growth. Furthermore, growing integration of energy storage systems with central inverters for better energy management, smoothing out supply fluctuations and ensuring a stable energy output will complement the industry landscape.
 

Central PV Inverter Market Analysis

Based on nominal output power, the > 110 kW segment is anticipated to cross USD 15.5 billion by 2032. Rising expansion of utility-scale solar farms requires inverters that can efficiently handle substantial power loads for longer duration thereby fostering the demand for high power inverters. These products also reduce the number of units needed for a given installation thereby saving maintenance, balance of system (BOS) components and complexity, making large-scale projects more economically viable. Additionally, high power products can manage the dynamic nature of solar power generation, ensuring a more reliable and stable electricity supply thereby boosting the industry statistics.
 

Based on application, the industrial segment is set to grow at a CAGR of over 3.5% through 2032. Rising demand for products that can enable large-scale solar installations and generate substantial energy savings by reducing reliance on grid electricity and lowering overall energy costs will escalate the product demand. Increasing emphasis on sustainability and corporate social responsibility (CSR) among industrial enterprises is encouraging companies to adopt solar energy to reduce their carbon footprint and enhance their reputation as environmentally responsible entities thereby fostering opportunities for product growth.
 

Asia Pacific central PV inverter market is projected to surpass USD 10.7 billion by 2032. Rapid industrial growth and urbanization are stimulating the product demand to overcome the high energy needs of expanding cities and industrial zones. Supportive policies and incentives by China, India, and Japan to promote renewable energy are anticipated to uplift the product demand in the region.
 

In the U.S. federal government and various states offer numerous incentives to promote renewable energy, including tax credits, grants, and renewable portfolio standards (RPS) thereby driving the deployment of large-scale solar projects, and increasing the product penetration. Rising large enterprises investments in solar power to reduce their carbon footprint and energy costs will boost the demand for high-capacity central inverters.
 

Central PV Inverter Market Share

Eminent players are investing heavily in developing a broad range of inverter solutions to cater different scales and types of solar installations helping companies meet diverse customer needs. Companies are forming joint ventures with other technology providers, solar panel manufacturers, or grid operators to enhance product offerings and market reach and new players are participating in collaborative projects with government agencies, research institutions, and industry groups to drive innovation and create new market opportunities.
 

Central PV Inverter Market Companies

Eminent players operating in the central PV inverter industry are:

• ABB
• Delta Electronics, Inc.
• Fimer SpA
• Hitachi Ltd
• Ingeteam Power Technology
• Infineon Technologies AG
• Power Electronics
• SMA Solar Technology AG
• Sungrow
• Schneider Electric
• Siemens
• Toshiba Mitsubishi-Electric Industrial Systems Corporation
   

Central PV Inverter Industry News

• In April 2024, SMA launched the Sunny Highpower PEAK3 modular central inverter for large commercial scale PV plants in India. This 150 kW inverter is designed for a 1,500 V DC system voltage and boasts a high power density due to its compact design. The product focuses on maximizing reliability, safety and flexibility, meeting the dynamic needs of utility power plants. It reflects SMA's commitment to a digital energy future, offering an integrated and intelligent energy management platform.
   
• In January 2022, Chinese inverter manufacturer Sungrow has unveiled the 1+X modular central inverter, boasting an output of 1.1MW per unit. By combining eight units, it can achieve a total power of 8.8MW. Company's innovative product offers scalable, high-efficiency solutions for large-scale PV installations, reinforcing their leadership in renewable energy technology.
   

This central PV Inverter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “(USD Billion & MW)” from 2021 to 2032, for the following segments:

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Market, By Phase

• Single Phase
• Three Phase

Market, By Nominal Output Voltage

• 230 - 400 V
• 401 - 600 V

Market, By Nominal Output Power

• <110 kW
• >110 kW

Market, By By Application

• Commercial
• Industrial
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Italy
  • Poland
  • Netherlands
  • Austria
  • UK
  • France
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Israel
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Mexico
  • Chile