Central PV Inverter Market Analysis

Central PV Inverter Market Analysis

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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.