Utility On Grid PV Inverter Market Analysis

Utility On Grid PV Inverter Market Analysis

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Based on product, the central segment is anticipated to cross over USD 26.5 billion by 2034, on account of their high power handling capacity, suitable for utility scale solar projects that require capacities ranging from hundreds of kilowatts to several megawatts. Rising demand for cost effective solutions for large projects in line with simplified maintenance will augment the product adoption. Furthermore, these inverters are equipped with advanced grid-support features such as reactive power control, voltage regulation, and frequency response, enabling them to comply with stringent grid connection standards and enhance overall grid stability, additionally driving the business outlook.
 

Based on nominal output voltage, the < 1500 V segment is set to grow at a CAGR of over 7.5% through 2032, due to increased efficiency and reduced electrical losses over long distances. Rising demand for inverters that can handle higher power output per inverter particularly required in large-scale utility applications, will bolster product adoption. Increasing upgradation of grid infrastructure by various regions to support higher-voltage solar connections will further propel high output voltage demand.
 

The U.S. utility on grid PV inverter market is likely to exceed USD 6 billion by 2034. Increasing government’s commitment to renewable energy supported by policies such as the Investment Tax Credit (ITC) and renewable energy standards will encourage investment in solar technologies, stimulating the market growth. Declining solar technology, including inverters in line with rising transition toward a more resilient and decentralized grid will foster the product adoption.
 

In Asia Pacific rapid industrialization coupled with increased energy demand will complement the product penetration. Rising ambitious renewable energy targets in countries including China, India, and Japan coupled with increased investment in solar infrastructure across the region will drive the product demand.