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Utility Scale Central PV Inverter Market Trends

Report ID: GMI11578
Published Date: Sep 2024
Report Format: PDF

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Utility Scale Central PV Inverter Market Trends

Expanding research activities for the development of modern central PV inverters to enable a range of advanced features such as multiple maximum power point tracking channels, which allow for efficient energy harvesting even with partial shading or different panel orientations will uplift the industry outlook. Rising companies investments in designing inverters to meet stringent regulatory standards and safety requirements, crucial for utility-scale projects will bolster the product growth.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The utility-scale central PV inverter market was valued at USD 7.3 billion in 2023 and is projected to grow at a CAGR of 10.1% by 2032. These high-power devices are essential in large solar installations, converting DC electricity generated by solar panels into AC for grid integration.

The three-phase segment is anticipated to exceed USD 17.5 billion by 2032 due to its superior power quality and stability, crucial for integrating large solar farms into the grid.

Europe's utility-scale central PV inverter market is projected to surpass USD 6.5 billion by 2032. Robust regulatory frameworks and ambitious renewable energy targets, such as the European Green Deal's goal of carbon neutrality by 2050, are driving the demand for solar power in the region.

Prominent players in the industry include Delta Electronics, Fimer, Gamesa Electric, Hitachi, Infineon Technologies, Power Electronics, Sungrow, Sineng Electric, Siemens, and TMEIC.