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Base Year: 2024
Companies covered: 13
Tables & Figures: 20
Countries covered: 18
Pages: 120
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Utility Scale PV Inverter Market
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Utility Scale PV Inverter Market Size
The global utility scale PV inverter market was valued at USD 13.3 billion in 2024 and is estimated to grow at a CAGR of 6.6% from 2025 to 2034. Rising introduction of innovative designs incorporating gallium nitride and silicon carbide switching components offering improved thermal efficiency that reduces the need for extensive cooling mechanisms will propel the product adoption. Growing allocation of both public and private funding for electrification efforts in off-grid or grid-isolated regions of developing economies will propel product penetration.
Innovations in inverter technologies will serve as the key growth driver for the market. Power electronics technologies, increased levels of efficiency, and improved grid integration functions will enhance energy production and lower operation costs in utility projects. Solplanet launched the ASW350K-HT, a 350-kW three-phase solar inverter with a maximum efficiency of 99.01% maximum in October 2024. The innovation improves the efficiency of energy conversion and simplifies the integration of larger PV modules in utility scale projects.
The growing global shift toward renewable energy, augmented by the need to reduce greenhouse gas emissions and combat climate change, creates sustainable opportunities for product adoption. These inverters play a crucial role in converting solar energy into grid-compatible power, making them essential for large solar farm installations that drive business growth. Additionally, advancements in inverter technology are enhancing energy efficiency and grid stability, further propelling market expansion.
Increased adoption of solar power globally will drive the adoption of PV inverters for utility scale solar power plants. India installed 9.8 GW of utility scale solar in 2022-23, taking its total capacity to about 56 GW as of March 2023. This increase in solar installations has been accompanied by a rise in inverter shipments, with central inverter shipments reaching 6,407 MW AC during the same period. These figures emphasize the crucial role of inverter technology in supporting large solar installations and enhancing grid connectivity.
Utility Scale PV Inverter Market Trends
Utility Scale PV Inverter Market Analysis
Utility Scale PV Inverter Market Share
Utility Scale PV Inverter Market Companies
Eminent players operating in the utility scale PV inverter industry are:
Utility Scale PV Inverter Industry News:
This utility scale PV inverter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “(USD Billion & MW)” from 2021 to 2034, for the following segments:
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Market, By Voltage
The above information has been provided for the following regions and countries: