Utility Scale String Inverter Market Analysis

Utility Scale String Inverter Market Analysis

Based on voltage, the market is segmented into < 1500 V and ≥ 1500 V. < 1500 V is anticipated to grow over USD 7.5 Billion by 2034 due to their low maintenance and management requirements, making them highly appealing in the market. Rising shift of policymakers, private investors, and end users towards solutions for applications under 1500 V as they offer a sustainable and dependable means of providing electricity will augment the voltage growth. Additionally, growing establishment of low-voltage large-scale projects, such as the Sakaka solar PV plant with 300 MW capacity based in Saudi Arabia, will highlight its growing significance in the renewable energy sector.
 

The U.S. utility scale string inverter market is anticipated to grow over USD 1.3 Billion by 2034. Growing country's strong commitment to renewable energy, backed by initiatives such as the Investment Tax Credit (ITC) and renewable energy standards, will drive investments in solar technologies, thereby supporting market expansion. Decreasing costs of solar technologies, including inverters, coupled with the growing shift towards a more decentralized and resilient energy grid, will further complement the product adoption.
 

In Asia Pacific Growing ambitious renewable energy targets by countries including China, India, Japan, and Australia, to reduce reliance on fossil fuels will stimulate deployment of solar energy systems, with utility-scale string inverters being a key component due to their high efficiency and reliability. Rapid industrialization and urbanization, particularly in emerging economies such as India and Southeast Asian nations will create product demand to overcome the surging electricity demand.