Commercial Solar PV Inverter Market Expected to Be Dominated by the Central Inverters Segment During the Forecast Periods
The
growing demand for solar power in commercial is expected to stimulate the
growth of the Commercial Solar PV Inverters market during the forecast period.
According
to TechSci Research report, “Commercial Solar PV Inverter Market - Global Industry Size, Share, Trends, Opportunity and Forecast 2018-2028”, The Global Commercial Solar PV Inverter Market is
expected to register CAGR of 4.98%. Governments worldwide are launching
various schemes to encourage the use of solar power as a primary energy source
which is anticipated to offer lucrative growth opportunities for the Commercial
Solar PV Inverters market.
According
to a statement made by the Ministry of New and Renewable Energy (India) in
January 2022, families are free to install rooftop solar panels by any vendor
of their choice. A photograph of the installed system for the distribution
utility is sufficient to qualify for benefits or subsidies under the government
scheme. The Discom will credit the householder's account with the government
subsidy, which is 40% for rooftop systems up to 3 KW in capacity and 20% for
systems larger than that up to 10 KW, within 30 days of installation. According
to a statement from the ministry, the decision to streamline the rooftop solar
program was made at a review meeting on January 19, 2022, presided over by
Union Minister of Power and New & Renewable Energy. Such government
initiatives are expected to bolster the Commercial Solar PV Inverters market
growth.
Based
on technology type, the Central inverters segment dominates the market growth. Central
inverters can be monolithic (using a single power train and multi-MPPT tracker)
or modular (using multiple power trains). Modular inverters are more complex
but can maintain reduced power output if one or more modules fail and can use
either a multi-MPPT or a master-slave control approach. The multi-MPPT system
uses a separate converter and MPPT for each floating sub-array, increasing the
overall energy harvest under partial shading conditions. In the master-slave
approach, the controller module is always on. It commands the slave modules to
switch on when more power is available from the array, which maximizes inverter
efficiency in low-insolation environments. As central inverters are used for
utility-scale applications, they should produce the same voltage and frequency
as that of the electric grid where they are used. As there are a lot of
different electric grid standards worldwide, manufacturers are allowed to
customize these parameters to match the specific requirements in terms of the
number of phases; most central inverters manufactured are three-phase
inverters.
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over xx market data Figures spread through 180 Pages and an in-depth TOC on " Global Commercial Solar PV Inverter Market.”
Based
on region, Asia-Pacific dominated the Commercial Solar PV Inverter market in
2021, and it is expected to continue its dominance over the coming years. Most
of the demand is expected to come from China, which is also the largest
producer of solar energy in the world. India's solar potential is more than 750
GW, and the country's energy security scenario 2047 shows a possibility of
achieving around 479 GW of solar PV installed capacity by 2047. Solar power in
India, bestowed with high solar irradiance, has already achieved grid parity
that encourages the adoption of solar power as a mainstream energy source,
pushing forward the capacity installations in the utility-scale and rooftop
solar segments.
Key
market players in the Global Commercial Solar PV Inverter Market include:-
- Huawei
commercial solar PV inverter
- Sungrow
commercial solar PV inverte
- Fronius
- Growatt
- SMA
Solar Technology
- FIMER
- ABB Ltd.
- Delta
Electronics
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this report
“The
Global Commercial Solar PV Inverter Market is being propelled by a multitude of
drivers, making it a rapidly growing and transformative sector within the
renewable energy industry. First and foremost, environmental concerns and the
growing urgency to combat climate change have prompted governments and
businesses worldwide to embrace renewable energy sources like solar power. This
global shift towards sustainability has significantly increased the demand for
commercial solar PV inverters as they are crucial components in harnessing
clean, solar energy. Furthermore, declining solar panel costs and improved
economies of scale have made solar power installations more cost-effective,
particularly for commercial enterprises. This has driven a surge in solar PV
installations in the commercial sector, which, in turn, has boosted the demand
for high-quality, efficient inverters.
Government
incentives, subsidies, and favorable policies promoting solar energy adoption
have also played a pivotal role. Many countries offer tax credits, feed-in
tariffs, and other incentives to encourage businesses to invest in solar PV
systems, thereby bolstering the commercial solar PV inverter market. Moreover,
technological advancements in inverter efficiency, durability, and grid
integration have made solar power more reliable and economically attractive for
businesses. These advancements continue to drive market growth by enhancing the
performance and longevity of solar PV systems. In conclusion, a combination of
environmental consciousness, cost-effectiveness, policy support, and
technological innovation are the key drivers behind the booming Global
Commercial Solar PV Inverter Market, making it a critical player in the
transition towards clean and sustainable energy solutions for businesses
worldwide.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Commercial
Solar PV Inverter Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast Segmented By Type (Central Inverters, String Inverters, and
Micro Inverters), by Phase (Single-Phase, Three-Phase, Hybrid), by Connection
Type (On Grid, Off Grid), By Region, Competition
2018-2028 has
evaluated the future growth potential of Global Commercial Solar PV Inverter Market
and provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Commercial
Solar PV Inverter Market.
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