The Central Inverters segment is expected to dominate the Industrial Solar PV Inverter market during the forecast periods
According toTechSci Research report, “Global Industrial Solar PVInverter Market - By Region, Competition, Forecast & Opportunities, 2028”, The Global Industrial Solar PV Inverter Market is expected toregister CAGR of 6.2%. Governments worldwide arelaunching various schemes to encourage the use of solar power as a primaryenergy source which is anticipated to offer lucrative growth opportunities forthe Industrial Solar PV Inverters market. According to a statement made by theMinistry of New and Renewable Energy (India) in January 2022, families are freeto install rooftop solar panels by any vendor of their choice. A photograph ofthe installed system for the distribution utility is sufficient to qualify forbenefits or subsidies under the government scheme. The Discom will credit thehouseholder's account with the government subsidy, which is 40% for rooftopsystems up to 3 KW in capacity and 20% for systems larger than that up to 10KW, within 30 days of installation. According to a statement from the ministry,the decision to streamline the rooftop solar program was made at a reviewmeeting on January 19, 2022, presided over by Union Minister of Power and New& Renewable Energy. Such government initiatives are expected to bolster theIndustrial Solar PV Inverters marketgrowth.
Based on technology type, theCentral inverters segment dominates the market growth. Central inverters can bemonolithic (using a single power train and multi-MPPT tracker) or modular(using multiple power trains). Modular inverters are more complex but canmaintain reduced power output if one or more modules fail and can use either amulti-MPPT or a master-slave control approach. The multi-MPPT system uses aseparate converter and MPPT for each floating sub-array, increasing the overallenergy harvest under partial shading conditions. In the master-slave approach,the controller module is always on. It commands the slave modules to switch onwhen more power is available from the array, which maximizes inverterefficiency in low-insolation environments. As central inverters are used forutility-scale applications, they should produce the same voltage and frequencyas that of the electric grid where they are used. As there are a lot ofdifferent electric grid standards worldwide, manufacturers are allowed tocustomize these parameters to match the specific requirements in terms of thenumber of phases; most central inverters manufactured are three-phaseinverters. In January 2022, Sungrow launched its new 1+X central modularinverter with an output capacity of 1.1MW at the World Future Energy Summit inAbu Dhabi. This 1+X modular inverter can be combined into eight units to reacha power of 8.8MW and features a DC/ESS interface for the connection of energystorage systems (ESS).
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Based on region, Asia-Pacificdominated the Industrial Solar PV Inverter market in 2021, and it is expectedto continue its dominance over the coming years. Most of the demand is expectedto come from China, which is also the largest producer of solar energy in theworld. India'ssolar potential is more than 750 GW, and the country's energy security scenario2047 shows a possibility of achieving around 479 GW of solar PV installedcapacity by 2047. Solar power in India, bestowed with high solar irradiance,has already achieved grid parity that encourages the adoption of solar power asa mainstream energy source, pushing forward the capacity installations in theutility-scale and rooftop solar segments.
As of November2021, Sungrow Power Supply Co. Ltd has shipped more than 10 GW of solar inverters in India since 2014. This is due to the increased demand for solar energy across the country. In March 2022, Sun grow increased its fab capacity in India to 10GW/annum capacity. Such a large development in the manufacturing sector is expected to boost the growth of the market studied during the forecast period.
Key market players in the Global Industrial Solar PV Inverter Market include:
- SiemensEnergy
- FimerGroup
- SMASolar Technology AG
- DeltaElectronics, Inc
- SunPowerCorporation
- OmronCorporation
- Eaton
- EmersonElectric Co.
- PowerElectronics S.L.
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“Delta's smart solar inverter solutions enable smart and cost-effective designs for industrial and small utility-scale PV power plants by maximizing energy yields even in challenging landscapes and locations. The smart inverter has more direct current (DC) overloading options, flexible maximum power point tracking channels, fuse-less or in-line fuse options, and wireless communication systems. With the mentioned features, smart solar inverters are capable to reduce clipping loss. All such features are anticipated to drive the Industrial Solar PV Inverters market. Additionally, Interstate Renewable Energy Council focuses on updating the existing technical standards and codes such as IEEE 1547 and UL 1741 to ensure optimum utilization of smart inverters owing to the constant increase in the number of DER grids in the All such benefits are anticipated to drive the Industrial Solar PV Inverters market. The organization focuses on promoting the integration of smart solar inverters across solar grids to increase the hosting capacity of DER, grid reliability, and consistency across deployments. All these innovative features are likely to spur the Industrial Solar PV Inverters market growth during the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, are search-based global management consulting firm.
“Industrial 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 Industrial 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 Industrial Solar PV Inverter Market.
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