Solar PV Inverter Market is growing due to the dominance of Central Inverters during the forecast periods
The
shift towards renewables and growing demand for solar power is expected to
stimulate the growth of the solar PV inverters market during the forecast
period.
According
to TechSci Research report, “Global Solar PV Inverter Market - By Region,
Competition, Forecast & Opportunities, 2028”, The Global Solar PV Inverter Market is expected to
register CAGR of 12.06%. 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 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 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. In
January 2022, Sungrow launched its new 1+X central modular inverter with an
output capacity of 1.1MW at the World Future Energy Summit in Abu Dhabi. This
1+X modular inverter can be combined into eight units to reach a power of 8.8MW
and features a DC/ESS interface for the connection of energy storage systems
(ESS).
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over XX market data Figures spread through XX Pages and an in-depth TOC on " Global Solar
PV Inverter Market.”
Based
on region, Asia-Pacific dominated the 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.
As
of November 2021, 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, Sungrow 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 Solar PV Inverter Market include:
- Siemens
Energy
- Fimer
Group
- SMA
Solar Technology AG
- Delta
Electronics, Inc
- SunPower
Corporation
- Omron
Corporation
- Eaton
Corporation plc
- Emerson
Electric Co.
- Power
Electronics S.L.
- Hitachi
Hi-Rel Power Electronics Private Limited
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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 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 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 solar PV inverters market
growth during the forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Solar PV
Inverter Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Inverter Type (Central
Inverters, String Inverters, and Micro Inverters), By Application (Residential,
Commercial and Industrial (C&I), and Utility-scale), By Region, Competition” has evaluated the future growth
potential of Global 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 Solar PV Inverter Market.
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