According to the report by Expert Market Research (EMR), the global solar central inverters market size is projected to grow at a CAGR of 13.4% between 2023 and 2028. Aided by the rising demand for renewable energy sources and the proliferating applications of solar central inverters in the energy sector, the market is expected to grow significantly by 2028.
Solar central inverters play a crucial role in the conversion of direct current (DC) power, generated by solar panels, into alternating current (AC) power, which is used in most homes and commercial buildings. They are widely used in large-scale utility solar systems due to their high efficiency, reliability, and grid management features. Furthermore, these inverters are also instrumental in optimising the performance of solar energy systems and improving their power output.
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The escalating consumer preference for sustainable energy solutions is a significant driver propelling the global solar central inverters market growth. With the increasing awareness of climate change and environmental conservation, there has been a substantial shift towards renewable energy sources, resulting in a surge in demand for solar energy products, including solar central inverters. Additionally, the rising need for energy in off-grid and remote areas has further expanded the solar central inverters market.
The widening applications of solar central inverters in the energy sector also play a vital role in fuelling the solar central inverters market expansion. Large-scale solar farms and utility projects extensively utilise solar central inverters to manage and optimise their energy output. The residential sector is also witnessing an increase in demand for solar central inverters as more households adopt solar energy systems. Moreover, governmental initiatives promoting the use of renewable energy sources have resulted in favourable market conditions, thus aiding the solar central inverters market development.
Furthermore, the increasing focus on smart grid solutions and energy storage has contributed to the popularity of solar central inverters. These inverters can effectively manage and control grid stability, thus becoming an integral part of smart grid systems. Moreover, as the demand for energy storage systems increases, the role of solar central inverters in balancing the power output and input becomes increasingly critical, thereby increasing the solar central inverters market demand.
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Solar Central Inverters Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
• Utility
• Non-Utility
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global solar central inverters companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• ABB Ltd.
• Delta Electronics Inc. Ingeteam Corp. SA
• Sungrow Power Supply Co. Ltd.
• SMA Solar Technology AG
• Others
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