Solar PV Inverters Market Growth Powered by Renewable Energy Initiatives

The increasing shift to renewable energy and rising demand for solar power are expected to drive growth in 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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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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