New York, NY, July 12, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Central Inverter Market Share, Size, Trends, Industry Analysis Report, By Power Rating (Less than 500 kW, 500 kW to 1 MW, Greater than 1 MW); By End-User; By Region; Segment Forecast, 2023– 2032” in its research database.
“As per the latest research analysis, the global central inverter market size/share will be valued at roughly USD 11.32 Billion in 2022, and its revenue is projected to reach about USD 38.17 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 12.9% between 2023 and 2032.”
What are Central Inverters? How Big is Central Inverter Market Size & Share?
- Overview
Solar energy systems are becoming increasingly widespread to develop electricity and reduce reliance on traditional power sources. Two types of inverters are generally used in solar energy systems, string, and central inverters. Inverters are used to restore the power produced by solar panels into energy that can be directly used by home devices or connected to the grid.
In large power plants with desert power stations, consistent sunlight, ground power stations, and other large power generation systems, central inverters are inverters in solar modules that transform DC power from solar panels into AC power. Also, due to their low cost per kilowatt and simple installation, the central inverter market is anticipated to rise during the projected period.
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Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- ABB Ltd.
- Delta Electronics
- Eaton Corp.
- Ginlong Technologies.
- Hitachi
- Huawei Technologies
- Infineon Technologies
- Ingeteam
- Shenzen Growatt
- Siemens
- Sineng Electric
- SMA Solar Technology
- SolarEdge Technologies
- Sungrow Power Supply
- Toshiba Corp.
- Yaskawa Solectria Solar
- Zhejiang CHINT Electrics
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Prominent Growth Driving Factors
- Capability to convert DC electricity into AC power: Central inverters are becoming increasingly popular in solar modules due to their capacity to transform DC electricity from solar panels into AC power. Central inverters, as opposed to several smaller inverters, are simpler to install, can handle more power, and have a higher DC-to-AC power conversion efficiency.
- An alternative to smaller or micro-inverters: Adopting central inverters as a substitute for several smaller or micro-inverters in solar power systems drives the central inverter market growth. Central inverters' energy-saving and environmentally favorable characteristics, which resolve concerns with upkeep and durability globally, are credited with this development.
- Reduced grid connection: Central inverters require less grid connection than string inverters. The simplified design of central inverters makes them simpler to troubleshoot and connect to the server. Additionally, they are simpler to incorporate into the SCADA network, which are important drivers of expanding the market.
- The faster response: Demand in the industry is significantly influenced by central inverters' quicker response time when compared to string inverters. Due to their complex design and requirement for connection with numerous devices, string inverters are prone to latency problems, as opposed to central inverters, which only need one inverter to receive commands instead of many. This advantage is anticipated Throughout the projected period to contribute significantly to the central inverter market demand.
Top Findings of the Report
- Due to the rising popularity of environmentally friendly, robust, and highly efficient central inverters that can dependably convert solar energy into electricity and provide grid connection and energy storage capabilities, the need for central inverters is developing on a global scale.
- The central inverter market segmentation is primarily based on end-user, power rating, and region.
- Asia Pacific dominated the market with a healthy market share in 2022.
Top Trends Influencing the Market
- Growing environmental concerns: Population growth and increased environmental concerns drive demand for limited energy resources. This trend will raise demand for central inverters for residential and commercial applications shortly.
- Rising demand for central inverters: The need for more advanced technological products with flexible features as well as the rising demand for large central inverters in commercial installations, industrial settings, and utility-scale solar farms, are what is driving the central inverter market demand. For companies in the central inverter industry concentrating on the efficient and dependable conversion of solar power to electricity, these market trends open up lucrative growth opportunities.
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Segmental Analysis
- 500 kW to 1MW Sector Accounts for the Largest Market Share
Due to the rising demand for utility-scale solar farms and commercial and industrial-scale solar installations, where central inverters in this power range are most suitable, the 500 kW to 1 MW sector accounted for the industry's biggest central inverter market share.
Moreover, the higher power output and dependability needed for these installations make central inverters in this price range the best option for converting solar power. The grid connection and energy storage capabilities that central inverters in this price range also provide are crucial components of large-scale solar power systems.
- Utility-scale Sector Witnesses the Highest Growth
The need for renewable energy is rising, and more large-scale solar power plants are being built worldwide. Central inverters are in greater demand to satisfy the high-capacity demands of utility-scale solar power facilities.
Also, the additional factors contributing to this market's growth include rising investments in solar power projects, particularly in developing nations, government programs that encourage the use of renewable energy sources, and the falling prices of solar panels and inverters.
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Central Inverter Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 38.17 Billion |
| Market size value in 2023 | USD 12.76 Billion |
| Expected CAGR Growth | 12.9% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | ABB Ltd., Delta Electronics Inc., Eaton Corp. Plc, Fimer SpA, Ginlong Technologies Co. Ltd., Hitachi Ltd., Huawei Technologies Co. Ltd., Infineon Technologies AG, Ingeteam SA, OCI Co. Ltd., Shenzen Growatt New Energy Technology Co. Ltd., Siemens AG, Sineng Electric Co. Ltd., SMA Solar Technology AG, SolarEdge Technologies Inc., Sungrow Power Supply Co. Ltd., Toshiba Corp., Yaskawa Solectria Solar, and Zhejiang CHINT Electrics Co. Ltd. |
| Segments Covered | By Power Rating, By End-User, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographical Overview
Asia Pacific: Rapid urbanization, rising environmental awareness, government assistance, and attempts to promote renewable energy and reduced carbon emissions are all factors that have contributed to the regional market's rise. The region's rapidly expanding economy and population are also anticipated to fuel significant expansion of the central inverter market in the Asia Pacific region.
North America: Due to increased R&D-related activities targeted at developing innovative sustainable products with several new and more advanced features, the North American region is expected to see the quickest growth rate in the next years. The increased demand for renewable energy sources like solar power and wind energy is driving the market expansion in this region.
Browse the Detail Report “Central Inverter Market Share, Size, Trends, Industry Analysis Report, By Power Rating (Less than 500 kW, 500 kW to 1 MW, Greater than 1 MW); By End-User; By Region; Segment Forecast, 2023– 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/central-inverter-market
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Recent Developments
- Sungrow boosted its fab capacity to 10GW/annum in March 2022, a significant development in India's manufacturing industry and assisting the expansion of the inverter market.
The Report Answers Questions Such As
- What is the current central inverter market size?
- What are the key growth drivers of the market?
- What are the challenges in the central inverter industry?
- Which segment accounted for the largest market share?
- Who are the central inverter market, key players?
- Which is the fastest-growing region during the forecast period?
- What are the key opportunities in the central inverter market?
Polaris Market Research has segmented the central inverter market report based on power rating, end-user, and region:
By Power Rating Outlook
- Less than 500 kW
- 500 kW to 1 MW
- Greater than 1 MW
By End-User Outlook
- Residential
- Commercial / Industrial
- Utility-scale
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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