Central Pv Inverter Market Research Report By Power Rating (0-1 MW, 1-5 MW, 5-10 MW, 10 MW and above), By Application (Utility-Scale Solar Plants, Commercial and Industrial Installations, Residential Solar Systems), By Topology (Transformerless, Transformer-based), By Cooling System (Natural Air-Cooled, Liquid-Cooled) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Central Pv Inverter Market Overview:

As per MRFR analysis, the Central Pv Inverter Market Size was estimated at 4.38 (USD Billion) in 2022. The Central Pv Inverter Market Industry is expected to grow from 4.87 (USD Billion) in 2023 to 12.5 (USD Billion) by 2032. The Central Pv Inverter Market CAGR (growth rate) is expected to be around 11.05% during the forecast period (2024 - 2032).

Key Central Pv Inverter Market Trends Highlighted

The central PV inverter market is driven by the increasing adoption of solar energy worldwide. Central PV inverters offer several advantages over string inverters, such as higher efficiency, lower maintenance costs, and reduced downtime. As a result, central PV inverters are becoming increasingly popular for large-scale solar installations. Other key drivers of the market include the declining cost of solar panels and the growing demand for clean energy.

Opportunities for growth in the central PV inverter market include the development of new technologies, such as silicon carbide (SiC) and gallium nitride (GaN), which can improve the efficiency and reliability of central PV inverters. Additionally, the growing trend towards decentralized energy generation is creating new opportunities for central PV inverters in microgrids and other distributed generation applications.

Recent trends in the central PV inverter market include the increasing adoption of modular designs, which allow for easier maintenance and scalability. Additionally, there is a growing trend towards the use of central PV inverters with integrated energy storage systems, which can provide backup power and improve grid stability.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Central Pv Inverter Market Drivers

Rising Demand for Renewable Energy

The increasing demand for renewable energy sources is a major driver for the growth of the Central Pv Inverter Market Industry. Governments worldwide are setting ambitious targets for reducing greenhouse gas emissions and increasing the share of renewable energy in their energy mix. Central PV inverters play a crucial role in harnessing solar energy and converting it into usable electricity, making them essential components in solar power systems.As the adoption of solar energy continues to expand, the demand for central PV inverters is expected to surge in the coming years.

Technological Advancements and Cost Reductions

Technological advancements are constantly improving the efficiency, reliability, and cost-effectiveness of central PV inverters. Manufacturers are focusing on developing inverters with higher power densities, improved power conversion efficiency, and enhanced grid integration capabilities. These advancements are making central PV inverters more attractive to solar project developers and end-users, leading to increased market demand.

Government Incentives and Policies

Government incentives and policies play a significant role in driving the growth of the Central Pv Inverter Market Industry. Many countries offer tax credits, rebates, and other incentives to promote the adoption of solar energy systems. These incentives make solar power more affordable for businesses and homeowners, increasing the demand for central PV inverters.

Central Pv Inverter Market Segment Insights:

Central Pv Inverter Market Power Rating Insights

The Central Pv Inverter Market is segmented based on power rating into 0-1 MW, 1-5 MW, 5-10 MW, and 10 MW and above. The 1-5 MW power rating segment is expected to dominate the market in 2023, accounting for a revenue share of 42.3%. This dominance is attributed to the widespread adoption of 1-5 MW central PV inverters in utility-scale solar power plants due to their optimal balance of efficiency, cost-effectiveness, and reliability. The 5-10 MW power rating segment is projected to experience significant growth, with a CAGR of 12.5% during the forecast period from 2023 to 2032.This growth is driven by the increasing deployment of large-scale solar power plants and the growing demand for higher-power inverters to maximize energy output. The 10 MW and above power rating segment is expected to gain traction in the coming years, particularly in regions with abundant solar resources. These high-power inverters are capable of handling the output of multiple solar arrays, enabling the construction of massive solar farms. Overall, the Central Pv Inverter Market is expected to witness robust growth in the coming years, with the increasing adoption of solar energy and the growing demand for efficient and reliable power conversion solutions.As the industry evolves, technological advancements and cost reductions are likely to further drive the adoption of central PV inverters, particularly in the 1-5 MW and 5-10 MW power rating segments.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Central Pv Inverter Market Application Insights

The Central Pv Inverter Market is segmented based on application into utility-scale solar plants, commercial and industrial installations, and residential solar systems. Among these, utility-scale solar plants are expected to hold the largest market share during the forecast period. This is primarily due to the increasing adoption of renewable energy sources and government initiatives to promote solar power generation. The increasing demand for electricity and the need to reduce carbon emissions are also driving the growth of this segment.Commercial and industrial installations are also expected to witness significant growth, owing to the rising demand for energy-efficient solutions and the need to reduce operating costs. Residential solar systems are expected to have a steady growth rate, driven by the increasing awareness of the benefits of solar energy and the availability of government incentives.

Central Pv Inverter Market Topology Insights

The Topology segment of the Central Pv Inverter Market is bifurcated into Transformerless and Transformer-based. In 2023, the Transformerless topology dominated the market, accounting for over 60% of the Central Pv Inverter Market revenue. This dominance is attributed to the compact size, lighter weight, and higher efficiency of transformerless inverters. Transformerless inverters also eliminate the risk of electrical isolation failure, making them more reliable. The Transformer-based topology is expected to witness significant growth in the coming years, owing to its ability to handle higher voltages and currents.

Central Pv Inverter Market Cooling System Insights

The central PV inverter market is segmented into various segments, such as cooling system. The cooling system segment is further divided into natural air-cooled and liquid-cooled. The liquid-cooled segment is expected to witness significant growth in the coming years owing to its higher efficiency and reliability. In 2023, the central PV inverter market for liquid-cooled systems was valued at USD 2.4 billion and is projected to reach USD 6.2 billion by 2032, exhibiting a CAGR of 11.6% during the forecast period. The growth of the liquid-cooled segment can be attributed to the increasing adoption of high-power PV inverters, which require more efficient cooling systems.Liquid-cooled systems are also more reliable and have a longer lifespan than natural air-cooled systems. The natural air-cooled segment, on the other hand, is expected to grow at a slower pace due to its lower efficiency and reliability. However, natural air-cooled systems are more cost-effective than liquid-cooled systems, which is expected to support their demand in cost-sensitive applications.

Central Pv Inverter Market Regional Insights

The Central Pv Inverter Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth in the APAC region can be attributed to the increasing demand for renewable energy sources, government initiatives promoting the adoption of solar photovoltaic (PV) systems, and the presence of a large number of manufacturers in the region. Europe is expected to be the second-largest market for central PV inverters, followed by North America.The growth in these regions is attributed to the increasing adoption of distributed generation and the growing popularity of solar PV systems for commercial and industrial applications. South America and MEA are expected to witness significant growth in the coming years, driven by the increasing demand for electricity and the need for reliable and efficient power generation solutions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Central Pv Inverter Market Key Players And Competitive Insights:

Major players in the Central Pv Inverter Market industry are focusing on developing innovative products to meet the evolving needs of customers. Leading Central Pv Inverter Market players are also expanding their presence to tap into new markets. The Central Pv Inverter Market is expected to witness significant development in the coming years, driven by the increasing demand for renewable energy sources.Schneider Electric is a leading player in the Central Pv Inverter Market. The company offers a wide range of central inverters for various applications, including utility-scale solar power plants, commercial buildings, and residential properties. Schneider Electric's central inverters are known for their high efficiency, reliability, and durability. The company has a strong presence in Europe, North America, and Asia-Pacific.Huawei is another major player in the Central Pv Inverter Market. The company offers a comprehensive portfolio of central inverters, including string inverters, central inverters, and hybrid inverters. Huawei's central inverters are known for their high efficiency, compact design, and easy installation. The company has a strong presence in China, Europe, and the Middle East.

Key Companies in the Central Pv Inverter Market Include:

• Hitachi Energy


• SunGrow Power Supply Co., Ltd.


• Sungrow Power Supply Co., Ltd.


• AEG Power Solutions


• ABB Ltd.


• Power Electronics


• GoodWe Technologies Co., Ltd.


• Huawei Technologies Co., Ltd.


• TMEIC Power Electronics (India) Private Limited


• Schneider Electric SE


• Fronius International GmbH


• Sineng Electric Co., Ltd


• Solaredge Technologies Inc.


• Delta Electronics, Inc.


• Ingeteam Group


• SMA Solar Technology AG

Central Pv Inverter Market Industry Developments

The central PV inverter market is projected to grow from USD 4.87 billion in 2024 to USD 12.5 billion by 2032, at a CAGR of 11.05% during the forecast period. The growth of the market is attributed to the increasing adoption of solar photovoltaic (PV) systems, rising demand for renewable energy sources, and government incentives and policies promoting the use of solar energy.Recent developments in the market include the launch of new products with higher efficiency and lower costs, strategic partnerships and collaborations between key players, and the expansion of manufacturing facilities. For instance, in 2023, Sungrow announced the launch of its new central inverter solution, the SG350HX, which offers a maximum efficiency of 99% and is designed for large-scale solar PV plants.Key players in the market include Sungrow, Huawei, SMA, ABB, and Danfoss. These companies are focusing on innovation and product development to meet the growing demand for efficient and reliable central PV inverters.

Central Pv Inverter Market Segmentation Insights

• Central Pv Inverter Market Power Rating Outlook
  
  
  
  • 0-1 MW
  
  
  • 1-5 MW
  
  
  • 5-10 MW
  
  
  • 10 MW and above
  
  
  
  

• Central Pv Inverter Market Application Outlook
  
  
  
  • Utility-Scale Solar Plants
  
  
  • Commercial and Industrial Installations
  
  
  • Residential Solar Systems
  
  
  
  

• Central Pv Inverter Market Topology Outlook
  
  
  
  • Transformerless
  
  
  • Transformer-based
  
  
  
  

• Central Pv Inverter Market Cooling System Outlook
  
  
  
  • Natural Air-Cooled
  
  
  • Liquid-Cooled
  
  
  
  

• Central Pv Inverter Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa