The growing demand for solar power in commercial is expected to stimulate the growth of the Commercial Solar PV Inverters market during the forecast period.
According to TechSci Research report, “Commercial Solar PV Inverter Market – Global Industry Size, Share, Trends, Opportunity and Forecast 2018-2028”, The Global Commercial Solar PV Inverter Market is expected to register CAGR of 4.98%. 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 Commercial 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 Commercial 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.
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Based on region, Asia-Pacific dominated the Commercial 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.
Key market players in the Global Commercial Solar PV Inverter Market include:-
- Huawei commercial solar PV inverter
- Sungrow commercial solar PV inverte
- Fronius
- Growatt
- SMA Solar Technology
- FIMER
- ABB Ltd.
- Delta Electronics
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“The Global Commercial Solar PV Inverter Market is being propelled by a multitude of drivers, making it a rapidly growing and transformative sector within the renewable energy industry. First and foremost, environmental concerns and the growing urgency to combat climate change have prompted governments and businesses worldwide to embrace renewable energy sources like solar power. This global shift towards sustainability has significantly increased the demand for commercial solar PV inverters as they are crucial components in harnessing clean, solar energy. Furthermore, declining solar panel costs and improved economies of scale have made solar power installations more cost-effective, particularly for commercial enterprises. This has driven a surge in solar PV installations in the commercial sector, which, in turn, has boosted the demand for high-quality, efficient inverters.
Government incentives, subsidies, and favorable policies promoting solar energy adoption have also played a pivotal role. Many countries offer tax credits, feed-in tariffs, and other incentives to encourage businesses to invest in solar PV systems, thereby bolstering the commercial solar PV inverter market. Moreover, technological advancements in inverter efficiency, durability, and grid integration have made solar power more reliable and economically attractive for businesses.
These advancements continue to drive market growth by enhancing the performance and longevity of solar PV systems. In conclusion, a combination of environmental consciousness, cost-effectiveness, policy support, and technological innovation are the key drivers behind the booming Global Commercial Solar PV Inverter Market, making it a critical player in the transition towards clean and sustainable energy solutions for businesses worldwide.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Commercial Solar PV Inverter Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Central Inverters, String Inverters, and Micro Inverters), by Phase (Single-Phase, Three-Phase, Hybrid), by Connection Type (On Grid, Off Grid), By Region, Competition 2018-2028 has evaluated the future growth potential of Global Commercial 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 Commercial Solar PV Inverter Market.
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