The Central Inverters segment is expected to dominate the market during the forecast periods
The growing
demand for solar power is expected to stimulate the growth of the Residential
Solar PV Inverters market during the forecast period.
According to
TechSci Research report, “Global Residential Solar PV Inverter Market - By
Region, Competition, Forecast & Opportunities, 2028”, The Global Residential Solar PV Inverter Market is
expected to register CAGR of 8.29%. 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 Residential
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
Residential 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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market data Figures spread through 180 Pages and an in-depth TOC on " Residential Solar PV Inverter Market.”
Based on
region, Asia-Pacific dominated the Residential 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 Residential Solar PV Inverter Market include:
- Siemens Energy
- Fimer Group
- SMA Solar
Technology AG
- Delta
Electronics, Inc
- SunPower
Corporation
- Omron
Corporation
- Eaton Corp. 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 Residential
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 Residential 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 Residential 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.
“Residential
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 Residential 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 Residential
Solar PV Inverter Market.
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