An inverter is crucial for a solar panel system. Its job is to convert the Direct Current (DC) the solar panels generate into alternating current (AC). It is essential to make solar energy usable for day-to-day actions. The market has various types of inverters, but central inverters are the most talked about.
Due to the rising popularity of robust, environmentally friendly, and greatly efficient central inverters that can dependably transform solar energy into electricity and provide grid connection and energy storage capabilities, the need for central inverters is developing on a global scale. More sophisticated technological solutions with flexible features and the rising need for big central inverters in industrial settings, commercial installations, and utility-scale solar farms further drive the central inverter market demand.
Advantages of Central Inverter
Central inverters provide many benefits to both the owners and the providers. Here are some of the benefits:
The global central inverter market was valued at USD 11.32 billion in 2022 and is expected to grow to USD 38.17 billion at a CAGR of 12.9% during the forecast period of 2032.
What is Increasing the Demand for Central Inverters?
Adopting central inverters as a replacement for various smaller or micro-inverters in solar power systems is driving the growth of the worldwide central inverter industry. The energy-saving and environmentally beneficial characteristics of central inverters, which globally address problems with maintenance and durability, are credited with this development. Also, compared to string inverters, central inverters need less grid connection.
Furthermore, demand in the market is greatly impacted by central inverters' faster response time than string inverters. Due to their intricate design and requirement for connection with multiple devices, string inverters are inclined to latency issues, as opposed to central inverters, which only require one inverter to accept commands rather than many. Over the projected period, this advantage is anticipated to contribute to the continued central inverter market growth significantly.
Which Region is Leading the Market?
With a sizable market share, the Asia Pacific dominated the world market in 2022. Rapid urbanization, government assistance, rising environmental awareness, and attempts to promote renewable energy and cut carbon emissions are all factors that have contributed to the regional market's rise.
Furthermore, due to increased R&D-related activities targeted at developing innovative sustainable products with a number of new and more advanced features, the North American area is also expected to see the quickest growth rate during the forecasted period. The increased demand for renewable energy sources like solar power and wind energy is driving the expansion of the central inverter market in North America.
To Get More Insights on Central Inverter Market, Request for a Sample Report
The Bottom Line
The market is expanding due to the quick expansion in the renewable energy sector and the simplicity of solar inverter installation. Additionally, rising government initiatives and investments in electrifying remote and rural areas would present chances for key players in the global central inverter market.
Attainment of client satisfaction being our motto, we at Polaris are happy to offer you multitude of reasons for why you should select us for your businesses.
Our commitment to our clients lies not only from the inception of our pre-on boarding discussions but also beyond the completion and delivery of our services.
We categorically offer custom-made/ tailored services for our syndicated research reports to provide you insights to meet the strategic requirements of your organization.
On lines of the industry best-practices, we offer our clients the finest in research and consulting services with the most reliable and accurate research findings.