Central Inverter Market Size Worth $38.17 Billion By 2032 | CAGR: 12.9%

Central Inverter Market Size Worth $38.17 Billion By 2032 | CAGR: 12.9%


The global central inverter market size is expected to reach USD 38.17 billion by 2032, according to a new study by Polaris Market Research. The 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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increasing investment in renewable energy sources has been a driving force behind the market's growth. The global shift toward achieving a sustainable and low-carbon environment has led to significant adoption of clean energy technologies worldwide, supported by government regulations and incentives. The competitive pricing of power generation and favorable laws have also contributed to the growth of the renewable energy sector over the past two decades. As a result, the adoption of solar PV systems has been on the rise, fueled by increasing government support and investments. These trends are expected to continue to drive demand for central inverters, indicating a positive outlook for the market's growth. For instance, in February 2023, Zigor introduced a central inverter capable of converting AC to DC power for battery charging, with an output of nearly 3.3 MVA & DC voltage of around 1,500 V.

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The government's transition from fossil fuels like coal to solar power to conserve natural resources is projected to boost market growth. This shift is expected to increase demand for central inverters, thus promoting market expansion. According to the International Energy Agency, the world's clean energy capacity is projected to grow by more than 60 percent to around 4,800 GW by 2026, surpassing the total power capacity of fossil fuels & nuclear power combined. This increase in renewable electricity capacity will likely drive demand for central inverters in the coming years, further contributing to market growth.

Central inverter Market Report Highlights

  • 500 kW to 1 MW segment accounted for largest share owing to broad range of application in solar power projects, suitable small to medium-sized solar power plants.
  • Utility-scale segment is projected to grow at highest growth rate due to large traction in recent years with focus on sustainable sources owing to the rise in population.
  • Asia Pacific region dominated the global market in 2022 owing to extensive growth in the demand for solar power and electricity industry and rapidly growing urbanization.
  • The global players include Siemens, ABB, SunPower, Eaton, Power-One, Tigo Energy, & Enphase Energy.

Polaris Market Research has segmented the central inverter market report based on power rating, end-user, and region:

Central Inverter, Power Rating Outlook (Revenue - USD Billion, 2019 - 2032)

  • Less than 500 kW
  • 500 kW to 1 MW
  • Greater than 1 MW

Central Inverter, End-user Outlook (Revenue - USD Billion, 2019 - 2032)

  • Residential
  • Commercial / Industrial
  • Utility-scale

Central Inverter, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Central inverter Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 12.76 billion

Revenue forecast in 2032

USD 38.17 billion

CAGR

12.9% from 2023 – 2032

Base year

2022

Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments covered

By Power Rating, By End-User, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

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.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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