Utility Scale PV Inverter Market Size By Product (String, Central), By Voltage (< 1500 V, &#8805; 1500 V), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

Utility Scale PV Inverter Market Size By Product (String, Central), By Voltage (< 1500 V, ≥ 1500 V), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028

The utility-scale PV inverter market is poised to witness a significant growth trajectory through 2028. This growth is mainly ascribed to the rising number of investments in solar projects globally as the world attempts to make a transition towards renewable energy.

Utility-scale solar projects are becoming larger in terms of capacity, with the largest project approved to date demonstrating a capacity of nearly 690 MWAC. The demand for inverters designed for use in large-scale solar PV facilities is therefore likely to surge significantly.

Furthermore, on account of persistent product innovation efforts, several utility-scale solar project developers have access to a broader range of solar PV options than before, turning the industry landscape into a high competition high-growth vertical.

In January 2022, leading industry player, Yaskawa Solectria Solar introduced its new series of Solectria XGI 1500-250 string inverters, for use at utility-scale solar PV power plants. With an efficiency rate of 99.0% and CEC (California Energy Commission) efficiency of 98.5%., the device was designed to operate at a maximum capacity f 1,500 V, with a maximum power input voltage range between 860-1250 V.

The utility-scale PV inverter market is bifurcated in terms of product, voltage, and region.

From a regional reference frame, the Middle East & Africa utility-scale PV inverter industry is anticipated to register a growth rate of almost 3% through 2028. This growth is mainly being driven by the rapid development of solar power in the region. The UAE, for instance, which is at the forefront of this shift, is currently aiming to generate more than 50% of its electricity from carbon-free, sustainable sources.

The existing, as well as upcoming presence of major solar PV projects in the region, is also being ascribed as one of the key drivers for utility-scale solar PV inverter demand. Abu Dhabi, for instance, which is known for having the largest solar PV plant operating in the world, called the 1.2 GW Noor Sweihan project, first introduced in 2019 with support from JinkoSolar and Marubeni.

Meanwhile, the city has announced another project, which is currently in the pipeline of the UAE government. The proposed project, the 2 GW Al Dhafra plan, is set to commence operations in early 2022.

The Latin America utility scale PV inverter market, meanwhile, registered revenue worth $800 million in 2021. With several of the region’s economies actively working towards transitioning to clean energy, demand graph for utility scale PV inverters is slated to depict a significant rise, taking the aforementioned valuation up by a substantial margin.