Central Inverters Market Report 2024 (Global Edition)

Global Central Inverters Market Report 2024 Market Size Split by Type (On-Grid , Off-Grid), by Phase (Single-phase , Three-phase), by End User (Residential , Commercial & Industrial , Utilities)

Central Inverters Market Report Description

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Competitive Landscape of the Central Inverters Market

The competitive landscape of the central inverters market is characterized by intense competition among key players striving to gain a significant market share through strategies such as mergers and acquisitions, product innovations, partnerships, and geographical expansions. Major companies in the market are continuously investing in research and development activities to introduce advanced central inverter technologies that offer higher efficiency, reliability, and performance.

Central Inverters Industry News

In October 2023, During REI 2023, SUNGROW demonstrated its entire portfolio of renewable energy solutions and introduced new goods to India. India's energy revolution is at a crossroads, and SUNGROW's unique products and solutions will help the country enhance its energy structure and boost the use of efficient, safe, and clean energy.

(Source:https://en.sungrowpower.com/newsDetail/4436/rei-2023-new-solutions-launched-by-sungrow-shows-its-confidence-in-unleashing-indian-renewable-energy-potential#:~:text=Sungrow%20launches%20its%20new%20generation,storage%20system%2C%20the%20PowerTitan%202.0.)

In July 2023, SUNGROW signed a framework deal with Sonnedix, the international renewable energy manufacturer, to deliver inverter solutions for 750 MWp PV projects.

(Source: https://en.sungrowpower.com/newsDetail/4147/sungrow-and-sonnedix-sign-a-750mw-supply-frame-agreement)

Top Companies Market Share in Central Inverters Industry: (In no particular order of Rank)

• 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
• Zhejiang CHINT Electrics Co Ltd
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the Central Inverters Market

Which Region Will Dominate the Central Inverters Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America stands as the dominant region in the central inverters market due to several key factors. Firstly, the region has been at the forefront of adopting renewable energy technologies, particularly solar power, driven by government incentives, favourable regulatory frameworks, and increasing environmental consciousness. Additionally, North America boasts a robust solar energy infrastructure, with a high concentration of utility-scale solar projects and solar installations across residential, commercial, and industrial sectors.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific emerges as the fastest-growing region in the central inverters market owing to several compelling factors. Firstly, rapid industrialization and urbanization in countries like China, India, and Japan have led to a surge in energy demand, prompting a significant shift towards renewable energy sources such as solar power. The supportive government policies and initiatives aimed at promoting clean energy adoption further accelerate the deployment of solar projects across the region. Additionally, the declining cost of solar photovoltaic (PV) modules and advancements in central inverter technology make solar power more economically viable, driving its widespread adoption in Asia-Pacific.

The current report Scope analyzes Central Inverters Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Central Inverters Market

According to Cognitive Market Research, the global Central Inverters market size was estimated at USD 13512.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 5404.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.5% from 2024 to 2031.In North America, the central inverter market exhibits a robust growth trajectory, driven by several factors. The region's push towards renewable energy, coupled with favorable government initiatives and incentives, has propelled the adoption of solar photovoltaic (PV) systems, consequently boosting the demand for central inverters. Segmentation analysis reveals a diverse market landscape in North America. The market is segmented based on end-users such as residential, commercial, and utility-scale installations. Residential installations, driven by increasing rooftop solar deployments and favourable regulatory policies, account for a significant portion of the market. In conclusion, North America represents a lucrative market for central inverters, driven by favourable regulatory frameworks, increasing investments in renewable energy infrastructure, and growing environmental consciousness.

• According to Cognitive Market Research, the US had a major share in the Central Inverters market with a market size of USD 4264.45 million in 2024 and is projected to grow at a CAGR of 11.3% during the forecast period. The demand is amplified by the nation's adoption of solar photovoltaic (PV) systems propel consistent growth. 
• The Canada Central Inverters market had a market share of USD 648.59 million in 2024 and is projected to grow at a CAGR of 12.3% during the forecast period. Canada's increasing investments in renewable energy infrastructure, and growing environmental consciousness.
• The Mexico Central Inverters market is projected to witness growth at a CAGR of 12.0% during the forecast period with a market size of USD 491.84 million in 2024.

Europe Central Inverters Market

According to Cognitive Market Research, the global Central Inverters market size was estimated at USD 13512.2 Million out of which Europe held the market of more than 30% of the global revenue with a market size of USD 4053.66 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.8%from 2024 to 2031.In Europe, the central inverter market is experiencing steady growth, driven by several factors contributing to the region's transition towards renewable energy sources. Government initiatives promoting clean energy, along with stringent environmental regulations, have stimulated the adoption of solar photovoltaic (PV) systems, thereby fuelling the demand for central inverters. Segmentation analysis reveals a diverse market landscape in Europe. The market is segmented based on end-users, including residential, commercial, and utility-scale installations. Residential installations are witnessing significant growth, supported by incentives and subsidies offered by governments to encourage rooftop solar deployments. In conclusion, Europe presents promising opportunities for the central inverter market, driven by favourable regulatory policies, increasing investments in renewable energy infrastructure, and growing environmental awareness.

• The United Kingdom Central Inverters market had a market share of USD 681.01 million in 2024 and is projected to grow at a CAGR of 12.6% during the forecast period. In the UK, Central Inverters sales witness an upswing due to the nation's favourable regulatory policies, increasing investments in renewable energy infrastructure, and growing environmental awareness.
• The France Central Inverters market is projected to witness growth at a CAGR of 11.0% during the forecast period with a market size of USD 372.94 million in 2024.
• According to Cognitive Market Research, the Germany Central Inverters market size was valued at USD 802.62 million in 2024 and is projected to grow at a CAGR of 12.0% during the forecast period. In Germany, Central Inverters sales surge due to the nation's growing environmental awareness. 
• The Italy Central Inverters market is projected to witness growth at a CAGR of 11.2% during the forecast period with a market size of USD 348.61 million in 2024.
• The Russia Central Inverters market is projected to witness growth at a CAGR of 10.8% during the forecast period with a market size of USD 628.32 million in 2024.
• The Spain Central Inverters market is projected to witness growth at a CAGR of 10.9% during the forecast period with a market size of USD 332.40 million in 2024.
• The Luxembourg Central Inverters market is projected to witness growth at a CAGR of 11.9% during the forecast period with a market size of USD 125.66 million in 2024.
• The Portugal Central Inverters market is projected to witness growth at a CAGR of 11.6% during the forecast period with a market size of USD 85.13 million in 2024.
• The Greece Central Inverters market is projected to witness growth at a CAGR of 12.1% during the forecast period with a market size of USD 48.64 million in 2024.
• Rest of Europe Central Inverters market is projected to witness growth at a CAGR of 10.5% during the forecast period with a market size of USD 628.32 million in 2024.

 

Asia Pacific Central Inverters Market

According to Cognitive Market Research, the global Central Inverters market size was estimated at USD 13512.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 3107.81 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.3 %from 2024 to 2031.In the Asia-Pacific region, the central inverter market is witnessing rapid growth, driven by increasing investments in renewable energy projects and the growing demand for clean electricity. Countries like China, India, Japan, and Australia are leading the adoption of solar energy, supported by favorable government policies, incentives, and ambitious renewable energy targets. Segmentation analysis reveals a diverse market landscape in the region. The market is segmented based on end-users, including residential, commercial, and utility-scale installations. With the rise in urbanization and industrialization, there is a growing demand for centralized solar power plants in commercial and industrial sectors. In conclusion, the Asia-Pacific region presents lucrative opportunities for the central inverter market, fuelled by supportive government policies, increasing investments in solar energy infrastructure, and the need for sustainable energy solutions.

• According to Cognitive Market Research, the China Central Inverters market size was valued at USD 1398.51million in 2024 and is projected to grow at a CAGR of 14.8%during the forecast period. Central Inverters sales surge in China due to the nation's supportive government policies, increasing investments in solar energy infrastructure, and the need for sustainable energy solutions.
• The Japan Central Inverters market is projected to witness growth at a CAGR of13.8%during the forecast period with a market size of USD 428.88 million in 2024.
• The India Central Inverters market had a market share of USD 372.94 million in 2024 and is projected to grow at a CAGR of 17.1%during the forecast period. The demand is augmented by India's increasing investments in solar energy infrastructure, and the need for sustainable energy solutions.
• The South Korea Central Inverters market is projected to witness growth at a CAGR of 14.4%during the forecast period with a market size of USD 310.78 million in 2024.
• The Australia Central Inverters market is projected to witness growth at a CAGR of 15.0%during the forecast period with a market size of USD 161.61 million in 2024.
• The South East Asia Central Inverters market is projected to witness growth at a CAGR of 16.3%during the forecast period with a market size of USD 214.44 million in 2024.
• The Rest of Asia Pacific Central Inverters market is projected to witness growth at a CAGR of 15.1%during the forecast period with a market size of USD 220.65 million in 2024.

 

South America Central Inverters Market

According to Cognitive Market Research, the global Central Inverters market size was estimated at USD 13512.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 675.61 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.7%from 2024 to 2031.In Latin America, the central inverter market is experiencing steady growth, primarily driven by the region's increasing focus on renewable energy sources, particularly solar power. Countries like Brazil, Mexico, Chile, and Argentina are witnessing significant investments in solar energy projects, supported by government initiatives, favourable regulatory frameworks, and declining solar panel costs. Segmentation analysis reveals a diverse market landscape in Latin America. The market is segmented based on end-users, including residential, commercial, and utility-scale installations. In conclusion, Latin America presents promising opportunities for the central inverter market, driven by favourable regulatory policies, increasing investments in renewable energy infrastructure, and the region's abundant solar resources.

• According to Cognitive Market Research, the Brazil Central Inverters market size was valued at USD 289.16million in 2024 and is projected to grow at a CAGR of 13.3%during the forecast period. Central Inverters sales flourish in Brazil due to the nation's favourable regulatory policies, increasing investments in renewable energy infrastructure.
• The Argentina Central Inverters market had a market share of USD 113.50million in 2024 and is projected to grow at a CAGR of 13.6%during the forecast period. The demand is augmented by Argentina's increasing investments in renewable energy infrastructure.
• The Colombia Central Inverters market is projected to witness growth at a CAGR of 12.5%during the forecast period with a market size of USD 60.13million in 2024.
• The Peru Central Inverters market is projected to witness growth at a CAGR of 12.9%during the forecast period with a market size of USD 55.40million in 2024.
• The Chile Central Inverters market is projected to witness growth at a CAGR of 13.0%during the forecast period with a market size of USD 48.64million in 2024.
• The Rest of Latin America Central Inverters market is projected to witness growth at a CAGR of 11.8%during the forecast period with a market size of USD 108.77million in 2024.

 

Middle East and Africa Central Inverters Market

According to Cognitive Market Research, the global Central Inverters market size was estimated at USD 13512.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 270.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.0%from 2024 to 2031. In the Middle East and Africa (MEA) region, the central inverter market is witnessing steady growth, driven by the increasing adoption of renewable energy sources, particularly solar power. Countries like the United Arab Emirates, Saudi Arabia, South Africa, and Egypt are leading the transition towards clean energy, supported by government initiatives, favorable regulatory policies, and declining solar equipment costs. Segmentation analysis reveals a diverse market landscape in the MEA region. The market is segmented based on end-users, including residential, commercial, and utility-scale installations. In conclusion, the MEA region presents significant opportunities for the central inverter market, driven by the growing demand for renewable energy and the region's vast solar potential.

• According to Cognitive Market Research, the GCC Countries Central Inverters market size was valued at USD 115.66 million in 2024 and is projected to grow at a CAGR of 13.8%during the forecast period. Central Inverters sales flourish in the GCC Countries due to the region's growing demand for renewable energy and the region's vast solar potential.
• The Egypt Central Inverters market is projected to witness growth at a CAGR of 13.3%during the forecast period with a market size of USD 28.38 million in 2024.
• The South Africa Central Inverters market is projected to witness growth at a CAGR of 14.0%during the forecast period with a market size of USD 42.70 million in 2024. Central Inverters sales flourish in South Africa due to the region's increasing investments in renewable energy infrastructure.
• The Turkey Central Inverters market is projected to witness growth at a CAGR of 12.5%during the forecast period with a market size of USD 23.24 million in 2024.
• The Nigeria Central Inverters market is projected to witness growth at a CAGR of 12.1%during the forecast period with a market size of USD 28.38 million in 2024.
• The Rest of MEA Central Inverters market is projected to witness growth at a CAGR of 12.0%during the forecast period with a market size of USD 31.89 million in 2024.

Central Inverters Market Analysis

Central Inverters Type Segment Analysis

According to Cognitive Market Research, the dominating category is the on-grid type. On-grid central inverters are designed to convert direct current (DC) electricity generated by solar panels into alternating current (AC) electricity that can be fed directly into the utility grid. This type of inverter is widely adopted in regions where grid connectivity is reliable and stable. The dominance of on-grid central inverters can be attributed to the increasing deployment of grid-tied solar photovoltaic (PV) systems globally. Governments and utility companies offer incentives and favourable policies for grid-connected solar installations, driving the demand for on-grid central inverters. Additionally, on-grid systems enable users to benefit from net metering programs, where excess electricity generated by the solar PV system can be exported to the grid for credits or monetary compensation, further incentivizing their adoption.

The fastest-growing category in the central inverters market is the off-grid type. Off-grid central inverters are essential components of standalone solar power systems that operate independently of the utility grid. These inverters are crucial for applications in remote areas where grid electricity is inaccessible or unreliable. The increasing demand for off-grid solar solutions in remote and off-grid locations, such as rural communities, industrial sites, and off-grid residences, is driving the growth of off-grid central inverters. Additionally, advancements in battery storage technology enhance the reliability and efficiency of off-grid solar systems, further boosting their adoption. The off-grid segment is experiencing rapid growth as it offers a sustainable and reliable energy solution for areas with limited or no access to grid electricity, driving the demand for off-grid central inverters.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Central Inverters Industry. Request a Free Sample PDF!

Central Inverters Phase Segment Analysis

According to Cognitive Market Research, the dominating category is the three-phase phase configuration. Three-phase inverters are widely used in commercial, industrial, and utility-scale solar PV systems due to their ability to handle higher power capacities and efficiently manage the complex electrical loads commonly found in these applications. Three-phase inverters are essential for ensuring grid stability and reliability, especially in larger installations where power quality and consistency are critical. Additionally, three-phase systems are preferred for their balanced power distribution, which minimizes voltage fluctuations and improves overall system performance. As a result, three-phase central inverters dominate the market, catering to the needs of commercial, industrial, and utility-scale solar projects.

The fastest-growing category in the central inverters market is the single-phase phase configuration. While traditionally associated with residential solar PV installations, single-phase inverters are experiencing increased demand in emerging markets and small to medium-sized commercial applications. This growth is driven by the expanding adoption of rooftop solar systems by homeowners, small businesses, and rural electrification projects. Single-phase inverters offer advantages such as simplicity, cost-effectiveness, and compatibility with smaller-scale solar arrays. Moreover, advancements in technology have improved the efficiency and performance of single-phase inverters, making them increasingly attractive for various distributed generation applications. As a result, the single-phase segment is witnessing rapid growth as more stakeholders embrace solar energy solutions.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Central Inverters End User Segment Analysis

According to Cognitive Market Research, the dominating category is the commercial and industrial segment. Commercial and industrial entities often have larger-scale solar PV installations compared to residential users, which require central inverters with higher capacities to efficiently convert DC electricity from solar panels into AC electricity for use within their facilities. Additionally, commercial and industrial users are increasingly adopting solar energy to reduce electricity costs, meet sustainability goals, and enhance energy resilience. This trend drives the demand for central inverters tailored to the specific requirements of commercial and industrial applications, such as robustness, scalability, and advanced monitoring and control features. As a result, the commercial and industrial segment emerges as the dominating category in the central inverters market.

The fastest-growing category in the central inverters market is the residential segment. With the rising awareness of environmental sustainability and the increasing availability of residential solar PV systems, more homeowners are investing in solar energy to reduce their carbon footprint and lower electricity bills. Central inverters designed for residential applications offer features such as compact size, easy installation, and compatibility with smaller-scale solar arrays typically found on residential rooftops. Moreover, incentives such as government rebates, tax credits, and net metering programs encourage residential users to adopt solar energy solutions, driving the demand for central inverters in the residential segment. As a result, the residential segment experiences rapid growth, making it the fastest-growing category in the central inverters market.

• Residential 
• Commercial & Industrial 
• Utilities

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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