Utility Scale PV Inverter Market Size

Utility Scale PV Inverter Market size is expected to reach USD 23 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e.2024- 2036. In the year 2023, the industry size of utility scale PV inverter was over USD 13 Billion. The market is anticipated to benefit from the growing amount of public and private financing allocated to electrification projects in emerging nations' off-grid or grid-island locations. The absence of efficient grid infrastructure causes power lags and blackouts in many rural parts of developing economies. The market for utility scale PV inverters is expanding due to favorable legislative actions and an increase in industry players. The Asia Development Bank (ADB) and Avaada Energy Private Limited announced in 2020 that they would be working together to invest more than USD 15 million in increasing the capacity of photovoltaic solar energy generation in the Indian subcontinent. The need for PV inverters is increased as a result of these financial initiatives, which also help to create a favorable economic climate for the global deployment of sustainable electricity systems.

Further, supportive government policies, incentives, and subsidies can significantly impact the utility scale PV inverter market. Many governments worldwide offer financial incentives, tax credits, and favorable regulatory frameworks to promote the adoption of solar energy.  These Policies create a positive environment for utility scale solar projects. A observed by Research Nester analysts, the global investment in Solar energy is expected to reach USD 380 billion by 2023. This represents 14% of the total investments in energy around the world.