Global Solar PV Inverter Market Size, Share, Segments, Growth, Industry Trends & Forecast to 2019-2024 | IMARC Group
According to the latest report by IMARC Group titled, “Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 6.7 Billion 2018. Looking forward, the global solar PV inverter market is expected to reach a value of US$ 9.1 Billion by 2024, exhibiting a CAGR of around 5% during 2019-2024.
The major reasons attributed to a sharp rise in the solar PV inverter market are increasing environmental concerns coupled with favorable regulatory initiatives taken in order to promote the use of renewable energy. Moreover, an increase in the funding for renewable grid integration has also led to a global upswing in the solar PV inverter market. It has been witnessed that several countries around the world have recently introduced net metering policies and are supporting the roll-out of projects which is likely to boost the demand for solar PV inverters in the upcoming years.
In addition to these factors, the prices of solar inverters have also declined in recent years making it more affordable for a larger segment of the population around the globe. This has resulted in a strong growth in the installation of solar electric systems across both the developed and developing regions. Rural electrification, technological advancements and increasing government support have further elevated the market growth.
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Breakup by Technology
- Central Inverters
- String Inverters
- Microinverters
- Others
Breakup by Application
- Utility scale
- Residential scale
- Small commercial scale
- Large commercial scale
- Industrial scale.
Breakup by Voltage
- < 1,000 V
- 1,000 – 1,499 V
- 1,500 V
Breakup by Region
- Asia Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
Competitive Landscape
The report has also examined the competitive landscape of global solar PV inverter market.
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Competitive Structure
- Profiles of Key Players
Want to More Information About Report with TOC & List of Figure: https://www.imarcgroup.com/solar-pv-inverter-market
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