Newark, NJ, May 23, 2022 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, The global photovoltaic (PV) inverter market is expected to grow from USD 7.90 billion in 2019 to USD 10.73 billion by 2027, at a CAGR of 3.9% during the forecast period 2020-2027. North America is expected to show the highest growth over the forecast period, with the U.S. as a significant contributor. North America is a prominent market for photovoltaic inverter. Recent trends such as three-phase string inverters and an increase in sizes of central inverters are driving the growth in this region. Despite steady growth in string inverters segment, the central segment is expected to drive the photovoltaic inverter market.
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Key players in the global photovoltaic (PV) inverter market are ABB, Hitachi H-Rel Power Electronics Pvt. Ltd, Eaton, Tigo Energy, GmbH, Siemens AG, SunPower Corporation, Enphase Energy, KACO Omron Corporation, SMA Solar Technology and Power-One. Heineken N.V. launched its largest production facility in Mexico. It is installed with solar panels using photovoltaics inverters which provides sufficient energy to run the production facility. Photovoltaics inverters value chain is complex. Different photovoltaics value chain elements represent different income generation.
The type segment includes micro, string and central. String inverters have broader applications in commercial and residential sectors. The demand for string inverters is increasing due to increased technological advancements. String inverters offer lower initial cost and are easier to install. The application segment includes utilities, commercial, industrial and residential. Utility segment is expected to show significant growth due to grid-connected photovoltaic inverters which operates in parallel with the traditional electricity utility-grid with large-scale solar projects.
The photovoltaic (PV) inverter market is driven by an increased demand for renewable energy, technological advancement, increased efficiency and cost-effectiveness in manufacturing solar panels. Sustainable efforts toward cleaner, reliable and inexpensive energy sources is an essential parameter in development. Such parameters are enhancing photovoltaic facilities. It generates the demand for PV inverters. Solar machinery is contributing to the growth in all industries along with development opportunities in utility-scale sectors, industrial and housing sector. Businesses are shifting from traditional to renewable sources due to change in customer preferences, essential advances in renewable energy.
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About the report:
The global photovoltaic (PV) inverter market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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