PV Inverter Market size to exceed $16bn by 2026

PV Inverter Market Size is projected to surpass USD 16 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Photovoltaic inverter industry will witness impetus on account of large-scale renewable integration along with rising focus toward sustainable networks. Favorable government policies toward solar energy adoption coupled with ongoing stringent regulations to minimize GHG emissions will drive the business landscape. In addition, increasing investments toward cloud-based technologies followed by growing number of solar projects across the developed and developing countries will foster the industry scenario.

 

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Increasing applicability of central PV inverters across the utility scale solar farms will drive the product adoption

Central based PV inverter market is anticipated to surpass USD 6 billion by 2026. Growing applicability of these systems across the industrial facilities, large commercial installations, and utility scale solar farms to provide continuous power production will sway the product demand. Moreover, these systems provide centralized power control offering optimized per watt cost, ease of management and long product life cycle which will positively influence the product landscape. Increasing regional and domestic solar integration targets across Asia Pacific region will complement the business scenario.
 

Ongoing advancement to provide effective energy storage systems will drive the technology adoption

On-Grid photovoltaic inverter will witness significant rise on account of its ability to withstand high electricity demand across the industrial and utility sector. For instance, in 2020 Kstar launched its on-grid string inverter series for solar rooftops offering reactive power control, low-temperature resistance, GPRS, and WiFi plugs. Ongoing technological enhancement along with increasing R&D investments to provide continuous and effective power supply will foster the product demand.
 

Browse key industry insights spread across 886 pages with 1,609 market data tables & 58 figures & charts from the report, “PV Inverter Market Statistics By Power Class (Single Phase, Three Phase {Low Power [≤99 Kw], High Power [>99 kW]}), By Nominal Output Power (≤ 300 W, 300 - 3,000 W, 3,000 - 33,000 W, 33,000 - 110,000 W, > 110,000 W), By Nominal Output Voltage (≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V), By Product (Micro, String, Central {Transformer Based, Transformer Less}), By Connectivity (Stand-alone, On-grid), By Application (Residential, Commercial {College/University, Office, Government/Military}, Industrial {Chemical, Paper, Food Processing}, Utility), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pv-inverter-market

 

Paradigm shift toward clean energy outlook will drive the industry share

Residential PV inverter market exceeded USD 900 million in 2019. Rising focus toward integration of renewable powered units across the microgrid networks will fuel the industry scenario. Growing environmental concerns along with stringent government mandates to curb emissions will further incline manufacturers toward integration of efficient energy conservation measures. Refurbishment and re-structuring of conventional power networks along with rapid technological adoption including IoT based solutions and two-way communication devices will complement the product demand.
 

Increasing adoption of smart PV inverters will propel the North America photovoltaic inverter market forecasts

North America PV inverter market is estimated to register over 5% CAGR through 2026. Increasing number of solar farms have incurred the necessity of efficient energy storage systems which will positively stimulate the product demand. In addition, favorable measures and subsidies to deploy the effective inverter units across the upcoming solar projects will boost the business landscape. Moreover, growing demand for replacement of existing power networks with cloud-based technologies will fuel the industry dynamics.
 

COVID - 19 impact resulted into decrease in solar based investments followed by delay in project pipeline. However, ongoing government measures to resume the development of solar farms as well as to continue operations across major manufacturing and industrial facilities will positively drive the business landscape.
 

Eminent participants operating across PV inverter market includes SolarMax, KACO New Energy, Fimer, Yaskawa – Solectria, Siemens AG, Power Electronics, General Electric, Emerson Electric, Huawei, Omron, TMEIC, Enertronica Santerno, Fronius, Chint Group, Delta, SolarEdge, TBEA, Sineng, SatCon, Growatt, REFU, Kstar Furukawa Battery, Tabuchi, Panasonic, Enphase, Sungrow Schneider Electric, and SMA.
 

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