Solar PV Inverter Market Share, Global Industry Trends, Size, Growth and Forecast Till 2024

Global Solar PV Inverter Market Share, Size, Trends and Forecast By 2024

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Report Description and Highlights

Report Description

Solar PV Inverter Market Report By Technology (Central Inverters, String Inverters, Microinverters and Others ), Application (Utility scale, Residential scale, Small commercial scale, Large commercial scale and Industrial scale), Voltage, Region 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.

Market Overview: 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.

Report Description and Highlights

Report Description

Global Solar PV Inverter Market Trends: The global demand of solar inverters has been rising robustly over the last few years. A key factor catalyzing this demand is the increasing environmental concerns regarding greenhouse emissions and the importance of solar and other renewable energy sources to reduce these emissions. Morever, the increasing cost of fossil fuels is also making solar power a more economical energy source.

Additionally, the prices of solar inverters have also declined in recent years making them more affordable to the general population. This has resulted in a strong growth in the installation of solar electric systems across both developed and developing regions across the globe. Other factors driving this market include the need for rural electrification, technological advancements, increasing government support, rising investments in renewable energy, etc. Looking forward, the global solar PV inverter market value is projected to exceed US$ 9.1 Billion by 2024, exhibiting a CAGR of around 5% during 2019-2024.

Solar PV Inverter Market Segmentation: Market Segmentation by Technology o Central Inverters Request for a sample report: https://www.imarcgroup.com/request?type=report&id=1169&flag=B

Market Forecast

Sample Figure: Global: Solar PV Inverter Market Forecast: Sales Value (in Billion US$), 2019-2024

184.3

191.7

199.3

207.3

2019

2020

2021

2022

215.6

224.2

2023

2024

Market Segmentation

Report Description o String Inverters o Microinverters o Others

Based on the technology, the market has been segmented into central inverter, string inverter, microinverter and others. Central inverters currently represent the biggest segment.

Market Segmentation by Application • • • • •

Utility scale Residential scale Small commercial scale Large commercial scale Industrial scale

On the basis of application, the market has been segregated into utility scale, residential scale, small commercial scale, large commercial scale and industrial scale.

Market Segmentation by Voltage For more information, click here: https://www.imarcgroup.com/solar-pv-inverter-market

Market Segmentation

Report Description • • •

< 1,000 V 1,000 – 1,499 V 1,500 V

Based on the voltage, the market has been segmented into < 1,000 V, 1,000 – 1,499 V and > 1,500 V. Market Segmentation by Region • • • • •

North America Europe Asia Pacific Latin America Middle East and Africa

Region-wise, Asia Pacific exhibits a clear dominance in the global solar PV inverter market. Other major regions include Europe, North America, Middle East and Africa and Latin America.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

Regional Segmentation

North America

Europ e

Asia- Pacific

Latin America

Middle East and Africa

Market Segmentation

Report Description • • • • • • • • • • • • • • • •

ABB Ltd Schneider Electric SE Siemens AG Mitsubishi Electric Corporation Omron Corporation General Electric Company SMA Solar Technology AG Delta Energy Systems Inc. SolarEdge Technologies Inc. Huawei Technologies Co. Ltd Kstar New Energy Co. Ltd Sineng Electric Co. Ltd Sungrow Power Supply Co Ltd Tabuchi Electric Co. Ltd TBEA Sunoasis Co. Ltd Toshiba Corporation

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Partial Listworld's of Clients leading corporates, governments, and

A partial List of our Clients

institutions

Report Description and Highlights

Report Description

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