The report, “Photovoltaic (PV) Inverter Market Size By Product (Standalone, On-Grid), By Technology (Micro, String), By Application (Residential, Commercial), Industry Analysis, Regional Outlook (U.S.,UK), global Forecast to 2024”Photovoltaic (PV) Inverter Marketsize is expected to reach USD 19.87 billion by 2024, according to a new research report by Global Market Insights, Inc.
Decreasing solar component cost associated with increasing adoption of clean fuel energy is anticipated to drive the Photovoltaic (PV) inverter market size. Technology advancement and manufacturing improvement have positively impacted the industry outlook.
Favorable government initiatives such as PPA, feed in tariff and net metering to promote development and deployment of renewable energy technologies will encourage PV inverter market size during the forecast period.
Increasing off grid electricity demand will further complement the industry outlook. Growing need for clean and reliable electricity will further compliment the industry growth. As of 2015, over 600 million population in Africa has no or poor electricity access. Lack of consumer awareness towards incentives introduced by the respective government may hinder industry growth over forecast period.
Key insights from the report include:
- U.S. PV inverter market size is anticipated to witness over 14% growth by 2024. Government incentives including tax rebate, subsidy and financial assistance for development of renewable energy technologies may propel the industry growth.
- Standalone PV inverter market size was valued over 17 GW in 2015 and in term of revenue is expected to reach over USD 6 billion by 2024 owing to increasing off grid electricity demand.
- South Africa was valued over 100 MW in 2015 and in term of revenue is forecast to reach over USD 30 million by 2024. Growing demand reliable and clean energy may favor the industry growth. The Government of Africa has implemented Renewable Energy Independent Power Producer Programs which aims to install 10,000 GWh of renewable energy.
- Commercial applications were valued over 10 GW in 2015 and are expected to witness growth subject to regulatory initiatives towards energy efficiency. Growing infrastructure in emerging economies will further boost the demand for PV inverter in future.
- Central PV inverter market was valued over 20 GW in 2015 and in term of revenue is likely to exceed USD 10 billion during forecast period. Increasing deployment of commercial and utility solar project may favor the business in future.
- Chile is expected to reach over USD 150 million by 2024. Engagement of power purchase agreement with utilities coupled with government incentives is likely to drive the industry. In 2015, Enel green power has signed a power purchase agreement with Endesa for large scale PV project in Chile.
- Major players in the industry are KACO Energy Inc., Advanced Energy, REFUsol, Schneider Electric, Ingeteam, ABB, Sungrow Power, Huawei Technologies, Elettronica Santerno, SMA Solar Technology, Mitsubishi, Growatt Energy, Omron, Bonfiglioli Riduttori, Siemens AG., Enphase Energy, Fronius International, Tabuchi Co., Ltd., Jiangsu Zeversolar.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.