PV Inverter Market Value to Reach US$ 12.1 Billion by 2026
The global PV Inverter market value is poised to reach around US$ 12.1 billion by 2026 and estimated to grow at CAGR above 8.1% over the forecast time frame.
LOS ANGELES, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “PV Inverter Market (By Product: String, Central, Micro, Other; By End Use: Residential, Commercial & Industrial, Utilities) - Global Industry Size, Share, Trends and Forecast 2019 - 2026”.
Rising industry initiatives to improve solar inverter technology's effectiveness and operational lives will favorably affect business dynamics. Growing penetration of large-scale photovoltaic initiatives to achieve green economy status will increase consumer implementation. Demand for solar photovoltaics (PV) inverters is motivated mainly by enhanced demand for solar energy and renewable generation. Globally, solar power is anticipated to dominate fresh power acquisitions in the renewable industry; where initiatives bigger than 5 megawatts will retain over 60% of the worldwide industry. This requires into consideration the development of all PV devices during facilities, including solar inverters, used for electricity transformation.
Renewables have experienced unprecedented development over the previous century, continuously exceeding expectations. More businesses commit to their energy shifts from standard to renewable sources. The evolving customer desire for a sustainable setting, ambitious central government objectives combined with appropriate preparation and execution of several supporting measures have resulted to important advances in renewable energy. Renewable power has become predominantly a viable option as culture lies at a critical juncture where the earth is on a cusp of adopting clean power on an unprecedented scale.
Solar power has quickly gained popularity. It produces electricity without pollution, no fuel price volatility, and no gas expenses. Also, the sustainability potential of moving the globe toward inexpensive, reliable, and cleaner energy sources is also an important development parameter. Such variables led in enhanced photovoltaic facilities, directly affecting supply for PV inverters. Solar machinery experienced continuous development in all end-use industries combined with potential development opportunities in housing, industrial, and utility-scale industries. Utility is among the solar PV inverter market's most expanding end-use industries. Industry presently accounts for about one-third of worldwide energy use. Industrial and commercial energy demand was the most impactful development opportunities, particularly in developing and emerging markets. The latest market innovation is the photovoltaic inverter solar panel concept. Increasing R&D operations to improve PV technology's operational efficiency and cost-effectiveness will further fuel consumer requirement.
Cost efficiency, lengthy operating life and capacity to operate under fluctuating energy circumstances are some of the essential parameters affecting item acceptance. In addition, increasing incorporation of intelligent working parts and the implementation of sophisticated cloud techniques will further fuel business dynamics. Single-phase PV inverter technology is expected to witness considerable growth due to rising urban migration, along with supporting government reforms to reinforce small-scale industries. Growing rooftop photovoltaic technology penetration with legislative steps to achieve full electrification status will boost brand acceptance. Growing investments in large-capacity photovoltaic initiatives with improved operational efficiency will drive business dynamics. Moreover, increasing demand for uninterrupted energy across multiple sectors including mining, steel, electronics, and oil & gas will further increase item implementation.
Asia Pacific resulted with over 50% market share in 2018. This can be immediately ascribed to ordering several grid-scale solar plants across the region, particularly China and India. Government subsidies and buy incentives performed a key part in pushing the region's solar power plants. China is the world's biggest solar-based nation and is regarded a driving force for global solar sector. The nation altered the worldwide energy map with an exceptional rise in solar investment. Japan has led significantly to the Asian economy due to its market players and technological advances combined with increasing demand for intelligent solar. North America is a mature US economy as a major contributor.
Key Players & Strategies
Some vital players in the PV Inverter market include Siemens AG, Hitachi Eaton, H-Rel Power Electronics Pvt. Ltd, ABB, Tigo Energy, SunPower Corporation, KACO Omron Corporation, Power-One, and Enphase Energy. Solar inverters' value chain is significantly complex, as is the entire value chain of photovoltaics. Different solar value chain elements represent varying income generation.
