Advantages of PV inverter installation such as higher efficiency, eco-friendly infrastructure, and cost-effectiveness are key factors driving market revenue growth
The global photovoltaic (PV) inverter market size is expected to reach USD 14.50 Billion in 2028 and register a revenue CAGR of 5.7% over the forecast period, according to the latest report by Reports and Data. Increasing demand for renewable energy, rising awareness about the advantages of PV inverter installation such as higher deficiency, eco-friendly infrastructure, and cost-effectiveness are some of the major factors driving market revenue growth. Other factors include rising concerns regarding environmental impact and need to reduce air pollution, and volatility of fossil fuel prices. Photovoltaic (PV) inverter, also known as solar inverter, is an electrical converter that switches Direct Current (DC) generated from photovoltaic (PV) solar panels into Alternating Current (AC).
PV inverters are widely used in utility, commercial, and residential sectors. Utility segment accounts for largest revenue share in the global market in 2020. This can be attributed to rising preference for solar renewable energy, and decreasing costs of solar power and equipment. Asia pacific registered robust revenue growth rate among the regional markets in 2020, which is expected to expand at a rapid CAGR over the forecast period. This can be attributed to increasing industrialization, increasing number of solar PV installations, and growing concerns regarding pollution in countries in the region.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter's Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launch and brand promotions.
Key companies profiled in the report include:
SMA Solar Technology AG, SunPower, Delta Electronics, Inc., TMEIC Corporation, Siemens Energy, OMRON Corp., Emerson Electric Co., Kstar New Energy Co. Ltd., Power Electronics SL, and Hitachi Hi-Rel Power Electronics Pvt. Ltd.
Market Segmentation by Types:
Product Outlook (Revenue, USD Billion; 2018-2028)
- String Inverters,
- Central Inverters
- Micro PV Inverters
- Hybrid Inverters
Design Outlook (Revenue, USD Billion; 2018-2028)
- Stand-Alone Inverters
- Grid-Tie Inverters
- Battery Backup Inverters
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Utility
- Commercial
- Residential
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Photovoltaic (PV) Inverter market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
Some Key Highlights From the Report:
- In December 2020, Usha Shriram, launched a range of super-efficient solar off grid combo systems. The system supplies seamless power for critical loads in areas where power grid is unavailable.
- Central PV inverters segment accounts for largest revenue share in the global market in 2020. This can be attributed to increasing demand for central PV inverters due to various advantages such as cost effectiveness, enhanced efficiency, and ease of installation.
- North America accounts for significant large revenue share in the global market in 2020. Increasing demand for solar power energy in residential sectors, and rising adoption of PV inverters by commercial and industrial sectors are some major factors driving revenue growth of the market in this region.
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