PV inverter market size was valued at $ 8.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.6%


Posted October 27, 2021 by Bhargav

PV Inverter Market is expected at USD 2.16 billion in 2021 and is anticipated to extent an over of USD 9.79 billion

 
Market overview:
Expanding interest for environmentally friendly energy because of high energy utilization, just as a decrease in environmentally friendly power creation costs, is relied upon to drive market development in the coming years. The expense of developing sustainable power has dropped drastically and it is currently serious to meet new limit needs. Photovoltaic solar energy has brought about a critical decrease in the limited expense of power (LCOE). This drop in power creation costs has been joined by a decrease in the establishment expenses of solar modules, inverters and related hardware. This pattern ought to decidedly impact the interest for items.

Recent developments:
The innovation organization and inverter maker Huawei reported on Monday the making of Huawei Digital Energy Technology, which will work in the sustainable power and electric mobility sections.

Market Drivers and Restrains:
The solar PV inverter market has seen exceptionally high growth, in terms of facility capacity, but the global market is expected to be significantly affected by anti-dumping fees. A few nations have set up enemy of unloading levies on imports of solar items, which are relatively less expensive than the homegrown market. These charges were gathered because of the disintegration in costs that hampered the homegrown market for solar hardware.

To know more read:
https://www.marketdataforecast.com/market-reports/pv-inverter-market
Report is segmented as:
By Technology:
• Central inverters
• Micro inverters
• String inverters
• Power optimizers
By End Use:
• Industrial
• Commercial
• Utility investor

Geographical Segmentation:
The Asia Pacific territorial market represented the biggest piece of the market of 42.2% in 2019 and is relied upon to grow further at the quickest CAGR during the figure time frame. China is the principle supporter of the fast development of the solar market in APAC and is likewise a worldwide contender. An expanding number of solar establishments in APAC agricultural nations have additionally contributed essentially to the development of the market.

Impact of COVID-19 on PV Inverter Market:
The PV inverter market is relied upon to record a CAGR of over 8% during the conjecture time frame. The COVID-19 pandemic has made production network issues in different areas of the solar PV inverter industry. Industry has also been hit hard by reduced electricity consumption and slower economic growth. However, with the resumption of market activities on a global scale, the market demand is increasing at a faster rate. Factors such as falling inverter prices and the rise in solar PV installations are expected to drive market growth. Technological advancements leading to lower solar panel manufacturing costs and increased efficiency have also been a major factor in the growth of the solar photovoltaic inverter market. However, a general lack of awareness, infrastructure development costs, and recent cuts in solar panel subsidies by governments in the Asia-Pacific region have hampered market growth.

Key market players:
Huawei Technologies (China), Sungrow Power Supply (China), SMA Solar Technology (Germany), Power Electronics (Spain), and ABB (Switzerland) are the major players operating in the market.
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Last Updated October 27, 2021