Photovoltaic (PV) Inverter Market to surpass US$ 9 billion driven by the rising environmental awareness

August 23, 2023 05:18 AM PDT | By EIN Presswire

Google News:

Photovoltaic (PV) Inverter Market to surpass US$ 9 billion driven by the rising environmental awareness — Image source: Kalkine Media

Recent News

Why Is OFG Bancorp (NYSE:OFG) Facing Volatility On The NYSE and S&P Re...

Is Babcock & Wilcox Enterprises (NYSE:BW) Reflecting NYSE Composite Se...

Is Danaher Corporation (NYSE:DHR) Price Volatility Reflecting Sector S...

Is La-Z-Boy (NYSE:LZB) Drawing Market Focus On NYSE and S&P 400 Follow...

NOIDA, UTTAR PRADESH, INDIA, August 23, 2023/EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the photovoltaic (PV) inverter market is projected to grow at a CAGR of 10.03% between 2021 and 2028 to reach US$9.135 billion by 2028.

Some of the prime factors propelling the photovoltaic inverter market growth are the increasing demand for renewable energy, technological advancements, implementation of zero-emission policies by businesses, and government policies and measures.

A photovoltaic inverter, commonly known as a solar inverter, is a crucial component in a photovoltaic solar power system. Its primary function is to change the solar panels' direct current (DC) electricity into alternating current (AC), which may be utilized to power buildings, commercial buildings, and the electrical grid.

Various collaborations and technological advancements are driving the photovoltaic inverter market. For instance, SOFAR launched its new inverter for the global market named SOFAR 100-125KTL-G4 at the World Future Energy Summit. The new inverter is less than 75 kg in weight and requires minimal additional labor to install. Additionally, the cloud monitoring platform makes it possible for hassle-free O&M.

Access sample report or view details: https://www.knowledge-sourcing.com/report/pv-inverter-market

The photovoltaic inverter market is segmented into standalone and on-grid depending on the connectivity. Standalone PV inverters systems are commonly employed in remote areas or locations where grid access is unavailable or unreliable. Technological advancements and an increasing need for decentralized energy generation are driving the segment’s growth. For instance, Solis released its new off-grid inverter designed for areas with frequent power outages named S5-EO1P(4-5)K-48 series. It boasts a peak efficiency rating of 96.7% and includes an AC charging capability.

The photovoltaic inverter market is segmented into micro, string, and central, based on the type. The microinverter segment is experiencing significant growth, largely due to several advantages it offers. The increased efficiency in microinverters translates to higher energy production, making them an attractive option for consumers looking to maximize their solar system's output.

The market is divided into residential, commercial, and industrial, based on application. The residential sector involves solar installations on individual homes and residential buildings. This segment is witnessing significant growth owing to several factors such as rising awareness and adoption, and government incentives and policies. For instance, the People's Climate Vote Survey conducted by the UNDP in 2021 found that 64% of people agree that urgent action is needed to address the global emergency of climate change. The majority of survey respondents in eight of the 10 nations with the largest power sector emissions supported renewable energy sources.

Geographically, North America holds a substantial share of the photovoltaic inverter market owing to population growth leading to more power outages, growing installations of residential energy storage systems, and growing investments in solar energy and off-grid energy. For instance, as per SEIA's data for 2021, the United States added 5.4 gigawatts of solar photovoltaic capacity, resulting in a cumulative installed capacity of 113.5 gigawatts. This amount of capacity is sufficient to provide power to approximately 21.8 million households in the United States.

The research study includes coverage of SMA Solar Technology AG, SUNGROW, Delta Electronics Inc., Omron Corporation, TMEIC, Sineng, CHINT Group, Solax Power, SolarEdge, and Huawei among other significant players in the photovoltaic inverter market.

The photovoltaic inverter market report segments the market as below:

• By Connectivity

o Standalone
o On-Grid

• By Type

o Micro
o String
o Central

• By Application

o Residential
o Commercial
o Industrial

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Thailand
• Others

Explore More Reports:

• Inverter Battery Market: https://www.knowledge-sourcing.com/report/inverter-battery-market

• Global Inverter Market: https://www.knowledge-sourcing.com/report/global-inverter-market

• Central Inverter Market: https://www.knowledge-sourcing.com/report/central-inverter-market

Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
[email protected]
Visit us on social media:
Facebook
Twitter
LinkedIn

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.