NEW YORK, June 3, 2021 /PRNewswire/ -- The photovoltaic inverter market is expected to grow by USD 1.48 billion during 2021-2025, according to Technavio. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the photovoltaic inverter market in optimistic, probable, and pessimistic forecast scenarios.
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The bunker fuel market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio's pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
Market Segmentation by Technology:
Based on the segmentation by technology, the market generated maximum revenue in the string inverters segment in 2020. The market is driven by the increasing demand for electricity due to factors such as high urbanization rates and rising population. The growth of the market will be significant over the forecast period.
Market Segmentation by Geography:
APAC held the largest market share of 49% in 2020 and the market growth in the region is expected to be slower compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the increasing environmental concerns over the forecast period. China, India, and Japan are the key markets for photovoltaic inverters in APAC.
Get more insights about the global trends impacting the future of the market,
Major Three Photovoltaic Inverter Market Participants:
ABB Ltd. offers photovoltaic inverter under the brand, REACT 2.
Delta Electronics Inc.
Delta Electronics Inc. offers photovoltaic inverters for single and multi-residential rooftop applications, commercial BIPV applications, industrial building rooftops, and megawatts power station applications.
Eaton Corp. Plc
Eaton Corp. Plc offers ETN10K 10kW 3-Phase PV Grid Connect Inverter which has various features including 3 MPP trackers, firmware update capability, removable graphic data logger, and others.
CAGR of the market during the forecast period 2021-2025
Detailed information on factors that will assist photovoltaic inverter market growth during the next five years
Estimation of the photovoltaic inverter market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the photovoltaic inverter market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of photovoltaic inverter market vendors
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Along with the market data, Technavio offers customizations as per the specific needs of the companies. The following customization options are available for the photovoltaic inverter market report.
Further breakdown of the market segmentation in requested regions.
Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings
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