SELBYVILLE, Del., Aug. 16, 2019 /PRNewswire/ -- Global Market Insights, Inc., announces a research report on 'Photovoltaic Inverter Market Trends & Forecast 2018-2024'. The report covers an extensive analysis of the power class, nominal output power, nominal output voltage, and connectivity landscapes. The report also presents a detailed summary of the stand-alone, product, application, regional, and competitive spectrums.
The growing emphasis on the adoption of solar power generation solutions primarily to curb global CO2 emission will boost PV inverter market trends. According to the International Energy Agency (IEA) report, the total installed solar photovoltaic (PV) capacity worldwide is expected to surpass 1,600 Gigawatts (GW) by 2030. PV inverters are a vital component of any solar power generation systems. The product is well designed to offer longer service lifetimes and is efficient to fulfill the user's energy demands.
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Increasing deployment of rooftop solar PV systems across both urban and rural areas is expected to boost the size of the PV inverters industry. The product is an affordable and cost-efficient alternative to expensive generators. It also provides a high-quality, stable output response for a wide range of customer appliances. Growing social awareness regarding the benefits of solar power systems and the introduction of government subsidies to promote sales is anticipated to offer impetus to industry growth.
Increasing technological advancements in the solar power generation sector are expected to further propel the PV inverter market size. Companies are launching hybrid solar inverters lately that come with features like compact design, easy scalability, quick launch via app, and easy maintenance.
Additionally, rising investments towards the deployment of large scale solar farms worldwide would open new growth opportunities and drive PV inverter market growth over the upcoming years. Many firms have commenced construction on high-capacity solar photovoltaic (PV) plants worldwide and have plans to make them operational by 2020.
The residential and commercial application segments are estimated to accelerate growth in the PV inverter market owing to surging demand for rooftop solar PV systems. The product has gained immense traction across developed and developing economies on account of factors like increasing the cost of electricity, rising urbanization and industrialization, growing population, increase sales of consumer electronics and more.
By switching to solar PV solutions, customers can reduce cost on electricity bills as well as gain additional benefits like longer lifetime assurance, extended warranty and safety certifications.
Government-backed price concessions on solar PV parts and components have also led to increased adoption of clean, renewable electricity sources, which has thereby augmented product demand. Additionally, investment in solar power generation sector is anticipated to foster PV inverter market expansion.
Browse key industry insights spread across 480 pages with 976 market data tables & 16 figures & charts from the report, "PV Inverter Market Forecasts 2018 – 2024" in detail along with the table of contents:
According to the Solar Energy Industries Association, in 2018, solar generated $17 billion in investments for the U.S. economy. Moreover, due to the federal solar Investment Tax Credit (ITC), homeowners have been able to claim 30% of the cost of installing a new residential solar system since 2016. These factors will majorly augment PV inverter market share from residential applications.
Asia Pacific market is projected to garner considerable gains on account of rising power tariff across the region along with increasing federal initiatives focused on promoting the use of renewable energy solutions to mitigate carbon emissions. Factors like low-cost labor and the presence of market players and resources are allowing the region's solar industry to employ a large number of employees and develop solar project at an incredible pace.
The rising expansion of the renewable sector across China will also augment the APAC industry outlook. Driven by the increasing number of energy conservation reforms in the region, the size of the China photovoltaic (PV) inverter market is anticipated to register an annual shipment of more than 25 GW by 2024.
The Energy Transition Commission (ETC India) predicts renewables to become the preferred source of energy by 2030 with tariffs for solar power ranging between Rs 1.9-2.3/kWh and storage cost declining by around 70%.
Investments toward development of new solar power plants have also supplemented the regional PV inverter market size. In 2018, the Karnataka government inaugurated the world's largest solar park, dubbed Shakti Sthala, with an estimated capacity of 2,000 MW fueled by an investment of Rs16,500 crore.
Additionally, in 2019, Andhra Pradesh developed around 3.3 GW of grid-connected solar capacity which includes the fully operational 1 GW Kurnool Solar Park. Credible reports suggest that solar installation in India is further expected to increase to 360% by 2020.
Implementation of new strategic government policies to increase capacity of solar power generation will compliment regional market outlook. According to IBEF, the government of India has released its roadmap to reach renewable energy capacity of 175 GW by 2022, which includes 100 GW of solar power.
Furthermore, the Union Government of India is preparing a 'rent a roof' policy for supporting its target of generating 40GW of power through solar rooftop projects by 2022. Instances such as these will generate new growth opportunities for regional players, thereby boosting Asia Pacific market size.
The Europe PV inverter industry is subject to lucrative growth owing to stringent federal norms targeting reduction in carbon footprint and increasing adoption of renewable energy sources (RES). Development of new solar power projects and implementation of supportive policies to subsidize cost on renewable power generation system components will complement market size. As per reports, UK's post-subsidy large-scale solar pipeline has grown to over 5GW in the first half of 2019. Meanwhile, over 60 new solar farms have been identified, accounting for around 1.8GW of additional capacity.
In essence, the global PV inverter market is estimated to witness prolonged growth over the coming years and is expected to generate new growth revenues owing to rapid expansion in the renewable energy generation sector and investments from nations worldwide.
What does this report offer?
The PV inverter market report offers a brief synopsis of industry segments like product, application, power class, nominal power output and region outlook. The study provides elaborates insights on this industry in terms of numerous parameters, such as growth drivers impacting commercialization graph of business space, industry outlook, market segmentation, and trends characterizing the global industry.
According to the report, the product segment of PV inverter market is subdivided into micro PV inverter, string PV inverter and central PV inverter.
Essential factors encompassed in the report pertaining to product segment are the market share of each subsegment, remunerative forecast over the projected period, and development trends.
An in-depth analysis of the application segment of the market is entailed in the research report. The application segment is segmented into residential, commercial, industrial and utility.
In terms of the power class landscape, the PV inverter market is divided into single-phase, three-phase, and high power. The power class segment entails a detailed collection of industry scope, prioritized market definitions, and leading driving factors.
The PV inverter industry report also puts emphasis on the market share of subsegments that are currently entailed and are likely to by the end of the forecast timeframe. Several trends characterizing the performance of the end-use landscape have further been elaborated in the report.
In terms of regional analysis, the PV inverter market report is segmented into U.S., France, Netherland, Canada, Mexico, UK, Italy, Germany, Austria, China, Sweden, Russia, Spain, Australia, India, Israel, Saudi Arabia, UAE, Japan, South Korea, Jordan, South Africa, Brazil, Chile Egypt, Algeria, and Nigeria. The regions are further classified based on consumer base, market contribution, availability of industry players, and other aspects.
The PV inverter market report also comprises of a collection of key parameters that would make it easy for leading stakeholders to undertake necessary decisions. The research report includes vital information about market driving factors, SWOT analysis, and more.
The document also offers an overall industry executive summary, ecosystem analysis, industry insights, an overview of global trends, and the market segmentation. Deliverables pertaining to the regulatory spectrum as well as competitive scenario are discussed in the report along with the business tactics adopted by the industry players.
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PV Inverter Market Forecasts to 2024
The worldwide PV Inverter Market is set to register over 8% CAGR up to 2024, on account of large-scale renewable integration and favorable regulatory inclination towards sustainable energy.
SOURCE Global Market Insights, Inc.