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PV Inverter Market – Global Industry Analysis Report, Share, Size, Growth, Price Trends and Forecast

PV inverter market size in utility application segment was 20 GW in 2015, and is expected to grow substantially in the years to come.

Photovoltaic Inverter Market will witness heavy growth over 2016 to 2024, driven by favorable government initiatives and a strict regulatory framework to promote deployment of sustainable energy resources.

Monetary assistance along with various supporting schemes such as net metering, feed in tariff, and upcoming projects on renewable energy will further propel industry growth. In 2015, financial incentives and net metering accounted for 78% and 15% of the global photovoltaic inverter market respectively.

As per a report by Global Market Insights, Inc., “PV Inverter Market size worth over USD 6 billion in 2015, is projected to exhibit high gains at a CAGR of more than 13% over the period 2016 to 2024.”

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Major photovoltaic inverter products include On-Grid and Standalone products. On-Grid PV inverter market is projected to reach USD 10 billion by 2024. Schemes such as feed-in tariffs and net energy metering are expected to add towards the growing product demand. Standalone Photovoltaic (PV) inverter market size is projected to be estimated at USD 6 billion by 2024. The growth can be credited to high demand for renewable energy along with the growing use of off-grid standalone systems in regions of Africa and Asia. 

Based on the technology, PV industry is segmented into micro, central, battery based, and String PV inverters. String PV inverter market size is projected to grow at a rate of 19% over the period of 2016-2024. These technologies can be easily deployed and provides low initial cost per watt. Micro PV inverter market revenue worth USD 1 billion in 2015, is expected to witness a significant growth over the coming years. The growth can be credited to its rising installations in commercial as well as residential sectors. Central PV inverter market is expected to grow significantly over the next few years due to its growing use in commercial and utility-scale projects. 

U.S. PV inverter market is projected to record highest gains of approximately 14% over the next eight years, owing to favorable government policies supporting the growth of renewable energy technologies. Furthermore, stringent government norms to enhance energy efficiency is expected to drive the regional growth.

Key insights from the report include:

  • U.S. PV inverter market size is anticipated to witness over 14% growth by 2024. Government incentives including tax rebate, subsidy and financial assistance for development of renewable energy technologies may propel the industry growth.
     
  • Standalone PV inverter market size was valued over 17 GW in 2015 and in term of revenue is expected to reach over USD 6 billion by 2024 owing to increasing off grid electricity demand. 
  • South Africa was valued over 100 MW in 2015 and in term of revenue is forecast to reach over USD 30 million by 2024. Growing demand reliable and clean energy may favor the industry growth. The Government of Africa has implemented Renewable Energy Independent Power Producer Programs which aims to install 10,000 GWh of renewable energy. 
  • Commercial applications were valued over 10 GW in 2015 and are expected to witness growth subject to regulatory initiatives towards energy efficiency. Growing infrastructure in emerging economies will further boost the demand for PV inverter in future. 
  • China PV inverter market share is likely to exceed 70 GW by 2024. National energy administration has announced to install over 18 GW of photovoltaic systems.

 About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

 

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ABOUT THE AUTHOR


Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
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Email: sales@gminsights.com
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