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.”
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/234
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:
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.
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR