Photovoltaic (PV) Inverter Market Size Worth $19.8bn by 2024: Global Market Insights Inc.

Photovoltaic (PV) Inverter Market Size Worth $19.8bn by 2024: Global Market Insights Inc.

Global Market Insights, Inc.Ltd. in its new report forecasts the Photovoltaic (PV) Inverter Market size to reach USD 19.87 billion by 2024.

The report states that decreasing solar component cost associated with increasing adoption of clean fuel energy will drive the Photovoltaic (PV) inverter market size. Technology advancement and manufacturing improvement have positively impacted the industry outlook.

Inverter Market

Favorable government initiatives such as PPA, feed in tariff and net metering to promote development and deployment of renewable energy technologies will encourage PV inverter market size during the forecast period.

Increasing off grid electricity demand will further complement the industry outlook. Growing need for clean and reliable electricity will further compliment the industry growth. As of 2015, over 600 million population in Africa has no or poor electricity access. Lack of consumer awareness towards incentives introduced by the respective government may hinder industry growth over forecast period.

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.
  • Central PV inverter market was valued over 20 GW in 2015 and in term of revenue is likely to exceed USD 10 billion during forecast period. Increasing deployment of commercial and utility solar project may favor the business in future.
  • Chile is expected to reach over USD 150 million by 2024. Engagement of power purchase agreement with utilities coupled with government incentives is likely to drive the industry. In 2015, Enel green power has signed a power purchase agreement with Endesa for large scale PV project in Chile.
  • UK PV inverter market share was valued over USD 400 million in 2015 and in term of volume is expected to witness a significant growth over 17% by 2024.
  • Major players in the industry are KACO Energy Inc., Advanced Energy, REFUsol, Schneider Electric, Ingeteam, ABB, Sungrow Power, Huawei Technologies, Elettronica Santerno, SMA Solar Technology, Mitsubishi, Growatt Energy, Omron, Bonfiglioli Riduttori, Siemens AG., Enphase Energy, Fronius International, Tabuchi Co., Ltd., Jiangsu Zeversolar.

The market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and volume in MW from 2013 to 2024, for the following segments:

Global PV Inverter Market by Connectivity

  • Standalone
  • On-grid

Global PV Inverter Market by Product

  • Micro
  • String
  • Central

Global PV Inverter Market by Application

  • Residential
  • Commercial
  • Utility

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • Spain
    • France
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
  • Africa
    • UAE
    • South Africa
  • Latin America
    • Brazil
    • Chile

Source: prnewswire

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