Selbyville, Delaware, May 23, 2022 (GLOBE NEWSWIRE) --
The utility scale PV inverter market size is expected to record a valuation of USD 10 billion by 2028, according to the most recent study by Global Market Insights Inc.
The market growth is credited to the rising deployment of large-scale solar projects along with various government initiatives and targets for the adoption of renewable. Stringent regulatory reforms for renewable acceptance coupled with the gradual phasing out of high carbon footprint power projects is set to proliferate the industry scenario.
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The central utility scale PV inverter market is anticipated to witness substantial gains during the forecast period on account of the continuous efforts for the integration of renewable energy sources including the solar power into the grid infrastructure. Rising awareness toward the mitigation of carbon emissions from power generating plants will foster the marketplace. Moreover, the introduction of favorable reforms, green bonds, certificates, and incentives by policymakers will supplement the industry expansion.
The < 1500 V utility scale PV inverter market is predicted to observe a 3% growth rate till 2028. The growing demand for effective monitoring devices to reduce operational hazards and increase the overall efficiency of the plant will escalate the product penetration. Improved productivity, reduced response time delays, and identification of performance issues are amongst the various features offered by Utility Scale PV Inverters as monitoring components, which is beneficial for its preference over other alternatives. Furthermore, rapid technological enhancements combined with energy optimization measures are a few of the key factors that will boost the industry growth.
The North American utility scale PV inverter market will showcase multifold growth in the coming years owing to the growing preference for clean energy sources over traditional fuels. Countries including the U.S. and Canada are focusing on tax benefits, financial assistance, and subsidies to encourage the deployment of large-scale solar integration and to achieve the defined targets, which is set to propel the business landscape. In addition, the increasing energy demand on account of the rising population in the region is surging the need to integrate sustainable sources into the energy mix, which will further complement the market demand.
The major players operating in the global Utility Scale PV Inverter market include Sungrow, Siemens, SMA Solar Technology AG, Darforn Electronics Corp., Enphase Energy, SolarEdge Technologies, Inc., Growatt New Energy, Schneider Electric, Fronius International GmbH, Eaton, Fimer Group, Delta Electronics, Inc., TMEIC, Canadian Solar, and Tabuchi Electric Co., Ltd.
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Some of the key findings of the global Utility Scale PV Inverter market report include:
- A positive outlook toward clean energy will enhance the technology usage during the forecast timeframe.
- Favorable regulatory inclination toward sustainable technologies will positively sway the product demand.
- The growing integration of renewable energy across the power sector will accelerate the business growth.
- The soaring need for energy across remote and rural areas in developing nations will complement the technology penetration.
- The ongoing restructuring & refurbishment of electrical structures will drive the product adoption over other alternatives.
Table of Contents (ToC) of the report
Chapter 3 Utility Scale PV Inverter Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Positive outlook toward clean energy
3.5.1.2 Large-scale renewable integration
3.5.1.3 Growing demand for distributed energy
3.5.2 Industry pitfalls & challenges
3.5.2.1 Price increase due to supply chain disruption
3.5.2.2 Availability of auxiliary technologies
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape
3.9 PESTEL Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/utility-scale-pv-inverter-market
About Global Market Insights Inc.
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.
