Selbyville, Delaware, Dec. 09, 2020 (GLOBE NEWSWIRE) --
The PV inverter market revenue is set to cross USD 16 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Increasing deployment of sustainable energy storage systems coupled with stringent government norms to curtail GHG emissions will fuel the industry dynamics. Moreover, large scale renewable integration prospects along with rising clean energy demand will accelerate the business scenario. Ongoing technological enhancements to integrate real time analysis management and advanced monitoring & control systems across solar PV farms will further boost the product adoption.
Commercial photovoltaic inverter market is expected to exceed USD 4 billion by 2026. Growing integration of renewable systems across power grid networks will boost the business scenario. Positive consumer inclination toward sustainable power generation along with increasing fiscal benefits associated with installation of solar components will sway the product demand. Rising environmental concerns followed by favourable government norms toward integration of energy conservation measures will drive the industry landscape.
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Ongoing technological enhancements to provide high design flexibility, reliable performance as well as low installation cost will propel the string PV inverter demand. For instance, Kstar in 2020 launched its new string inverter for large-scale applications, offering 99% efficiency with arcing protection and automatic shutdown function. Moreover, growing applicability of these advanced systems across residential, commercial and small-scale utility installations will further sway the product demand.
Some prime findings of the PV inverter market report include:
- Global market is growing rapidly owing to increasing investments across renewable energy prospects.
- Ongoing technological advancements to integrate cloud-based solutions across renewable powered networks will positively stimulate the product demand.
- Key players operational across the market includes SMA, Enphase, Schneider Electric, General Electric, Huawei, Sungrow and TMEIC.
- Large scale renewable integration followed by growing inclination toward development of sustainable energy infrastructure will positively sway the PV inverter industry dynamics.
Browse key industry insights spread across 886 pages with 1,609 market data tables & 58 figures & charts from the report, “PV Inverter Market By Power Class (Single Phase, Three Phase {Low Power [≤99 Kw], High Power [>99 kW]}), Nominal Output Power (≤ 300 W, 300 - 3,000 W, 3,000 - 33,000 W, 33,000 - 110,000 W, > 110,000 W), Nominal Output Voltage (≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V), Product (Micro, String, Central {Transformer Based, Transformer Less}), Connectivity (Stand-alone, On-grid), Application (Residential, Commercial {College/University, Office, Government/Military}, Industrial {Chemical, Paper, Food Processing}, Utility), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pv-inverter-market
230 - 400V PV inverter market is anticipated to register over 7% CAGR through 2026. Ongoing commercial expansion across developing economies followed by growing adoption of sustainable energy generation sources will further escalate the industry scenario. For instance, Panasonic launched an energy storage system EverVolt in 2019 which offers a customer-friendly app integrated with advanced software ensuring easy customization. Rising electricity consumption across small-scale industrial establishments favored by integration of advanced power storage systems across renewable grid networks will further propel the business outlook.
European PV inverter market is estimated to rise on account of increasing investments toward installation of solar PV farms followed by stringent government regulations to curtail usage of conventional fuels. According to Bloomberg, in 2019 Europe invested over USD 75 billion across the sustainable energy sector out of which over 30% of total investment was bagged by solar energy sector.
COVID - 19 impact has resulted into the decline in public and private investments across the clean energy sector. However, the developed countries are focusing on over-compensating the impacts of COVID by fast tracking the construction activities of their existing solar PV projects. In addition, continuous rise in electricity demand across the industrial, commercial, and residential sector will drive the business outlook.
Toc of this report @ https://www.gminsights.com/toc/detail/pv-inverter-market
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Organic PV Solar Cells Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
https://www.gminsights.com/industry-analysis/organic-pv-solar-cells-market
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.