Selbyville, Delaware, Jan. 10, 2022 (GLOBE NEWSWIRE) --
Global residential solar PV inverter market value is expected to exceed USD 6 billion by 2028, as reported in the latest study by Global Market Insights Inc. The rising environmental concerns along with strict government reforms to minimize emissions have aligned residential shift toward the integration of effective energy conservation measures. In addition, the continuous technological developments including optimized product operations, flexibility, and efficiency will augment the industry dynamics.
Residential solar string PV inverter industry is anticipated to grow on account of cost-effectiveness in comparison to micro inverters. Operational feasibility along with individual connection with a single solar module for lower failure rate and cost incursion will foster the industry outlook. Moreover, growing regulatory concerns toward effective interconnection with grid-tied solar installations will upsurge the product deployment.
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The ability for efficient, flexible, and reliable operational performance across small & large residential installations will drive the single-phase PV inverters industry expansion. For instance, in April 2021, Schneider Electric announced an e-commerce Solar Store, in which customers can procure Schneider Electric’s solar products including the PV & hybrid inverters, power distribution panels, MPPT charge controllers, as well as accessories online. Favorable regulatory prospects including feed-in tariff schemes along with key manufacturers expanding their business spectrum will positively influence the business landscape.
Some major findings of the global residential solar PV Inverter market report include:
- Increasing renewable-based power generation sources along with the effective energy utilization norms will propel the business growth.
- The industry has significantly been influenced by geopolitical scenarios and strategic implications by the global and domestic industry participants.
- Rapid technological enhancements coupled with developing regulatory & consumer inclination toward the deployment of efficient inverter systems will encourage the product adoption.
- Eminent players operating across industry include Schneider Electric, Siemens, SHENZHEN SOFARSOLAR, SolarEdge Technologies, General Electric, Canadian Solar, etc.
- Decrease in overall component costs on account of rising manufacturing capacity and primitive technology advancements for effective operational efficiency will escalate solar installations.
Browse key industry insights spread across 109 pages with 319 market data tables & 34 figures & charts from the report, “Residential Solar PV Inverter Market Forecasts By Product (String Inverter, Micro Inverter), Phase (Single Phase, Three Phase), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/residential-solar-pv-inverter-market
Europe residential solar PV inverter market is expected to surpass over USD 1 billion by 2028. The initial growth across the region influenced by FIT programs across Italy, Spain, Germany, and a few other nations which in turn will propel the solar PV system adoption. In addition to the existing measures, the European Commission has levied numerous legislative measures to support renewable integration across the region. For instance, the Renewable Energy Directive lays a renewable integration target of at least 27% by 2030 across the region with energy savings and GHG reduction targets.
During the pandemic, the worldwide economies have witnessed a marginal downfall across overall industry scenario. The impact of the widespread pandemic over the supply chain has significantly increased the cost of components as well as raw materials for suppliers and manufacturers. However, the industry is anticipated to grow on account of increasing focus on distributed solar coupled with growing rooftop installations. Furthermore, the shifting consumer trend toward clean and sustainable energy will drive the residential solar PV inverter market statistics.
Browse the Toc of this report @ https://www.gminsights.com/toc/detail/residential-solar-pv-inverter-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.
