Solar PV Inverter Market Expanding at a CAGR of 5% during 2019-2024
According to the latest report by IMARC Group, titled “Solar PV Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global solar PV inverter market size reached US$ 6.7 Billion in 2018. A solar inverter, also known as PV inverter, is a device which plays a significant role in a solar electric power system. It converts the variable direct current (DC) output of a solar panel into the utility frequency alternating current (AC) which can then be supplied to the power grids or houses for operating different appliances. Moreover, it assists in maximizing the overall electricity production by varying the load and ensuring complete compliance with stringent policies of feeding electricity into the grid.
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Market Trends:
Since several years, the demand for solar inverters was primarily accounted by the commercial and industrial sectors. However, on account of the rising environmental concerns regarding greenhouse gas (GHG) emissions and the growing awareness among consumers about the importance of renewable energy sources, the demand for solar inverters is now also emerging from the residential sector. Moreover, inflating fossil fuel prices around the world are further driving the market. Apart from this, the declining cost of solar inverters in both the developed and developing economies is also impelling the growth of the market. Some of the other factors that are stimulating the market growth include technological advancements and the rising governmental support in several countries. Looking forward, the market value is projected to exceed US$ 9.1 Billion by 2024, expanding at a CAGR of around 5% during 2019-2024.
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