Solar Inverters/PV Inverters Market Size and Growth Rate:
According to the Research Report, the Global Solar Inverters/PV Inverters Market Size was valued at USD 41 Billion in 2018 and was Expected to Reach at a CAGR of 16.1% by 2025 during the forecast period 2019-2025.
Solar Inverters/PV Inverters Market Overview:
Global solar inverters/ PV inverters market is accounted to have the fastest growth rate in the foremost time span. These inverters convert variable direct current into the frequency alternating current with the help of the photovoltaic solar panel. They use maximum power point tracking to extract the possible power from the photovoltaic array. The solar inverters are highly safe and are designed in a parallel connection of multiple, independent units in a modular way.
Solar Inverters/PV Inverters Market Drivers and Restraints:
The growing prevalence of the solar power capacity along with increasing stations of solar plants is accelerating the growth of the market. Additionally, the government support in investing in solar power plants is propelling the demand of the global solar inverters market.
However, the lack of sufficient knowledge in monitoring the solar power generation is hampering the growth of the market. The complexity while installing the inverters and also a high cost for maintenance are considered to be challenging factors in the market.
The growing development with the advanced technology continuously, which is set to improve the functional operations is to show up growth opportunities for the market. The research on the solar inverters recently stated that these inverters will have a downfall in the prices and certainly have a huge demand in the future period.
Solar Inverters/PV Inverters Market Regional Analysis:
Regionally, Asia Pacific accounted for the highest shares of the market owing to increased product sales of these inverters and increased demand from the end-user industries. Following the Asia Pacific, North America is anticipated to hold the prominent shares of the market by adopting advanced technology and also government support in investments.
Some of the Promising Companies leading the Global Solar Inverters/PV Inverters Market Profiled in the Report are:
- Ascend Performance Materials Inc
- E. I. du Pont de Nemours and Company
- Honeywell International Inc
- Royal DSM
- Asahi Kasei
- DIC Corporation
The Research Report segments the Solar Inverters/PV Inverters Market into the following submarkets:
Solar Inverters/PV Inverters Market – By Type:
- String Inverters
Solar Inverters/PV Inverters Market – By Deployment Mode:
Solar Inverters/PV Inverters Market – By End-User:
- aircrafts structures
- defense industry
- electrical & electronics
- consumer goods
- industrial sectors
Solar Inverters/PV Inverters Market – By Region:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa