Global Photovoltaic Inverter Market 2018-2022
About Photovoltaic Inverter
The PV inverter is a device, which converts direct current (DC) from the solar panels in to alternative current (AC) of the required frequency.
Technavio’s analysts forecast the global photovoltaic inverter market to grow at a CAGR of 13.90% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global photovoltaic inverter market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Photovoltaic Inverter Market 2018-2022
Technavio recognizes the following companies as the key players in the global photovoltaic inverter market: ABB, SMA Solar Technology, OMRON Corporation, Huawei, TMEIC, and SUNGROW.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for polycrystalline solar panels. Different types of films such as monocrystalline, polycrystalline, and amorphous films are used in solar panels, among which monocrystalline films are the most popular films.”
According to the report, one driver in the market is decline in LOCE of solar power generation and cost of solar inverters. The cost of solar power generation has been reducing over the last five years. The cost of the PV systems reduced drastically due to improvements in technology and projects management.
Further, the report states that one challenge in the market is intermittent nature of solar energy. With the reducing installation cost and environmentally friendly government regulations, the solar PV market is growing rapidly. However, the intermittent nature of solar energy is a major challenge for the market growth.
ABB, SMA Solar Technology, OMRON Corporation, Huawei, TMEIC, and SUNGROW.