PV inverter market size expected to grow at a CAGR of over 14.86% from 2016 to 2023.
PV inverter market size is projected to surpass USD 5 billion by 2023 and is expected to grow at a CAGR of over 14.86% from 2016 to 2023.
In terms of installation, the industry is likely to exhibit growth at a CAGR of over 21.53% over the forecast period. The spur in the industry can be subjected to increasing awareness regarding depletion of conventional energy sources. Proliferating usage of renewable resources is projected to drive the industry growth from 2016 to 2023.
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Photovoltaic (PV) inverters, also known as solar inverters, convert inconsistent direct current (DC) to alternating current (AC) frequency. These systems use MPPT (maximum power point tracking) technique to extract optimum power form solar panels. The frequency furnished by these systems can be supplied directly into the commercial network and can be used by local electrical network and off grid. Furthermore, it enables in direct use of commercial appliances. Flourishing technological innovations are likely to positively impact PV inverter market growth over coming years.
These systems are expected to play vital role for project regulators, investors as well as for developers. In addition, photovoltaic power supplied to the utility grid is expected to gain visibility as global solar energy demand is increasing. In addition, rising need to diminish carbon emission is expected to further propel the industry demand for solar inverter systems.
PV inverter systems market is anticipated to account for more than 10 to 15% of the overall equipment cost. High cost involved in installation of these systems is expected to hamper the industry growth over the forecast period. Unpredictable seasonal changes might negatively impact the industry growth.
Rapidly declining PV inverter price should improve industry penetration. Solid state inverters are the considered to be the compatible technology for implementing into the grid. Industry growth factors such as power purchase agreements and solar PV lease is anticipated to provide potential growth avenues from 2016 to 2023. In addition, solar carve-outs, reduced module costs, feed-in tariffs and renewable energy targets might are likely to surge PV inverter market demand over the forecast period.
Flourishing innovations in inverter technology accompanied by highly developed system optimization for residential applications up to utility scale photovoltaic projects is likely to boost the industry demand over the several forthcoming years. Criteria for selecting PV inverter include array size selection along with AC grid inter-tie.