March 15, 2023 6:30 AM ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. limited liability company
Del Newark, March 15, 2023 (GLOBE NEWSWIRE) — The global solar inverter market was valued at $11 billion in 2022 and is projected to reach $18.9 billion by 2032, growing at a CAGR of 6% between 2022 and 2032.
The demand for energy is growing year by year, which actually stimulates the demand for various renewable energy sources such as solar inverters.
The solar inverter value chain consists of inverter manufacturers, module manufacturers, merchants, distributors and end users. This complexity leaves little room for technological breakthroughs in solar installations.
Key factors associated with solar inverters include roof orientation, shading, summer and winter protection, roof slope, sloped panels, and more.
According to reports, the LCOE (Level Cost of Electricity) of solar PV production can be reduced by about 72%. This is one of the highest cost reduction rates compared to other forms of renewable energy such as wind. This is one of the factors accelerating the development of the solar inverter market.
Governments around the world are taking numerous initiatives and making tireless efforts to promote the adoption of inverters in industrial applications. For example, China’s National Energy Administration (NEA) has set targets for 2020 in its 14th Five-Year Plan. Its goal is to provide more than 50% of the total installed capacity by 2025.
Future Market Insights explores these aspects from a futuristic perspective in its latest market research called Solar Inverter Market. Expertise in the form of analysts and consultants can be implemented from both a micro and a macroeconomic point of view.
“The growing preference for energy efficient inverters by major market players is expected to remain the same even in the future,” said a solar inverter market analyst.
For more information or customization of this report @ https://www.futuremarketinsights.com/customization-available/rep-gb-6287
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Post time: Jul-24-2023