Favorable government initiatives to bring down the carbon content and the increasing requirement for uninterrupted power supply will boost the commercial application growth.Key players of the industry are KACO Energy Inc."Photovoltaic Inverter Market will witness heavy growth over 2016 to 2024, driven by favorable government initiatives and a strict regulatory framework to promote deployment of sustainable pure sine wave inverter energy resources..Global Market Insights, Inc. Residential photovoltaic inverter industry size exceeded a revenue of USD 1,480 million in 2015 and is expected to increase at a CAGR of 12% over the coming seven years. Increasing focus on the decentralization of power generation in emerging nations by electrification programs will have a positive impact on the global market.
Commercial applications consumed more than 10 GW power in 2015, and will witness heavy growth in the next seven years. It is forecast to cross over USD 6 billion by 2024.PV inverter market size in utility application segment was 20 GW in 2015, and is expected to grow substantially in the years to come. Strong urge toward off grid electricity clubbed with cost effectiveness of unconventional energy sources is having an assertive influence on the standalone photovoltaic inverter market.
Browse key industry insights spread across 142 pages with 364 market data tables & 13 figures & charts from the report, "Photovoltaic (PV) Inverter Market Size By Product (Standalone, On-Grid), By Technology (Micro, String, Central), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024" in detail along with the table of contents:pv-inverter-market Standalone and on grid photovoltaic inverters are the two types of PV inverters.., REFUsol, Advanced Energy, Ingeteam, Schneider Electric, ABB, Sungrow Power, Elettronica Santerno, and Huawei Technologies. The rising implementation of numerous solar projects and the untapped scope of the renewable energy sector will drive regional growth."PV Inverter Market size worth over USD 6 billion in 2015, is projected to exhibit high gains at a CAGR of more than 13% over the period 2016 to 2024.
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