Press Release-Solar Inverter Market to Reach Valuation of USD 12.93 Billion by 2028 - The rapidly Growing Demand for Renewable Energy, Continuing Rural Electrification, Favorable Government Regulations, and Investments in Renewable Energy are Driving the Solar PV Inverter Industry
Vantage Market Research |
Solar Inverter Market to Reach Valuation of USD 12.93 Billion by 2028 - The rapidly Growing Demand for Renewable Energy, Continuing Rural Electrification, Favorable Government Regulations, and Investments in Renewable Energy are Driving the Solar PV Inverter Industry
From the period of 2022 to 2028, the Global Solar Inverter Market is expected to reach USD 12.93 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 8.5%.
Since it converts DC power from solar panels to AC power, the Solar Inverter Market is an essential component of a solar system. Solar inverters track voltage, communicate with the grid, and shut down in an emergency, among other functions. On-grid solar inverters produce a purer sine wave of AC energy than off-grid inverters, ensuring home equipment safety and efficiency. Furthermore, while solar inverters are most commonly used in residential and utility applications, they are increasingly being used in commercial and industrial projects around the world. The market is also growing as a result of the growing number of solar power plants that are connected to the grid using on-grid inverters and feed-in tariff (FIT) rules. Furthermore, as the demand for energy grows year after year, so does the demand for other renewables like solar energy and equipment. Since the decline in gas prices in 2021, alternative energy, notably wind and solar, has been put on the back burner, and the trend has spread across various businesses.
Key Highlights from the Report
Market Dynamics:
Increasing String Inverter Usage Across the Commercial and Utility Sectors
Residential, commercial, and industrial uses, as well as large-scale utility projects, can all benefit from string inverters. Individual connections with a single PV module are possible with these inverters, resulting in cheaper costs and fewer failure rates. In comparison to its competitors, rising regulatory concerns about the availability of appropriate interconnection with on-grid solar projects will enhance deployment possibilities. Furthermore, these products have excellent operational feasibility across a wide range of applications, such as auxiliary line support, power backup, and so on, stimulating the industry landscape even more.
Growing House Renovation Projects and Net Metering Schemes
A growing trend toward a combination of rigorous energy efficiency and renewable energy sources is expected to boost the economy. Product acceptance has increased in the residential and small business sectors, which can be ascribed to expanding investments in rooftop solar installations along with rising worldwide energy consumption. Furthermore, many government initiatives, including trade investments across developing countries, are expected to have a positive impact on industrial expansion. For example, the Chinese government announced plans in June 2021 for a new policy initiative to support rooftop growth in large countries with more than 20% rural population.
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies. The company provides high quality data and market research services. The company serves various enterprises and clients in a wide variety of industries. The company offers detailed reports on multiple industries including Chemical Materials and Energy, Food and Beverages, Healthcare Technology, etc. The company’s experienced team of Analysts, Researchers, and Consultants use proprietary data sources and numerous statistical tools and techniques to gather and analyse information.
Access Full Report
Solar Inverter Market to Reach Valuation of USD 12.93 Billion by 2028 - The rapidly Growing Demand for Renewable Energy, Continuing Rural Electrification, Favorable Government Regulations, and Investments in Renewable Energy are Driving the Solar PV Inverter Industry
This report by Vantage Market Research delivers comprehensive analysis of Somatostatin Analogs Market , focusing on Market Size, Share & Trends Analysis Report by Type (Octreotide, Lanreotide, Pasireotide) by Application (Acromegaly, Neuroendocrine Tumors (NETs), Others) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Request SampleRelated Reports
Healthcare
Veterinary Care Market Size, Share & Trends Analysis Report.
13 Nov 2023
10 Min Read
Healthcare
Surgical Imaging Market Size, Share & Trends Analysis Report.
13 Nov 2023
10 Min Read
Healthcare
Surgical Imaging Market Size, Share & Trends Analysis Report.
13 Nov 2023
10 Min Read
Latest Blogs
13 Nov 2023
Veterinary Care Market Size, Share & Trends Analysis Report.
Healthcare
13 Nov 2023
Surgical Imaging Market Size, Share & Trends Analysis Report.
Healthcare
13 Nov 2023
Surgical Imaging Market Size, Share & Trends Analysis Report.
Healthcare
Contact
Toll Free Number+1 (877) 462-2282