PV inverter market size is expected to grow at a CAGR （Compound Annual Growth Rate）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.
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.
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.
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.
To power a green future for customers and partners, KSTAR is devoted to new energy solutions for many years. Until now, there is more than 25 GW installation for KSTAR worldwide. KSTAR has been a trusted partner for global energy companies and customers. We have more than 3000 employees and 18 overseas branch offices in different countries since 1993. There are over 600 R&D engineers, the majority of whom have more than many years talented experience in inverter industry. KSTAR is committed to innovation based on global customer needs. By integrating smart PV technology and innovative design, KSTAR PV Solution is safe, efficient and reliable, easy to install, creating value for customers to achieve better ROI with higher yields and lower maintenance cost. KSTAR is ranked in the TOP 10 according to IHS report of world inverter shipment.
Some information is extracted from PV-Magazine
