On grid PV inverter market to witness significant demand over 2016-2024, U.S. to drive the regional landscape

An intricate vertical of overall photovoltaic power generation, PV inverter industry has certainly traversed a profitable path over the recent years. The progressive trajectory depicted by photovoltaic inverter market is prominently evident from the previous years’ estimates that claim the business sphere to have gathered a valuation of USD 6 billion in 2015. Lately, the photovoltaic power inverter realm has been surrounded with abundance of innovations by leading giants continuously attempting to trigger the commercialization of novel products for enhancing the profitability quotient of the overall industry. A recent instance of a remarkable innovation has been brought to light by Sungrow, one of the top-notch companies in the photovoltaic inverter market.

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Sungrow, one of the renowned biggies in the PV inverter market recently made to the headlines when it displayed its flagship products SG125 HV 1.5 KV string inverter and SG2500U central inverter at Solar Power International in 2017. Reportedly, SG125HV which recently received the UL 1741-SA certification is by far the world’s most powerful string inverter with a power capacity of 125 KW. The SG2500U is also UL 1741-SA certified, and is claimed to be the first of its kind to receive this certification. With such leading products at its foray, Sungrow has undeniably established a strong foothold in the global photovoltaic inverter market, especially across North America belt. Speaking along similar lines, augmented by U.S. PV inverter industry size is forecast to witness a y-o-y growth of 14% over 2016-2024.

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The significant expansion of DGPV (Distributed generation photovoltaics) over the past few years has made the electric utility stakeholders to become increasingly conscious about its resultant impact on grid reliability. Placed in this scenario, advanced inverters that are capable of modulating the output are concluded as an ultimate solution or medium of grid stability enhancement, a fundamental aspect impelling PV inverter market share. As per estimates, on grid PV inverter industry is expected to witness a remarkable double digit CAGR of 19% over 2016-2024, with a target value to exceed USD 10 billion by 2024.

With a considerable number of countries contributing significantly toward the development of renewable sector along with numerous industry giants’ strive for expanding their manufacturing facilities, it is no more a supposition that photovoltaic inverter market will prove to be one of the most lucrative destinations for investors in the coming years. In fact, a recent report released by Global Market Insights Inc., forecasts that global PV market will exceed a valuation of USD 19 billion by the end of 2024, with an estimated CAGR of 13% over 2016-2024.

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