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On grid PV inverter market to witness significant demand over 2016-2024, U.S. to drive the regional landscape
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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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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research
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