PV Inverter Market Share, Strategies and Forecast Worldwide, 2020-2026
The PV Inverter Market study focuses major leading industry players with information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. It provides information on trends and developments, and focuses on markets and materials, capacities and technologies, and on the changing structure.
The global photovoltaic (PV) inverter market size is anticipated to record substantial gains in the near future.
Based on the power class, global PV inverters can be classified into single phase and three phase inverters. The three phase segment is further bifurcated into low power (≤99 kW) and high power (>99 kW). The demand for low power three phase PV inverters is expected to grow at a healthy 9% CAGR through 2026.
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PV inverter industry size from high power three phase segment was valued at nearly US$3 billion and is projected to grow substantially in the future.
In terms of the nominal output power, the adoption of 300 - 3,000 W PV inverter systems is likely to increase at a 7% CAGR up to 2026. PV inverter market share from 3,000 - 33,000 W segment was estimated to be worth US$3 billion in 2019 and will witness notable growth by 2026.
Meanwhile, the > 110,000 W PV inverter industry size will expand at a robust 8% CAGR through 2026.
Considering the nominal output voltage, the adoption of > 600 V systems is slated to increase at a healthy 7% CAGR up to 2026. 400 - 600 V PV inverters on the other hand will experience a significant adoption over the next few years, driven by an increasing demand for sustainable energy across small and large scale industrial applications.
On the basis of product, the industry is divided into micro, central, and string. The central segment is further classified into transformer based and transformer less systems.
Transformer less PV inverter market share surpassed an annual valuation of nearly US$700 million in 2019 and will experience notable gains by 2026.
The demand for transformer based PV inverter systems is likely to rise at a notable CAGR of 10% up to 2026.
PV inverters are being extensively used in residential, commercial, and industrial applications. The commercial applications include offices, government & military, and college/university. The technology adoption across college/university segment is slated to grow at an 8% CAGR through 2026.
PV inverter industry share from office application had garnered more than US$500 million in 2019 and will continue to witness healthy growth by 2026. Meanwhile, the demand for high-performance inverter systems across government and military applications will grow at a CAGR of nearly 8% by the end of 2026.
The industrial application of the technology include paper, chemical, food processing, and utility sectors. The chemical application segment will record a steady 6% CAGR up to 2026. PV inverter market size from paper application was valued at US$300 million in 2019 and is likely to witness substantial growth by 2026. The use of PV inverters in the food processing sector is estimated to grow at a CAGR of 6% through 2026.
The utility sector is also expected to emerge as a key consumer of these systems in the near future. These trends will be influenced by rising global electricity demand along with the need for advanced and user-friendly power storage systems.
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