San Francisco, California, May 24, 2017 : The global photovoltaic (PV) inverter market is envisaged by TMR Research to register a tremendous growth due to an aggressively growing demand for clean energy and increasing need for electricity. In a TMR Research market intelligence report, titled “Photovoltaic (PV) Inverter Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” propitious government initiatives could accelerate the implementation of PV inverters around the world in the coming years.
In addition to the aforementioned favorable prospects, the growth in the world PV inverter market could receive a strong impetus on the back of an aggravating demand for off-grid electricity. Favorable government initiatives coupled with substantial improvements in the manufacturing process and greater technological advancements are prognosticated to bolster the growth of the world PV inverter market. However, there could be a few hindrances on the growth path of participants operating in the world PV inverter market, such as extortionate initial investments, lack of awareness about the availability of subsidiaries, and the advent of newer technologies.
Nevertheless, the world PV inverter market could offer some advantageous prospects for players to cement their position in the industry. Economies across the globe could take to stringent government regulations and policies in order to cater to the mounting demand for electricity and also reduce the emission of greenhouse gases. This is expected to raise the demand in the world PV inverter market as renewable energy sources gain prominence on account of cost and energy efficiency and other key benefits they bring to the table.
The need for sustained power supply is anticipated to be on the cards as the sources and stockpiles of non-renewable energy see a telling decline. In this regard, the demand for large-scale solar power plants could easily surpass that of conventional energy sources. The declining prices of PV inverters and cells are predicted to bode well for the world PV inverter market as the adoption of solar PV energy in common life is becoming progressively realistic.
In the forthcoming years, North America is envisioned to record a king’s share in the international PV inverter market while accounting for a healthy growth. The rising acceptance of renewable energy could bring in some auspicious prospects for the U.S. PV inverter market, thus contributing significantly toward the development of the North America market. Asia Pacific is prophesied to be another promising regional PV inverter market with a heavy demand witnessed in China. Market players could look to leverage business opportunities birthing from emerging economies for expanding their presence in the international PV inverter market.
Some of the prominent players in the worldwide PV inverter market could be Tabuchi Electric Co., Ltd., Sungrow Power Supply, KACO New Energy Inc., SMA Solar Technology, and Siemens AG.