In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
PV inverter, also known as solar inverter, is a type of solar equipment which converts the variable direct current output of a photovoltaic solar panel into a utility frequency alternating current. These inverters can be fed into a commercial electrical grid or can also be used by a local off-grid electrical network.
The global PV inverter market is thriving on the back of rapid adoption of solar cells, supported by the increasing demand for renewable energy generation sources around the globe. Globally, the solar cell market is anticipated to achieve an installed capacity of 1080GW with a CAGR of 25.0% over the forecast period 2015-2021. Additionally, increasing research and development activities so as to enhance the operational performance of the PV inverters, coupled with focus towards developing cost effective inverters, and characteristics having long operational life as well as being able to perform under fluctuating power conditions, all of these factors are anticipated to promote significantly towards the growth of the global PV inverter market.
The market is anticipated to record a robust CAGR throughout the forecast period, i.e. 2019-2027. The global PV inverter market is segmented by power class into single phase and three phase, out of which, single phase PV inverter segment is anticipated to hold the largest market share on the back of low cost of these inverter type when compared to three phase PV inverters, coupled with greater deployment of single phase grid connections across residential customers. Residential customers do not have much of a load capacity, which is why, single phase electricity distribution network is the most common form of electricity distribution type across the globe. CLICK TO DOWNLOAD SAMPLE REPORT
According to the International Energy Agency (IEA), solar PV generation increased from 250.2 TWh in the year 2015 to 570.8 TWh in the year 2018.
The solar PV generation contributed to around 31% increase in production in the year 2018 as compared to the year 2017. The Sustainable Development Scenarios (SDS) of the IEA have set a target of solar PV electricity generation to around 3268 TWh by the year 2030. The growing need to meet the electricity contribution by solar energy and renewable power generation sources, is anticipated to raise the demand for greater deployment of solar panels across the globe. The increased deployment of solar panels will require the deployment of solar PV inverters, which is anticipated to drive the growth of the global PV inverter market.
The global PV inverter market is further classified on the basis of region as follows: