LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global photovoltaic (PV) inverter market predicts a CAGR of around 14% during the period 2018-2022.
The report segments the global photovoltaic inverter market by technology (central inverters, string inverters, and micro-inverters), by application (on-grid, off-grid, and battery backup inverter), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global photovoltaic inverter market, according to Technavio energy researchers:
- Decline in LOCE of solar power generation and cost of solar inverters: a major market driver
- Growing demand for polycrystalline solar panels: emerging market trend
- In 2017, APAC accounted for the largest share of the global photovoltaic inverter market
- In 2017, the on-grid sector held the largest share of the market
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Decline in LOCE of solar power generation and cost of solar inverters: a major market driver
The decline in LOCE of solar power generation and cost of solar inverters is one of the major factors driving the global photovoltaic inverter market. Over the last five years, there has been a decrease in the cost of solar power generation. The cost of the PV systems reduced drastically because of the improvements in technology and projects management. It is predicted that during 2017-2022, the global average generation costs will decline by a quarter for utility-scale solar PV. This trend is expected to continue during the forecast period and will reduce up to 25% by 2021. This reduction in the cost will attract more investments to this market during the forecast period.
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Growing demand for polycrystalline solar panels: emerging market trend
Different types of films such as monocrystalline, polycrystalline, and amorphous films are used in solar panels. Among these films, the monocrystalline films are the most popular ones. However, with the introduction of polycrystalline films, the prominence of monocrystalline films has decreased, primarily in the residential sector.
According to a senior analyst at Technavio for research on power, “Polycrystalline solar panels are simple, efficient, and low-cost when compared with the other types of films. Therefore, owing to the more advantages and fewer disadvantages of polycrystalline films, the efficiency of solar panels is expected to increase. This new trend will be the market driver for the global solar PV market in the future that will drive the global photovoltaic inverter market.”
Global market opportunities
In 2017, APAC accounted for the largest share of the global photovoltaic inverter market. The APAC region contributed for a share of approximately 70% to the global market. The market in APAC is anticipated to post the highest growth rate during the forecast period. APAC will be followed by the Americas in terms of market share and growth. The increase in solar energy production in the US will be the major market driver in the Americas. Moreover, countries such as Mexico and Chile are also investing large amounts in solar energy production. EMEA accounted for the smallest share of the global photovoltaic inverter market. The major share of photovoltaic inverter market in EMEA was contributed by the UK and Germany.
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