LONDON--(BUSINESS WIRE)--The global renewable energy inverters market is expected to post a CAGR of over 11% during the period 2019-2023, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis during the forecast period. Request a free sample report
The inclusion of renewable sources of energy to change the global energy mix is a crucial step toward ensuring the emission-free generation of energy. Therefore, globally, governments are supporting the adoption of renewable technologies, including wind and solar energy production, by offering tax benefits, subsidies, and incentives to consumers and producers. For instance, as of May 2019, the US government was offering incentives for wind installation under the renewable electricity production tax credit (PTC). Thus, the availability of such incentives will encourage members in the value chain to invest more in R&D for the creation of associated technologies, which in turn will contribute to the growth of the global renewable energy inverters market.
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As per Technavio, the growing trend of development of smart cities and ZEBs, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Renewable Energy Inverters Market: Development of smart cities and ZEBs
Governments across the world are implementing several initiatives for the development of sustainable smart cities. Barcelona in Spain has adopted solar energy, EVs, sensors, and mobile applications to improve security, public transportation, lighting, parking, and waste management. Furthermore, the construction sector is adopting multiple energy efficiency measures such as using better materials and designs in a bid to reduce fossil fuel-based energy consumption and minimize GHG emissions. This concept is known as zero-energy building (ZEB) as the building generates its energy using renewable sources, and this energy is equal to the amount it consumes on an annual basis. Therefore, the rise in the adoption of ZEBs, along with the ongoing development of smart cities, is expected to spur the demand for renewable energy inverters during the forecast period.
“Apart from supportive government policies and regulations for renewable power generation, other factors such as the increasing adoption of microgrids, advances in power electronics used in solar PV systems, and the shift toward EVs in the automotive industry are expected to boost the market growth during the forecast period,” says a senior analyst at Technavio.
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Global Renewable Energy Inverters Market: Segmentation Analysis
This market research report segments the global renewable energy inverters market by application (solar PV, EV, wind) and geographical regions (APAC, Europe, North America, and ROW).
The APAC region led the market in 2018, followed by Europe, North America, and ROW respectively. However, during the forecast period, the European region is expected to register the highest incremental growth due to the rapid urbanization and growing population in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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