ResearchAndMarkets in its new reports forecasts the photovoltaic (PV) inverter market to grow at a CAGR of 10.45% to reach US$12.804 billion by 2024, from US$7.052 billion in 2018. The research firm in a statement said that growing focus towards environmental sustainability and clean energy is significantly driving the demand for PV inverters worldwide.
ResearchAndMarkets added that favorable government policies and initiatives to promote renewable energy is also boosting the growth of PV inverter market. Declining cost of components has also escalated the solar PV installations, thus positively impacting the growth of PV inverter market.
Stringent government regulations in regions like North America and Europe regarding CHG emissions will continue to bolster the growth of PV inverter market during the next five years says the report.