PV inverter market size is expected to grow at a CAGR of over 14.86% from 2016 to 2023

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PV Inverter Market
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Global Market Scenario of PV inverter

• PV inverter market size is projected to surpass
  USD 5 billion by 2023 and is expected to grow at
  a CAGR of over 14.86 from 2016 to 2023.
• In terms of installation, the industry is likely
  to exhibit growth at a CAGR of over 21.53 over
  the forecast period. The spur in the industry can
  be subjected to increasing awareness regarding
  depletion of conventional energy sources.
  Proliferating usage of renewable resources is
  projected to drive the industry growth from 2016
  to 2023.
• Photovoltaic (PV) inverters, also known as solar
  inverters, convert inconsistent direct current
  (DC) to alternating current (AC) frequency.
• These systems use MPPT (maximum power point
  tracking) technique to extract optimum power form
  solar panels. The frequency furnished by these
  systems can be supplied directly into the
  commercial network and can be used by local
  electrical network and off grid.
• Furthermore, it enables in direct use of
  commercial appliances. Flourishing technological
  innovations are likely to positively impact PV
  inverter market growth over coming years.
•  

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• These systems are expected to play vital role for
  project regulators, investors as well as for
  developers. In addition, photovoltaic power
  supplied to the utility grid is expected to gain
  visibility as global solar energy demand is
  increasing. In addition, rising need to diminish
  carbon emission is expected to further propel the
  industry demand for solar inverter systems.
• PV inverter systems market is anticipated to
  account for more than 10 to 15 of the overall
  equipment cost. High cost involved in
  installation of these systems is expected to
  hamper the industry growth over the forecast
  period. Unpredictable seasonal changes might
  negatively impact the industry growth.
• Rapidly declining PV inverter price should
  improve industry penetration. Solid state
  inverters are the considered to be the compatible
  technology for implementing into the grid.
  Industry growth factors such as power purchase
  agreements and solar PV lease is anticipated to
  provide potential growth avenues from 2016 to
  2023. In addition, solar carve-outs, reduced
  module costs, feed-in tariffs and renewable
  energy targets might are likely to surge PV
  inverter market demand over the forecast period.
• Get more detail _at_ https//www.gminsights.com/indus
  try-analysis/pv-inverter-market

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verter-market Download Latest Report PDF _at_
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