PV Inverter Market

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PV Inverter Market Outlook, Regional Growth
Industry Share By 2028
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Industry Overview

• The PV inverter market is anticipated to witness
  robust growth by 2028 owing to rising demand for
  biodegradable and ecological means of producing
  electricity. Additionally, prevalent focus on
  installation of solar panels and inverters is
  likely to further support market growth over the
  forecast period.
• Recently, industry players have increasingly been
  investing in product development and innovation
  in order to gain a competitive edge in the
  market. For instance, in January 2022, Amp
  Energy, a Toronto-based developer, attained
  permission to build two 400MW batteries in
  central Scotland, which would be the largest
  grid-connected battery storage facility in
  Europe.
• In another instance, in June 2021, Growatt New
  Energy, a China-based inverter manufacturer,
  introduced a new inverter for commercial and
  utility-scale solar power plants at the SNEC PV
  Power Expo held in Shanghai. The novel inverter
  operates at a maximum altitude of 4,000 meters
  and in temperatures ranging from -30 to 60
  degrees Celsius. The maximum string input current
  of the inverter is 16A, which allows it to
  function with high-power modules rated at 500W.

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Continue

• The PV inverter market has been segmented on the
  basis of product, phase, connectivity, nominal
  output power, nominal output voltage,
  application, and region. Based on connectivity,
  the market has been divided into standalone and
  on grid. In 2021, the standalone sub-segment was
  worth more than USD 2.4 billion and is likely to
  grow substantially over the forecast period.
• By nominal output power, the market has been
  categorized into 0.5 kW, 0.5-3 kW, 3-33 kW,
  33-110 kW, and gt110 kW. The 0.5 - 3 kW
  sub-segment is anticipated to be valued at more
  than USD 11 billion by 2028. The 33 - 110 kW
  sub-segment is speculated to grow at a rate of
  approximately 4.6 through the analysis timeline.
• Based on nominal output voltage, the market has
  been bifurcated into 230 V, 230-400 V, 400-600
  V, and gt600 V. The 230-400 V sub-segment was
  valued at approximately USD 8.6 billion in 2021
  and is slated to amass considerable gains over
  the forecast period. The 400 - 600 V sub-segment
  is projected to register annual shipment of over
  35,000 MW by 2028. By 2028, the gt 600 V
  sub-segment is estimated to be valued at
  approximately USD 10 billion.

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PV Inverter Market

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