The bunker fuel market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
Market Segmentation by Technology:
Based on the segmentation by technology, the market generated maximum revenue in the string inverters segment in 2020. The market is driven by the increasing demand for electricity due to factors such as high urbanization rates and rising population. The growth of the market will be significant over the forecast period.
Market Segmentation by Geography:
APAC held the largest market share of 49% in 2020 and the market growth in the region is expected to be slower compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the increasing environmental concerns over the forecast period. China, India, and Japan are the key markets for photovoltaic inverters in APAC.
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Major Three Photovoltaic Inverter Market Participants:
ABB Ltd.
ABB Ltd. offers photovoltaic inverter under the brand, REACT 2.
Delta Electronics Inc.
Delta Electronics Inc. offers photovoltaic inverters for single and multi-residential rooftop applications, commercial BIPV applications, industrial building rooftops, and megawatts power station applications.
Eaton Corp. Plc
Eaton Corp. Plc offers ETN10K 10kW 3-Phase PV Grid Connect Inverter which has various features including 3 MPP trackers, firmware update capability, removable graphic data logger, and others.
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Key market dynamics:
Market Drivers:
- The decline in LOCE of solar power generation and cost of solar inverters
- The rise in solar PV installations
- Government regulations supporting solar power generation
Market Challenges:
- Intermittent nature of solar energy
- The decline in oil and gas prices
- High maintenance cost of PV cells and PV inverters
Photovoltaic Inverter Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist photovoltaic inverter market growth during the next five years
- Estimation of the photovoltaic inverter market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the photovoltaic inverter market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of photovoltaic inverter market vendors
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Available Customization
Along with the market data, Technavio offers customizations as per the specific needs of the companies. The following customization options are available for the photovoltaic inverter market report.
- Further breakdown of the market segmentation in requested regions.
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings
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