The PV inverters market, also known as the photovoltaic inverters market, is likely to observe decent growth in the coming years. This is due to innovations in new energy forms which are expected to meet future demand. PV converts solar energy into direct electricity through PV cells or solar cells. Rising demand for the PV inverters market owes to depleting conventional resources of energy and increased usage of renewable resources of energy.
The pivotal factors driving the PV inverters market are technological developments, increased use of renewable resources over conventional resources and governmental support. Other factors driving the market are less installation costs, reduced module costs and solar curve outs.
The PV inverters market can be segmented into types, sizes and geographies. The market on the basis of types, can be divided into stand alone inverters, grid tie inverters and battery backup inverters.
The PV inverters market, on the basis of sizes, can be divided into residential scale systems, commercial scale systems and utility scale systems. Commercial scale systems have captured the largest market on account of their cost effectiveness. These are followed by utility scale systems and residential scale systems.
Geographically, the PV inverters market can be fragmented into four major regions, such as North America, Asia Pacific, Europe and ROW (rest of the world). Asia Pacific is estimated to dominate the market over the forecast period. This is due to increasing applications of PV inverters in emerging markets of China, India and Japan. China was the largest producer of PV inverters in 2013.
The PV inverters market for Europe has shown sluggish growth. Its revenue shares declined to 37% in 2013 from 80% in 2012.