The rapidly surging investments toward the effective rollout of myriad clean energy technologies is expected to boost string inverter market outlook in the years to come. A plethora of big utility-scale solar photovoltaic projects have been undertaken on a global scale lately, which aim to lessen the reliance on conventional systems. In effect, this would further fuel the market size, slated to cross $5 billion by 2024.
How has the presence of a stringent regulatory landscape impacted string inverter industry trends?
With environmental awareness gaining ground across developed & developing nations alike, string inverter market is expected to procure renewed dynamism across the globe. Reason being, efforts by the governments across North America, Europe, the Asia Pacific, and other nations, paying heed to the threat of global warming. In essence, global administrative bodies have been endorsing rules and regulations to reduce the use of carbon emitting fuel sources and replace them with renewable energy sources, that would further enhance the growth prospects of global market.
How is string inverter industry expected to fare in the APAC over 2018-2024?
According to reports, India is anticipated to emerge as a strong regional contender for APAC string inverter market, particularly on account of the rapidly increasing demands for clean fuel electricity in the nation. Moreover, the government of India has also launched a number of initiatives such as the Jawaharlal Nehru National Solar Mission which aims to encourage the adoption of solar systems across the country. The solar mission has established a target to roll out a grid-connected solar power with a capacity of approximately 20,000 megawatts (MW) by the year 2020, that would help propel the revenue scale of APAC string inverter market in the years ahead.
Which of the enlisted applications would experience substantial momentum in the global string inverter industry?
String inverter market share is expected to accrue significant gains from commercial applications, as per a report compiled by Global Market Insights, Inc. The growth may very well be attributed to the positive consumer outlook brought on by the fiscal benefits being offered with the launch of solar components.
Another factor however, that might push the industry trends further is the presence of a supportive regulatory spectrum across several emerging nations focusing particularly upon decentralized systems. That said, the accelerated enhancement of several distributed generation technologies will also help augment the string inverter market size from commercial applications, touted to depict a CAGR of 5% over 2018-2024.
How would the growing adoption of decentralization systems affect the on-grid string inverter market?
The global on-grid string inverter market is expected to record exponential growth, attributed to the sizable number of investments undertaken in the connectivity model by both private & public enterprises. On-grid connectivity finds applications in several small to medium scale commercial and industrial complexes as well as large-scale utility projects. The growing adoption of decentralization systems is expected to substantially boost standalone system demands, further enabling the expansion of the overall on-grid string inverter industry.
Aided by a widespread application spectrum and the enforcement of stringent regulations, the global string inverter market, in the forthcoming years, is touted to emerge as one of the most profitable verticals of the overall energy cosmos.
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