World News: 15:30 GMT Friday 12th July 2019. [Technavio Research via Businesswire via SPi World News]
The global solar central inverters market is expected to post a CAGR of close to 13% during the period 2019-2023, according to the latest market research report by Technavio. However, the market’s momentum will decelerate in the coming years because of the decrease in the year-over-year growth.
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Technavio has released a new market research report on the global solar central inverters market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global solar central inverters market size is the rising demand for energy. Rapid urbanization and industrialization has led to a significant growth in demand for electricity across the world. This has paved the way for the development of technologies that can dramatically accelerate access to electricity. The growing demand for energy has resulted in the adoption of clean energy sources such as wind and solar energy. This is also expected to fuel the demand for solar central inverters, over the forecast period.
As per Technavio, the growing demand for clean energy technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global solar central inverters market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Solar Central Inverters Market: Growing Demand for Clean Energy Technology
The rise in the cost of conventional sources of electricity and lighting, especially diesel and kerosene, has increased the demand for off-grid appliances. Thus, clean energy technologies such as solar power are increasingly being adopted to overcome such situations. Solar power systems are the most suitable choice of clean energy technology as it drastically reduces carbon emissions. Thus, the growing demand for clean energy technology is expected to fuel the solar central inverters market growth during the forecast period.
“Apart from the growing demand for clean energy technology, other factors such as the increased adoption of microgrids, and the rising popularity of smart inverters will have a significant impact on the solar central inverters market growth during the forecast period,” says a senior analyst at Technavio.
Global Solar Central Inverters Market: Segmentation Analysis
This market research report segments the global solar central inverters market by application (utility, and non-utility), and geographic regions (APAC, EMEA, and the Americas).
The APAC region led the solar central inverters market in 2018, followed by EMEA, and the Americas respectively. The growth of the solar central inverters market in APAC can be attributed to several factors such as the growing focus on renewables such as wind and solar, rising adoption and implantation of microgrids, and the increasing solar PV installations in China, India, Japan, Australia, and South Korea.
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Business Wire: 15:30 GMT Friday 12th July 2019
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