PV Inverter Market Size Is Anticipated To Reach USD 41.87 Billion By 2030
San Francisco, 19 Aug 2024: The Report PV Inverter Market Size, Share & Trends Analysis Report By Product (String PV Inverter, Central PV Inverter), By End-use (Commercial & Industrial, Utilities), By Region, And Segment Forecasts, 2024 - 2030 The global PV inverter market size is expected to reach USD 41.87 billion by 2030, registering a CAGR of 18.3% during the forecast period, according to a new report by Grand View Research, Inc. The increasing renewable energy demand globally is driving the need for various equipment such as PV inverters. According to the International Energy Agency (IEA), renewable energy supply from hydro, solar, geothermal, wind, and ocean use rose by 8% in 2022. According to the same source, net renewable electricity capacity additions by PV-utility reached 112.6 GW in 2022 compared to 89.5 GW in the previous year. With increased utilization of solar energy, there is an increased manufacturing of solar equipment such as solar PV inverters, solar p