About Photovoltaic power station inverter demand
The global PV inverter market size was estimated at USD 13.09 billion in 2023and is expected to expand at a compound annual growth rate (CAGR) of 18.3% from 2024 to 2030. The growing awareness regarding environmental issues and need to reduce carbon emissions is driving.
Based on product, the string PV inverter segment emerged as the leading segment with the maximum revenue share of 47.10% in 2023. These inverters are highly reliable with timely.
Concerns regarding excessive carbon emissions owing to usage of conventional fuels for transportation and power generation purposes.
Based on end-use, the market is categorized into commercial, residential & industrial, and utilities segments. The utilities segment emerged as leading segment and.
The Asia Pacific region dominated the market with the largest market share of 44.09% in 2023. China is the largest contributor to the rapid growth of this region’s solar market and is also a major global competitor. A growing number of solar installations in.The demand for solar inverters is expected to rise in Asia Pacific countries such as India and China due to the rising production of EV cars and the leading agricultural market. China is considered a lucrative market due to the rising sale of EV cars.
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About Photovoltaic power station inverter demand video introduction
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