Global Renewable Energy Inverters Market 2019-2023 | Growing Trend of Development of Smart Cities and ZEBs to Boost Growth | Technavio

The global renewable energy inverters market is expected to post a CAGR of over 11% during the period 2019-2023, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis during the forecast period. Request a free sample report

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Technavio has announced its latest market research report titled global renewable energy inverters market 2019-2023. (Graphic: Business Wire)

Technavio has announced its latest market research report titled global renewable energy inverters market 2019-2023. (Graphic: Business Wire)

The inclusion of renewable sources of energy to change the global energy mix is a crucial step toward ensuring the emission-free generation of energy. Therefore, globally, governments are supporting the adoption of renewable technologies, including wind and solar energy production, by offering tax benefits, subsidies, and incentives to consumers and producers. For instance, as of May 2019, the US government was offering incentives for wind installation under the renewable electricity production tax credit (PTC). Thus, the availability of such incentives will encourage members in the value chain to invest more in R&D for the creation of associated technologies, which in turn will contribute to the growth of the global renewable energy inverters market.

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As per Technavio, the growing trend of development of smart cities and ZEBs, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Renewable Energy Inverters Market: Development of smart cities and ZEBs

Governments across the world are implementing several initiatives for the development of sustainable smart cities. Barcelona in Spain has adopted solar energy, EVs, sensors, and mobile applications to improve security, public transportation, lighting, parking, and waste management. Furthermore, the construction sector is adopting multiple energy efficiency measures such as using better materials and designs in a bid to reduce fossil fuel-based energy consumption and minimize GHG emissions. This concept is known as zero-energy building (ZEB) as the building generates its energy using renewable sources, and this energy is equal to the amount it consumes on an annual basis. Therefore, the rise in the adoption of ZEBs, along with the ongoing development of smart cities, is expected to spur the demand for renewable energy inverters during the forecast period.

“Apart from supportive government policies and regulations for renewable power generation, other factors such as the increasing adoption of microgrids, advances in power electronics used in solar PV systems, and the shift toward EVs in the automotive industry are expected to boost the market growth during the forecast period,” says a senior analyst at Technavio.

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Global Renewable Energy Inverters Market: Segmentation Analysis

This market research report segments the global renewable energy inverters market by application (solar PV, EV, wind) and geographical regions (APAC, Europe, North America, and ROW).

The APAC region led the market in 2018, followed by Europe, North America, and ROW respectively. However, during the forecast period, the European region is expected to register the highest incremental growth due to the rapid urbanization and growing population in the region.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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