The global inverter market to grow at a CAGR of 6% during the period 2017-2021.
Global Inverter Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
The latest trend gaining momentum in the market is increase in demand for clean power. The demand for power is constantly increasing across the globe. This growth in population and the global economy is expected to drive this trend in the future as well. According to the World Bank, the global population is expected to increase from 7.3 billion in 2015 to 9 billion by 2035 and the global demand for power is expected to increase to 34,454 TWh by 2035. Thus, to sustain this economic growth in the face of population rise and the increase in development will require a substantial amount of power.
According to the report, one of the major drivers for this market is increasing solar energy installation. In the recent years, the solar energy industry has gained momentum and grown drastically. This is mainly due to the initiatives undertaken by governments worldwide that encourage the use of renewable resources. Many industrialized or developed nations have integrated significant quantity of solar power into their electrical grids to provide an alternative to the conventional energy sources.
Further, the report states that one of the major factors hindering the growth of this market is weak global economic outlook. The global inverter market is dependent on the manufacturing and industrial business for its sustenance, and these industries rely on the global economy for its existence. A strong macro economy increases the global appetite for goods, thereby fueling the demand for manufactured products.