Sunday Nov 27, 2022

Asia-Pacific Residential Solar PV Inverter Market to Reach USD 4.23 Billion by 2028 | BlueWeave Consulting – GlobeNewswire

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New Delhi, Aug. 24, 2022 (GLOBE NEWSWIRE) — Asia-Pacific Residential Solar PV Inverter Market is flourishing owing to the increasing technological advancements as well as growing concerns about reducing greenhouse gas emissions.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Asia-Pacific Residential Solar PV Inverter Market is projected to grow at a rapid pace, earning revenues of around USD 4.23 billion by the end of 2028. The Asia-Pacific Residential Solar PV Inverter Market is booming because of the expanding residential construction sector. The multiple benefits of solar PV, such as sustainability, reduced environmental imprint, and low-cost power generation, are expected to propel the technology market in the next years. Rising demand for renewable energy as a result of rising power consumption and decreased renewable power generation costs is anticipated to almost certainly result in market expansion in the future years. Progress in renewable energy has been greatly aided by changing consumer preferences for a sustainable built environment, ambitious government goals, and adequate planning and laws. The main factors limiting the market’s growth, however, include excessive heat loss in large solar inverters, high cost, and a lack of panel level monitoring.

Rising Consumer Awareness of Solar (PV) Inverters

The residential sectors are the primary target markets for solar (PV) inverters. The importance of the solar (PV) inverter is increasing across the region due to rising environmental concerns and rising consumer awareness of solar (PV) inverters. The solar (PV) inverter is regarded as a crucial component in the production of power. Additionally, opportunities for growth and development are being created for the Asia-Pacific Residential Solar PV Inverter Market by technical innovation and advancement. Solar (PV) inverters are being equipped with cutting-edge functionality. The rising electricity demand is being managed by end consumers thanks to this. All these factors boost the growth of the Asia-Pacific Residential Solar PV Inverter Market during the forecast period (2022-2028).

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Growing Demand for Electricity using Green and Clean Energy Sources

According to the UN, there will be 7.8 billion people on the planet in 2020, and 1 billion of them won’t have access to electricity. With 8.6 billion people on the earth by 2030, there will be an even larger need for energy. To meet the need for power and spread awareness of alternative energy sources, the electrical sector has shifted its focus to the widespread integration of renewable energy generation. The output of renewable energy has grown significantly over the past 10 years, consistently exceeding forecasts, setting big annual records, and drawing a growing number of enterprises to invest in their energy transitions. Significant advancements in renewable energy have been made possible by consumer demand for a more sustainable built environment, ambitious government goals, and sufficient planning and laws.

Challenge: Extreme DC Voltages pose Several Safety Concerns

High DC voltages are used to energize the cables, PV panels, and other equipment in traditional PV systems. Firefighters, installers, and maintenance personnel are all at risk because of these high DC voltages. Solar inverters with PV arrays produce high DC voltages, making it challenging to use DC isolation switches to isolate DC electric equipment from PV arrays. A high voltage is produced when PV modules are connected in series, which might be dangerous for …….

Source: https://www.globenewswire.com/news-release/2022/08/24/2503980/0/en/Asia-Pacific-Residential-Solar-PV-Inverter-Market-to-Reach-USD-4-23-Billion-by-2028-BlueWeave-Consulting.html

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