What Does the Current and Projected Market Size Indicate About the Global String Inverter Market?
The string inverter market size has shown remarkable resilience and growth in recent years, moving from $4.12 billion in 2024 to $4.36 billion in 2025. This represents an impressive compound annual growth rate (CAGR) of 5.7%. This encouraging trend is largely attributable to solar PV market growth, cost reduction, efficiency improvements, grid integration, and a heightened awareness of environmental benefits. As we look ahead, we expect the string inverter market size to continue its positive trajectory and reach $5.76 billion in 2029, buoyed by a CAGR of 7.3%. The forecast period growth is likely to be driven by factors such as renewable energy targets, expanding applications, sustainability and circular economy, consumer education and market awareness, and advancements in smart inverter technologies. Notable market trends to look out for include hybrid inverter solutions, multi-mppt designs, grid support functions, cybersecurity features, and high power density.
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What Factors are Catalyzing the Growth of the String Inverter Market?
The electricity demand surge is a prominent catalyst for the string inverters market. Various socio-economic aspects like population growth, urbanization, rise in net capital income, and industrial activities across developed and developing economies have led to a rapid spike in electricity demand worldwide. As key components that convert electricity generated from solar panels into usable electricity, string inverters are expected to see a substantial use increase. For instance, in July 2024, the UK’s House of Commons reported a 54% rise in typical household energy bills in April 2022 and a 27% increase in October 2022. Despite lower wholesale prices driving a decrease in rates, bills are approximately 29% higher than their 2021 winter levels. This rise in electricity demand, therefore, is expected to trigger string inverters’ demand during the forecast period.
What Are the Key Segments Within the Global String Inverter Market?
1) By Connection Type: On-Grid, Off-Grid
2) By Nominal Output Voltage: = 230 V, 230 – 400 V, 400 – 600 V, > 600 V
3) By Power Rating: Up to 10 kW, 11 kW – 40 kw, 41 kW – 80 kW, Above 80 kW
4) By End Use Industry: Residential, Commercial and Industrial, Utilities
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Who are the Major Players in the String Inverter Market?
Prominent companies in the string inverter market include Chint Group Corp., Delta Electronics Inc., Sputnik Engineering AG, Growatt New Energy Technology Co. Ltd., Siemens AG, SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies Co., SolarMax Energy pvt. Ltd., Huawei Technologies Co. Ltd., ABB Ltd., KACO New Energy GmbH, Ningbo Ginlong Technologies Co. Ltd., Fronius International GmbH, Eaton Corporation Plc, Altenergy Power System, Darfon Electronics Corporation, Sungrow Power Supply Co. Ltd., CC Power Electronics Ltd., Schneider Electric SE, Delta Energy Systems Gmbh, TMEIC Corporation, Advanced Energy Industries Inc., Kostal Solar Electric GmbH, REFUsol GmbH, Danfoss Solar Inverters A/S.
What Emerging Trends are Shaping the String Inverter Market?
One emerging trend contributing to the growth of the string inverter market is the advent of smart string inverters. These inverters use voltage and frequency sensors to identify grid anomalies and provide pertinent data to utility operators. As they operate independently, smart inverters are highly convenient for home rooftop solar owners. For example, in March 2022, Huawei launched a smart string energy storage system equipped with a Smart I-V Curve Diagnosis tool. This tool conducts comprehensive, real-time, and remote detection of PV systems at the string level, helping utility-scale PV facilities reduce O&M costs.
What does Regional Analysis Indicate About the String Inverter Market?
Asia-Pacific was the largest regional contributor to the string inverter market share in 2024. Other significant regions covered in the string inverter market report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The String Inverter Market Report 2025 Offer?
The String Inverter Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. A string inverter refers to a device that converts the energy generated by solar arrays (Direct Current) into usable power for a residence (Alternating Current). A solar array is a group of several solar panels that work together to generate power. A string Inverter is a stand-alone box with inputs for connecting strings of solar panels into a single unit. Six to ten separate solar panels are usually linked together in a string-like sequence, with the end hooked into the central inverter.
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