The string inverter global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
String Inverter Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The string inverter market size has grown strongly in recent years. It will grow from $3.93 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to solar pv market growth, cost reduction, efficiency improvements, grid integration, growth in awareness of environmental benefits..
The string inverter market size is expected to see strong growth in the next few years. It will grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to renewable energy targets, expanding applications, sustainability and circular economy, consumer education and market awareness, smart inverter technologies.. Major trends in the forecast period include hybrid inverter solutions, multi-mppt designs, grid support functions, cybersecurity features, high power density..
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Scope Of String Inverter Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
String Inverter Market Overview
Market Drivers –
The increasing electricity demand is driving the string inverters market. Rapid growth in socio-economic factors such as population, urbanization, net capital income, and industrial activities in both developed and developing economies have contributed to a rapid surge in demand for electricity across the globe. Increasing electricity demand is expected to boost the utilization of string inverters, as they act as key components to convert electricity generated from solar panels to usable electricity. According to the International Energy Agency (IEA) Renewable Energy Market Update 2021, Solar renewable energy expansion to reach 162 GW in 2022 from 145 GW in 2021. Therefore, the rise in electricity demand is expected to boost demand for string inverters during the forecast period.
The string inverter market covered in this report is segmented –
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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Regional Insights –
Asia-Pacific was the largest region in the string inverter market share in 2023. The regions covered in the string inverter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating 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, Enphase Energy Inc., Darfon Electronics Corporation, Sungrow Power Supply Co. Ltd., CC Power Electronics Ltd., Schneider Electric SE, Delta Energy Systems Gmbh, TMEIC Corporation, SatCon Technology Corporation, Advanced Energy Industries Inc., Kostal Solar Electric GmbH, REFUsol GmbH, Danfoss Solar Inverters A/S, SolarBridge Technologies Inc.
Table of Contents
1. Executive Summary
2. String Inverter Market Report Structure
3. String Inverter Market Trends And Strategies
4. String Inverter Market – Macro Economic Scenario
5. Global String Inverter Market Size and Growth
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31. Global String Inverter Market Competitive Benchmarking
32. Global String Inverter Market Competitive Dashboard
33. Key Mergers And Acquisitions In The String Inverter Market
34. String Inverter Market Future Outlook and Potential Analysis
35. Appendix
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