Overview and Scope
The 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.
Sizing and Forecast
The string inverter market size has grown strongly in recent years. It will grow from <b>$3.93 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. </b> 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 <b>$5.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. </b> 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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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the string inverter market include <b> 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. </b>
The string inverter market report table of contents includes:
1. Executive Summary
2. String Inverter Market Characteristics
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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26. South America String Inverter Market
27. Brazil String Inverter Market
28. Middle East String Inverter Market
29. Africa String Inverter Market
30. String Inverter Market Competitive Landscape And Company Profiles
Top Major Players:
- Chint Group Corp
- Delta Electronics Inc
- Sputnik Engineering AG
- Growatt New Energy Technology Co. Ltd
- Siemens AG
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