String Inverter Market Size
The String Inverter Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s String Inverter Global Market Report 2024, 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.
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.
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The String Inverter Market Covered In This Report Is Segmented –
String Inverter By Connection Type:
On-Grid
Off-Grid
String Inverter By Nominal Output Voltage:
≤ 230 V
230 – 400 V
400 – 600 V
> 600 V
String Inverter By Power Rating:
Up to 10 kW
11 kW – 40 kw
41 kW – 80 kW
Above 80 kW
String Inverter By End Use Industry:
Residential
Commercial and Industrial
Utilities
Top Key Players:
Chint Group Corp.
Delta Electronics Inc.
Sputnik Engineering AG
Growatt New Energy Technology Co. Ltd.
Siemens AG
Technological developments are a key trend gaining popularity in the string inverter market. Smart string inverters are one of the developments in the string inverter market. Smart inverters use voltage and frequency sensors to identify grid anomalies and provide appropriate data to utility operators. Smart inverters are convenient for home rooftop solar owners since they function independently. In March 2022, Huawei unveiled a smart string energy storage system with a Smart I-V Curve Diagnosis tool that conducts comprehensive, real-time, and remote detection of PV systems at the string level. It creates automatic detection reports of underperforming PV arrays, helping utility-scale PV facilities cut O&M expenses.
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
……
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
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