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It was predicted that by 2022, the global market for string inverters would be worth $4.9 billion. Over the projected period (2023 - 2030), the global string inverter market is expected to grow from $5.0 billion in 2023 to $9.7 billion by 2030, representing a CAGR (Compound Annual Growth Rate) of 9.30%. The string inverter market is being propelled by the expanding renewable energy sector and the product's ease of use.
The United Nations and a number of national governments have set sustainable development goals that include generating electricity in a way that is compatible with those goals. These objectives can be reached through the use of renewable energy sources like solar and wind to generate electricity. The widespread availability of solar energy has increased its profile and made it more appealing to investors. Over the past decade, governments have increased electricity production by installing solar power plants. Because of this, the string inverter industry has flourished. Solar panels produce direct current (DC). An inverter changes direct current (DC) electricity into alternating current (AC), which can be used by standard domestic appliances and fed into the mains grid. The string inverter is the most popular choice for residential and commercial solar power installations. Connected solar panels require the usage of a string solar inverter. Solar panel strings can have anywhere from three to twenty or more individual modules.
Demand for adaptable, reliable, and easily customizable and installed power sources is driving the string inverter market CAGR. Solar inverter systems, which convert DC to AC and allow for simpler grid connection, are a necessary component of every installation. String inverters are utilised in residential, commercial, and industrial settings, as well as in the utility industry. Increasing global demand for solar energy is one of the main forces propelling the industry forward. The elimination of the need for costly system monitoring is expected to be a major driver of the string inverter industry. Solar inverters do more than just convert energy; they also monitor voltage, exchange data with the grid, and turn themselves off in the event of an emergency. Although string inverters have traditionally been employed in residential and commercial contexts, they are finding growing use in local utility projects around the world.
Reliability, low prices, and great efficiency will also drive the market share of cable pioneers over the forecast period. With more and more major projects incorporating renewable energy sources, the demand for string inverters is growing at a faster rate. With a solar inverter, you can say goodbye to astronomical electricity bills and hello to increased long-term efficiency. Several businesses in the power generation sector are driving up market demand for string inverters by prioritising the use of renewable energy sources to reduce their carbon impact. Do you remember how the COVID-19 pandemic wiped out the string inverter industry? Closing of brand-new chain inverter facilities in the commercial and residential sectors, as well as manufacturing and supply chain disruptions due to active lockdown and social estrangement, have all hampered the growth of this industry.
Off-grid solar power systems that don't use batteries are one type, while grid-connected systems that have batteries as a backup are another. Because of the many applications for solar inverters, this industry is expected to expand rapidly in the future years. In June 2021, for instance, China announced a new policy initiative to encourage rooftop growth in "pilot provinces" such Hebei, Henan, and Shandong, all of which have more than 20% of their population residing in rural areas. Several government programmes and the phasing out of Feed-in Tariffs (FiTs) will have a positive effect on the widespread use of string inverters in the residential sector. The adoption of renewable energy sources and strict adherence to energy efficiency regulations are two factors that will help the industry grow. boosting sales in the String Inverter industry.
The key factors expected to fuel the growth of the market during the projected period are the rapid development of the renewable energy sector and the ease of installation of string inverters. Market expansion in the next years will be hampered, however, by issues like as significant heat loss in large-sized string inverters and a lack of panel-level monitoring. On the other hand, the expansion of government programmes and funding for the electrification of rural and isolated areas is expected to present opportunities for the leaders in the worldwide string inverter market. The global string inverter market is broken down into many submarkets based on factors such as connection type, phase, end-use sector, and geography. The market is split into two types, on-grid and off-grid, denoting the source of power used. It can be broken down into two distinct types, "single phase" and "three phases," based on the number of phases it has. The global market is segmented into three major groups based on their end-use: households, businesses, and public services. Markets in North America, Europe, Asia, and the Middle East and Africa (LAMEA) are all considered.
Report Coverage
Global String Inverter research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global String Inverter report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and String Inverter competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key String Inverter market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global String Inverter market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, String Inverter market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
SolarMax, Huawei Technologies, Sungrow Power Supply, Fronius International, KOSTAL Solar Electric, Growatt New Energy Technology.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global String Inverter market based on the below-mentioned segments:
Global String Inverter Market, By Product
On-grid
Off-grid
Global String Inverter market, By Application
Residential
Industrial
Commercial
Utilities
Global String Inverter Market, By Phase
Single
Three
Global String Inverter market, Regional Analysis
The United Nations and a number of national governments have set sustainable development goals that include generating electricity in a way that is compatible with those goals. These objectives can be reached through the use of renewable energy sources like solar and wind to generate electricity. The widespread availability of solar energy has increased its profile and made it more appealing to investors. Over the past decade, governments have increased electricity production by installing solar power plants. Because of this, the string inverter industry has flourished. Solar panels produce direct current (DC). An inverter changes direct current (DC) electricity into alternating current (AC), which can be used by standard domestic appliances and fed into the mains grid. The string inverter is the most popular choice for residential and commercial solar power installations. Connected solar panels require the usage of a string solar inverter. Solar panel strings can have anywhere from three to twenty or more individual modules.
Demand for adaptable, reliable, and easily customizable and installed power sources is driving the string inverter market CAGR. Solar inverter systems, which convert DC to AC and allow for simpler grid connection, are a necessary component of every installation. String inverters are utilised in residential, commercial, and industrial settings, as well as in the utility industry. Increasing global demand for solar energy is one of the main forces propelling the industry forward. The elimination of the need for costly system monitoring is expected to be a major driver of the string inverter industry. Solar inverters do more than just convert energy; they also monitor voltage, exchange data with the grid, and turn themselves off in the event of an emergency. Although string inverters have traditionally been employed in residential and commercial contexts, they are finding growing use in local utility projects around the world.
Reliability, low prices, and great efficiency will also drive the market share of cable pioneers over the forecast period. With more and more major projects incorporating renewable energy sources, the demand for string inverters is growing at a faster rate. With a solar inverter, you can say goodbye to astronomical electricity bills and hello to increased long-term efficiency. Several businesses in the power generation sector are driving up market demand for string inverters by prioritising the use of renewable energy sources to reduce their carbon impact. Do you remember how the COVID-19 pandemic wiped out the string inverter industry? Closing of brand-new chain inverter facilities in the commercial and residential sectors, as well as manufacturing and supply chain disruptions due to active lockdown and social estrangement, have all hampered the growth of this industry.
Off-grid solar power systems that don't use batteries are one type, while grid-connected systems that have batteries as a backup are another. Because of the many applications for solar inverters, this industry is expected to expand rapidly in the future years. In June 2021, for instance, China announced a new policy initiative to encourage rooftop growth in "pilot provinces" such Hebei, Henan, and Shandong, all of which have more than 20% of their population residing in rural areas. Several government programmes and the phasing out of Feed-in Tariffs (FiTs) will have a positive effect on the widespread use of string inverters in the residential sector. The adoption of renewable energy sources and strict adherence to energy efficiency regulations are two factors that will help the industry grow. boosting sales in the String Inverter industry.
The key factors expected to fuel the growth of the market during the projected period are the rapid development of the renewable energy sector and the ease of installation of string inverters. Market expansion in the next years will be hampered, however, by issues like as significant heat loss in large-sized string inverters and a lack of panel-level monitoring. On the other hand, the expansion of government programmes and funding for the electrification of rural and isolated areas is expected to present opportunities for the leaders in the worldwide string inverter market. The global string inverter market is broken down into many submarkets based on factors such as connection type, phase, end-use sector, and geography. The market is split into two types, on-grid and off-grid, denoting the source of power used. It can be broken down into two distinct types, "single phase" and "three phases," based on the number of phases it has. The global market is segmented into three major groups based on their end-use: households, businesses, and public services. Markets in North America, Europe, Asia, and the Middle East and Africa (LAMEA) are all considered.
Report Coverage
Global String Inverter research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global String Inverter report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and String Inverter competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key String Inverter market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | SolarMax, Huawei Technologies, Sungrow Power Supply, Fronius International, KOSTAL Solar Electric, Growatt New Energy Technology. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of String Inverter Market from 2021 to 2030.
- Market Forecast for String Inverter Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, String Inverter competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on String Inverter
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global String Inverter market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, String Inverter market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
SolarMax, Huawei Technologies, Sungrow Power Supply, Fronius International, KOSTAL Solar Electric, Growatt New Energy Technology.
Primary Target Market
- Market Players of String Inverter
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global String Inverter market based on the below-mentioned segments:
Global String Inverter Market, By Product
On-grid
Off-grid
Global String Inverter market, By Application
Residential
Industrial
Commercial
Utilities
Global String Inverter Market, By Phase
Single
Three
Global String Inverter market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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Through INFINITIVE Data Expert is a professional Market Research services, I will identify the string inverter market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.