String Inverter Market

Global String Inverter Market Size (2024-2029):

The Global String Inverter Market was valued at US$ 3.90 billion in 2023 and is expected to reach US$ 5.75 billion by 2029, with a CAGR of 8.04% during the forecast period 2024 to 2029.

The inverter is a system that converts direct current into alternating current. The utility segment is expected to experience significant growth during the forecast period, due to the increase in solar energy projects in various countries around the world to develop a sustainable and affordable source of energy. With targets to reduce greenhouse gas (GHG) emissions in the coming years, countries around the world are adopting various targets to mitigate climate change. Increasing demand for electricity coupled with GHG emission targets is expected to drive the rise of renewable energy installations such as solar PV, which is likely to create an opportunity for string inverter companies to expand their activities in the upcoming future.

MARKET DRIVERS:

The increasing demand for continuous and reliable power sources along with easy installation and customization are some of the factors driving the global string inventor market. Each installation requires a means of converting direct current into alternating currents, such as solar inverter systems, which facilitate the introduction of the electricity produced into the electrical grid. String inverters are used in residential, commercial, and industrial sectors and in utilities. Increasing consumption of solar energy around the world is considered one of the main drivers of the market. The string inverter market is expected to be driven by lower costs that eliminate the monitoring capabilities of the system. Additionally, reliability, affordability, and high efficiency will drive the global market share of cable inventors during the forecast period. The increasing integration of renewables in large-scale projects is further accelerating the growth of the string inverter market. The solar inverter eliminates the high cost of utility bills and provides superior long-term efficiency. Several players in the power generation sector are looking for opportunities to reduce their carbon footprint by focusing on the use of renewable energy sources for power generation, thus driving the demand for string inverters in the market. Solar power systems are currently manufactured in various forms, such as an off-grid solar power system, a battery-backed grid-tied solar power system, and a battery-free, off-grid solar power system without backup. By having such diverse types and uses, a significant increase in the solar inverter market is expected, increasing new opportunities in the future.

MARKET RESTRAINTS:

Heat loss due to large inverter size is the main limitation in the global string inverter market.

Impact of COVID-19 on the Global String Inverter market:

The operational disruption in the electrical and electronics industry, due to the COVID-19 outbreak, has impacted the global string inverter market. The closure of new chain inverter facilities in the commercial and residential sectors and disruptions to supply chain and manufacturing activities due to active lockdown and social distancing have hampered the growth of this industry.

REPORT COVERAGE:

Market Segmentation:

Global String Inverter Market Analysis By End-User:

Of these, the utility segment was the largest segment of the global string inverter market, according to the end user, in 2018. The growth of the segment was attributed to the increasing number of utilities in the industry. Solar energy serves both the distributed solar market and the construction and operation of large-scale photovoltaic power plants.

Global String Inverter Market Analysis By System:

In the review period, the on-grid connection was the largest segment of the global string inverter market; however, the off-grid segment is expected to grow at a faster rate in the future, due to cheaper technology, and lower prices for solar modules, and solar systems in general. Off-grid three-phase string inverters are used in large-scale applications. Three-phase string inverters are expected to contribute to higher returns in the global string inverter market, in terms of phase, during the forecast period. The growth can be attributed to the increase in large-scale solar system installations in Japan, China, and several European countries. Global string inverter shipments are expected to double over the forecast period, and inverter manufacturers are pushing hard for the installation of three-phase string inverters in large power plants.

Global String Inverter Market Analysis By Power Rating:

41 kW - 80 kW was the largest segment of the global string inverter market due to its compact size and lightweight. Additionally, string inverters from 41 kW to 80 kW offer a higher level of protection and increased durability in harsh outdoor environments.

REGIONAL ANALYSIS:

Asia-Pacific has been observed to be the world's largest energy producer. It is also the largest regional market for renewable energy and as such dominates the global market for solar inverters. Countries such as China, India, and Japan are expected to lead the market during the forecast period. The regions are among the largest populations in the world and as such the electricity demand is high. Furthermore, the region has established itself as an industrial and manufacturing centre that promotes the demand for electricity in the region. Government support for renewable energy production is expected to support market growth. APAC represented a 47.6% share of the world market, followed by Europe. China is the main market at the country level in the region due to the country's high carbon emissions and active investments in renewable energy. These investments represent 36% of total global investments in renewable energy.

KEY PLAYERS IN THE GLOBAL STRING INVERTER MARKET

Some of the leading players in the Global String Inverter Market include KACO New Energy GmbH (Germany), Delta Energy Systems GmbH (Germany), ABB Limited (Switzerland), Chint Power Systems Co., Ltd. (China), Ningbo Ginlong Technologies (China), Samil Power Co., Ltd. (China), Fronius International GmbH (Austria), SMA Solar Technology AG (Germany), and Huawei Technologies Co. Ltd. (China), and Others.

Market Recent Developments:

• Sungrow, a leading distributor of inverter solutions for renewable energy, has indeed revealed that it will power the 800MW Al Kharsaa solar project in Qatar with the 1500V SG250HX string inverter. The project stands out as the third-largest solar power plant in the world and the first large-scale solar project in Qatar.
• The solar industry has witnessed a skyrocketing rise in string inverters in recent years, mainly thanks to the innovative string inverter solutions offered by Chinese ICT Company Huawei.

DETAILED SEGMENTATION OF THE GLOBAL STRING INVERTER MARKET IS INCLUDED IN THIS REPORT

This research report on the global string inverter market has been segmented and sub-segmented based on end-user, system, power rating, and region.

By End-User:

• Residential
• Commercial
• Industrial
• Utility

By System:

• Off-Grid
• On-Grid

By Power rating:

• Up to 10kw
• 11kw–40kw
• 41kw–80kw
• Above 80kw

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa