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Pulished Date April, 2021
ID: 10314
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String Inverter Market Segmentation by end-user (Residential, Commercial, Industrial and Utility), system (Off-Grid and On-Grid), power rating (Up to 10kw, 11kw–40kw, 41kw–80kw, and Above 80kw), and Region - Industry Forecast to 2026

Pulished: April, 2021
ID: 10314
Pages: 175

Global String Inverter Market Size and Growth Analysis:

The global string inverter market was valued at $ 3.8 billion in 2021and is expected to reach $ 6.7 billion by 2026, with a CAGR of 8.3% from 2021to 2026. Inverter is a system that converts direct current into alternating current. The utilities 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 upcoming future.

Global String Inverter Recent Developments in the industry:

  • 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.

Global String Inverter 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 current, 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 the 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.


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




Market Size Available

2020 – 2025

Base Year


Forecast Period

2021- 2026



Segments Covered

By Product, Type, Consumption, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

 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)

String Inverter Market

Global String Inverter Market Segmentation:

Based on end-user, String inverters are used in the residential, commercial, industrial and utility sectors. Of these, the utilities 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 that serves both the distributed solar market and the construction and operation of large-scale photovoltaic power plants.

Based on system, the string inverter market has been segmented into off-grid and on-grid. In the review period, 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 future, due to cheaper technology, 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.

Based on power rating, 41 kW - 80 kW was the largest segment of the global string inverter market due to their compact size and light weight. Additionally, string inverters from 41 kW to 80 kW offer a higher level of protection and increased durability in harsh outdoor environments.

Global String Inverter 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 demand for electricity 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.

Impact of Covid-19 on 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.

Key Players:

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), among others.


1. Introduction                             

              1.1 Market Definition                  

              1.2 Scope of the report               

              1.3 Study Assumptions               

              1.4 Base Currency, Base Year and Forecast Periods                       

2. Research Methodology                                       

              2.1 Analysis Design                      

              2.2 Research Phases                    

                             2.2.1 Secondary Research          

                             2.2.2 Primary Research 

                             2.2.3 Data Modelling    

                             2.2.4 Expert Validation 

              2.3 Study Timeline                       

3. Report Overview                                    

              3.1 Executive Summary              

              3.2 Key Inferencees                     

4. Market Dynamics                                   

              4.1 Impact Analysis                      

                             4.1.1 Drivers     

                             4.1.2 Restaints 

                             4.1.3 Opportunities       

              4.2 Regulatory Environment                    

              4.3 Technology Timeline & Recent Trends                         

5. Competitor Benchmarking Analysis                                

              5.1 Key Player Benchmarking                   

                             5.1.1 Market share analysis       

                             5.1.2 Products/Service  

                             5.1.3 Regional Presence

              5.2 Mergers & Acquistion Landscape                   

              5.3 Joint Ventures & Collaborations                     

6. Market Segmentation                                          

              6.1 String Inverter Market, By End-user               

                             6.1.1 Residential            

                             6.1.2 Commercial          

                             6.1.3 Industrial

                             6.1.4 Utility       

                             6.1.5 Market Size Estimations & Forecasts (2019-2024) 

                             6.1.6 Y-o-Y Growth Rate Analysis            

                             6.1.7 Market Attractiveness Index          

              6.2 String Inverter Market, By System                  

                             6.2.1 On-Grid   

                             6.2.2 Off-Grid   

                             6.2.3 Market Size Estimations & Forecasts (2019-2024) 

                             6.2.4 Y-o-Y Growth Rate Analysis            

                             6.2.5 Market Attractiveness Index          

              6.3 String Inverter Market, By Power Rating                     

                             6.3.1 Up to 10kw            

                             6.3.2 11kw–40kw           

                             6.3.3 41kw–80kw           

                             6.3.4 Above 80kw          

                             6.3.5 Market Size Estimations & Forecasts (2019-2024) 

                             6.3.6 Y-o-Y Growth Rate Analysis            

                             6.3.7 Market Attractiveness Index          

7. Geographical Landscape                                     

              7.1 Global Identity Governance and Administration Market, by Region                            

              7.2 North America - Market Analysis (2018 - 2024)                        

                             7.2.1 By Country            



                             7.2.2 By End-user          

                             7.2.3 By System

                             7.2.4 By Power Rating   

              7.3 Europe                      

                             7.3.1 By Country            






                                  Rest of Europe

                             7.3.2 By End-user          

                             7.3.3 By System

                             7.3.4 By Power Rating   

              7.4 Asia Pacific                

                             7.4.1 By Country            




                                  South Korea

                                  South East Asia

                                  Australia & NZ

                                  Rest of Asia-Pacific

                             7.4.2 By End-user          

                             7.4.3 By System

                             7.4.4 By Power Rating   

              7.5 Latin America                         

                             7.5.1 By Country            




                                  Rest of Latin America

                             7.5.2 By End-user          

                             7.5.3 By System

                             7.5.4 By Power Rating   

              7.6 Middle East and Africa                       

                             7.6.1 By Country            

                                  Middle East


                             7.6.2 By End-user          

                             7.6.3 By System

                             7.6.4 By Power Rating   

8. Key Player Analysis                                

              8.1 ABB Limited              

                             8.1.1 Business Description         

                             8.1.2 Products/Service  

                             8.1.3 Financials

                             8.1.4 SWOT Analysis     

                             8.1.5 Recent Developments       

                             8.1.6 Analyst Overview 

              8.2 Delta Energy Systems GmbH                           

              8.3 Chint Power Systems Co., Ltd                          

              8.4 Ningbo Ginlong Technologies                          

              8.5 Samil Power Co., Ltd                           

              8.6 Fronius International GmbH                            

              8.7 SMA Solar Technology AG                  

              8.8 Huawei Technologies Co. Ltd                           

              8.9 KACO New Energy GmbH                   

9. Market Outlook & Investment Opportunities                             


              List of Tables                   

              List of Figures                 

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global String Inverter Market By Region, From 2021-2026 ( USD Billion )

  2. Global String Inverter Market By End-user, From 2021-2026 ( USD Billion )

  3. Global Residential Market By Region, From 2021-2026 ( USD Billion )

  4. Global Commercial Market By Region, From 2021-2026 ( USD Billion )

  5. Global Industrial Market By Region, From 2021-2026 ( USD Billion )

  6. Global Utility Market By Region, From 2021-2026 ( USD Billion )

  7. Global String Inverter Market By System, From 2021-2026 ( USD Billion )

  8. Global On-Grid Market By Region, From 2021-2026 ( USD Billion )

  9. Global Off-Grid Market By Region, From 2021-2026 ( USD Billion )

  10. Global String Inverter Market By Power Rating, From 2021-2026 ( USD Billion )

  11. Global Up to 10kw Market By Region, From 2021-2026 ( USD Billion )

  12. Global 11kw–40kw Market By Region, From 2021-2026 ( USD Billion )

  13. Global 41kw–80kw Market By Region, From 2021-2026 ( USD Billion )

  14. Global Above 80kw Market By Region, From 2021-2026 ( USD Billion )

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