According to IMARC Group’s latest report, titled “String Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.’ the global string inverter market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
Factors Affecting the Growth of the String Inverter Industry:
- Expansion of the Solar Energy Sector:
The primary driver of the string inverter market is the rapid expansion of the solar energy sector worldwide. This expansion is fueled by the increasing global focus on renewable energy sources to mitigate climate change and reduce dependency on fossil fuels. Governments across various countries are offering incentives, subsidies, and regulatory support for solar energy projects, which in turn boosts the demand for solar inverters, including string inverters. The decreasing cost of solar panels and the rising awareness about the environmental benefits of solar energy further contribute to the growth of solar installations. String inverters, being a crucial component in photovoltaic (PV) systems for converting direct current (DC) from solar panels to alternating current (AC), are directly benefiting from this surge in solar energy adoption.
- Technological Advancements and Product Innovation:
The string inverter market is also growing due to continuous technological advancements and product innovations. Modern string inverters are more efficient, and reliable, and come with enhanced features like smart monitoring systems, improved power conversion efficiencies, and the ability to integrate with energy storage systems. Innovations in inverter technology, such as the development of high-capacity string inverters that can cater to larger installations, and improvements in thermal management and component miniaturization, are making these inverters more appealing for both residential and commercial uses. Additionally, advancements in grid integration technologies are enabling more efficient and stable connections between solar installations and the power grid, which is critical for the adoption of on-grid string inverters.
- Shift Towards Decentralized Power Generation:
The global shift towards decentralized power generation is another significant factor contributing to the growth of the string inverter market. Decentralized or distributed energy generation, like rooftop solar installations, small-scale solar parks, and community solar projects, is gaining popularity due to its potential to provide more resilient and sustainable energy solutions. String inverters are ideally suited for these decentralized systems due to their scalability, ease of installation, and compatibility with various sizes and types of solar installations. This trend towards decentralized energy generation is expected to continue, thereby driving the demand for string inverters.
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String Inverter Market Report Segmentation:
Breakup by Connection Type:
- On-Grid
- Off-Grid
The on-grid segment dominates the global string inverter market due to the widespread adoption of grid-connected solar power systems that require efficient and reliable inverters for converting solar energy into grid-compatible electrical power.
Breakup by Phase:
- Single Phase
- Three Phase
Three-phase string inverters are the largest phase segment in the market, as they are commonly used in large-scale commercial and industrial solar installations due to their higher efficiency and ability to handle larger power loads compared to single-phase inverters.
Breakup by Power Rating:
- Up to 10kW
- 11kW to 40kW
- 41kW to 80kW
- Above 80kW
The 41kW to 80kW power rating range is the largest power rating segment in the string inverters market, as it caters optimally to the needs of medium to large-scale solar installations, balancing efficiency, and capacity requirements prevalent in commercial and utility-scale projects.
Breakup by End Use:
- Residential
- Commercial and Industrial
- Utilities
Utilities emerge as the largest end-user segment in the string inverter market, driven by the growing utility-scale solar installations that require robust and high-capacity string inverters to efficiently manage and convert solar energy for large-scale power generation.
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
Asia Pacific leads the global string inverter market, attributed to the region's significant investments in solar energy, government initiatives promoting renewable energy, and the presence of key solar equipment manufacturers, especially in countries like China and India.
Global String Inverter Market Trends:
The strong focus on technological innovations to enhance efficiency, reliability, and smart functionality in string inverters represents one of the key factors driving the growth of the market across the globe. Advancements include improved maximum power point tracking (MPPT) for better energy conversion and integrated smart monitoring systems for real-time performance tracking and remote diagnostics. String inverters are gaining popularity in residential and commercial solar projects due to their cost-effectiveness, ease of installation, and scalability. The growing awareness and incentives for rooftop solar installations are further fueling this trend.
The market is witnessing a trend towards the integration of string inverters with energy storage systems. This integration is crucial for managing energy flow, enhancing grid stability, and ensuring continuous power supply, particularly in off-grid and hybrid systems. Developing regions, particularly in Asia and Africa, are emerging as significant markets for string inverters, driven by increasing investments in renewable energy and rural electrification projects.
Leading Companies Operating in the Global String Inverter Industry:
- ABB Ltd.
- Chint Power Systems
- Delta Electronics (Thailand) PCL
- Fronius International GmbH
- Ginlong Technologies Co. Ltd.
- Huawei Technologies Co. Ltd.
- Schneider Electric SE
- Siemens AG
- SMA Solar Technology AG
- SolarEdge Technologies Inc.
- SOLARMAX GmbH
- Sungrow Power Supply Co. Ltd.
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