Press release
String Inverter Market key players in the industry are KOSTAL Solar Electric, Advanced Energy Industries, SolarMax, ABB, Growatt New Energy Technology, Huawei Technologies, SMA Solar Technology and Schneider Electric
String Inverter Market
Low ongoing maintenance along with declining component cost will positively impact string inverter market. Technological advancement has reduced the price of three-phase inverter by over 20% from 2013. High efficiency, light weight, ease of installation and cost competitiveness are some of the key features which will augment its adoption among commercial and residential users.
Standalone product accounted for over 35% of the global string inverter market share in 2015. Increasing adoption of decentralized systems particularly in rural area will positively impact the business landscape. On-grid product is predicted to witness substantial growth of over 20% by 2024 owing to stringent industrial emission norms thereby encouraging investment towards sustainable energy.
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U.S. string inverter market was valued over USD 285 million in 2015. Government incentives including rebate, tax credit, net metering and feed in tariff along with ambitious renewable energy target will positively influence the industry outlook. The U.S. has introduced Energy Incentive Program (EIP) with an aim to encourage the adoption of sustainable energy technologies. Renewable Energy Production Incentive program provides incentive payments to all new renewable energy facilities producing and selling electricity.
UK string inverter market share is projected to expand over 18% by 2024 owing to shift towards sustainable energy. Rising adoption of roof top solar system in residential and commercial sector will further complement the business growth during the forecast period. In 2015, the electricity generation from renewable resources reached to 83.3 TWh with a 29% increase compared with 64.7 TWh in 2014.
India accounted for above 6% of the regional string inverter market share in 2015. Increasing demand for clean fuel electricity along with government initiatives to encourage the adoption of renewable energy will further stimulate the business landscape. In 2015, the government of India amended the Jawaharlal Nehru National Solar Mission (JNNSM) with the new objective to encourage installation of grid connected solar power with capacity of 100 GW by 2022.
Key players in the industry include Huawei Technologies, SolarMax, Fronius International, Sungrow Power Supply, KOSTAL Solar Electric, Schneider, Ingeteam, Ginlong Technologies, Growatt New Energy Technology, KACO New Energy, Advanced Energy Industries, and Solaredge Technologies.
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Report Content
Chapter 1 Methodology & Scope
1.1 Research Methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Research scope and assumptions
1.2 Data Sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2 Executive Summary
2.1 String inverter industry 3600 synopsis, 2013 - 2024
2.1.1 Current business environment
2.1.2 Product trends
2.1.3 Phase trends
2.1.4 Power rating trends
2.1.5 Application trends
2.1.6 Regional trends
Chapter 3 String Inverter Industry Insights
3.1 Industry segmentation
3.2 Industry size & forecast, 2013 – 2024
3.3 Industry ecosystem
3.3.1 Vendor matrix
3.3.2 Cost structure analysis
3.4 Technology & innovation landscape
3.5 Regulatory landscape
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