COVID-19 Impact on String Inverter Market Growth Probability, Key Vendors and Future Scenario Up to 2027
According to the report published by Allied Market Research, the global string inverter market generated $3.1 billion in 2019 and is estimated to reach $4.6 billion by 2027, registering a CAGR of 6.3% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Depending on the connection type, on-grid segment held the highest market share of around 60.3% in 2019, and is expected to maintain its dominance during the forecast period. This is owing to rise in investment for direct supply of electricity rather than storing it in batteries.
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On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2019, and anticipated to maintain this trend during the forecast period.
• There has been an operational disruption in the electrical and electronic industry during the Covid-19 outbreak across the globe. So, string inverter production has been impacted considerably.
• During the coronavirus pandemic, maintenance and new installations of the string inverters have been postponed in the commercial and residential sectors due to lockdown and social distancing norms.
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The global string inverter market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies, Siemens AG, Delta Electronics Public Co., Ltd., Chint Group, SolarMax, Growatt New Energy Technology Co., Ltd., and Huawei Technologies Co., Ltd.
Other players operating in the market are Schneider Electric, Elettronica Santerno, Shenzhen KSTAR, GoodWe, Sungrow Power Supply Co., Ltd., and others.
Key Findings of the Study:
• In 2019, the on-grid segment accounted for the majority of the share of the global string inverter market, and is expected to maintain its lead throughout the forecast period.
• In 2019, the three-phase segment accounted for around 76.4% of the share in the global string inverter market, and is expected to maintain its dominance till the end of the forecast period.
• In 2019, the utility segment is accounted for 40.4% market share, and is anticipated to grow at a rate of 6.6% in terms of revenue, increasing its share in the global string inverter market.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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