Press release
String Inverter Market 2021 Comprehensive Analysis and Future Estimations 2027
Fast growth in the renewable energy sector and easy installation of the inverters drive the growth of the global string inverter market. However, high amount of heat loss and deficiency of panel level monitoring hinder the string inverter market growth. On the other hand, government initiatives & investment on electrification of remote and rural area using solar energy would offer a number of opportunities in the coming years.Based on phase, the three phase segment contributed to the highest market share with more than three-fourths of the global string inverter market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 6.4% from 2020 to 2027. This is attributed to the increase in importance and rise in demand from power generation, distribution and transmission sector.
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Based on connection type, the on-grid segment contributed to the largest share in 2019, accounting for three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 6.4% from 2020 to 2027. The report also analyzes the off-grid segment.
Based on region, Asia-Pacific accounted for the highest share based on revenue, holding for more than half of the global string inverter market in 2019, and is projected to maintain its dominant position throughout the forecast period. Moreover, the same region is estimated to generate the fastest CAGR of 6.5% from 2020 to 2027. This is attributed to large number of key players and availability of the manufacturing facilities in this region. Furthermore, North America region is anticipated to manifest the CAGR of 6.1% from 2020 to 2027.
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Leading string inverter market players analyzed in the research 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.
Covid-19 scenario:
There has been the 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.
The report offers a detailed segmentation of the global string inverter market based on connection type, phase, end use, and region.
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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 domain.
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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