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String Inverter Market 2021 Business Strategies, Emerging Market Segments and Forecast to 2027
String Inverter Market
Asia-Pacific contributed the highest share, accounting for more than half of the total market share in 2019, and will maintain its dominance throughout the forecast period. Moreover, the same region is expected to grow at the highest CAGR of 6.5% from 2020 to 2027. The research also discusses regions including North America, Europe, and LAMEA.
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Rapid growth in the renewable energy sector and ease in 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 market growth. On the other hand, supportive government initiatives and funding offered for electrification of remote and rural area with the help of solar energy create new opportunities in the coming years.
Based on connection type, the on-grid segment accounted for around three-fifths of the global string inverter market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. Moreover, the same segment is estimated to portray the highest CAGR of 6.4% from 2020 to 2027. This is due to rise in investment for direct supply of electricity rather than storing it in batteries.
Based on phase, the three phase segment accounted for the largest share in 2019, holding more than three-fourths of the total share, and is expected to maintain the largest share throughout the forecast period. Moreover, the same segment is estimated to portray the highest CAGR of 6.4% during the forecast period. The report also discusses the single phase segment.
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COVID-19 Scenario-
The operational disruption in the electrical and electronic industry, due to the COVID-19 outbreak, has impacted the string inverter market.
Halt in the new installations of the string inverters in commercial and residential sectors and disturbance in the supply chain and manufacturing activities due to active lockdown and social distancing have adversely affected the growth of this industry.
Get detailed COVID-19 impact analysis on the String Inverter Market: https://www.alliedmarketresearch.com/request-for-customization/6891?reqfor=covid
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