String Inverter Market to Generate $4.6 billion by 2027, At a CAGR of 6.3%

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.

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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 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.

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.

The key players operating and profiled in the report are:

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.
Huawei Technologies Co., Ltd.

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The following are the regions covered in this report.

North America [U.S., Canada, Mexico]
Europe [Germany, UK, France, Italy, Rest of Europe]
Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
South America [Brazil, Argentina, Rest of Latin America]
Middle East & Africa [GCC, North Africa, South Africa, Rest of Middle East and Africa]

Key Findings of the Study:

In 2019, the on-grid segment accounted for 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 utilities 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.

Utilities is the fastest-growing end-use industry segment in the Asia-Pacific string inverter market, which is expected to grow at a CAGR of 6.8% during 2020–2027.

The Asia-Pacific region is expected to grow at the fastest rate, registering a CAGR of 6.5%, throughout the forecast period.

In 2019, Asia-Pacific dominated the global string inverter market with more than 50.0% of the share, in terms of revenue.

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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