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String Inverter Market 2023 - Outlook, Demand Factor, Growth Rate, And Forecast To 2032
String Inverter Market
The Business Research Company's String Inverter Global Market Report 2023 identifies increasing electricity demand is driving the string inverters market. Rapid growth in socio-economic factors such as population, urbanization, net capital income, and industrial activities in both developed and developing economies have contributed to a rapid surge in demand for electricity across the globe. Increasing demand for electricity is expected to boost the utilization of string inverters, as they act as key components to convert electricity generated from solar panels to usable electricity.
The global string inverter market size grew from $3.64 billion in 2022 to $3.91 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The market size of global string inverter market is expected to grow to $5.24 billion in 2027 at a CAGR of 7.6%.
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Major competitors in the string inverter market are Chint Group Co Ltd., Delta, Sputnik Engineering, Growatt New Energy, Siemens, Ginlong Technologies Co, SMA Solar Technology, Fronius International, KACO New Energy GmbH, Samil Power Co Ltd., FIMER SpA, SolarMax, Hitachi Hi-Rel Power Electronics, TMEIC, and Sineng Electric Co.
Technological developments are a key trend gaining popularity in the string inverter market. Smart string inverters are one of the developments in the string inverter market. Smart inverters use voltage and frequency sensors to identify grid anomalies and provide appropriate data to utility operators. Smart inverters are convenient for home rooftop solar owners since they function independently.
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The string inverter market is segmented -
• By Connection Type: On-Grid, Off-Grid
• By Nominal Output Voltage: = 230 V, 230 - 400 V, 400 - 600 V, > 600 V
• By Power Rating: Up to 10 kW, 11 kW - 40 kw, 41 kW - 80 kW, Above 80 kW
• By End Use Industry: Residential, Commercial and Industrial, Utilities
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the string inverter market.
The Business Research Company's "Global String Inverter Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The String Inverter Market Include:
1. String Inverter Market Executive Summary
2. String Inverter Market Segments
3. String Inverter Market Size And String Inverter Market Growth Rate
4. Key String Inverter Market Trends
5. Major String Inverter Market Drivers
……
25. Key Mergers And Acquisitions In The String Inverter Market
26. Top String Inverter Companies
27. String Inverter Market Opportunities And Strategies
28. String Inverter Market, Conclusions And Recommendations
29. Appendix
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