Press release
Rapid Growth Projected for String Inverter Market, Reaching $5.49 Billion by 2028 with Rising Renewable Energy Targets
String Inverter Market Report
The string inverter market size is expected to see strong growth in the next few years. It will grow to $5.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to renewable energy targets, expanding applications, sustainability and circular economy, consumer education and market awareness, smart inverter technologies. Major trends in the forecast period include hybrid inverter solutions, multi-mppt designs, grid support functions, cybersecurity features, high power density.
Market Overview -
The string inverter refers to a device that converts the energy generated by solar arrays (Direct Current) into usable power for a residence (Alternating Current). A solar array is a group of several solar panels that work together to generate power. A string Inverter is a stand-alone box with inputs for connecting "strings" of solar panels into a single unit. Six to ten separate solar panels are usually linked together in a string-like sequence, with the end hooked into the central inverter.
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Rising Electricity Demand Fuels Growth In The String Inverters Market
The 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 electricity demand 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. According to the International Energy Agency (IEA) Renewable Energy Market Update 2021, Solar renewable energy expansion to reach 162 GW in 2022 from 145 GW in 2021. Therefore, the rise in electricity demand is expected to boost demand for string inverters during the forecast period.
Competitive Landscape -
Major companies operating in the string inverter market include Chint Group Corp., Delta Electronics Inc., Sputnik Engineering AG, Growatt New Energy Technology Co. Ltd., Siemens AG, SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies Co., SolarMax Energy pvt. Ltd., Huawei Technologies Co. Ltd., ABB Ltd., KACO New Energy GmbH, Ningbo Ginlong Technologies Co. Ltd., Fronius International GmbH, Eaton Corporation Plc, Altenergy Power System, Enphase Energy Inc., Darfon Electronics Corporation, Sungrow Power Supply Co. Ltd., CC Power Electronics Ltd., Schneider Electric SE, Delta Energy Systems Gmbh, TMEIC Corporation, SatCon Technology Corporation, Advanced Energy Industries Inc., Kostal Solar Electric GmbH, REFUsol GmbH, Danfoss Solar Inverters A/S, SolarBridge Technologies Inc.
Technological Advancements Drive The Rise Of Smart String Inverters In The Market
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. In March 2022, Huawei unveiled a smart string energy storage system with a Smart I-V Curve Diagnosis tool that conducts comprehensive, real-time, and remote detection of PV systems at the string level. It creates automatic detection reports of underperforming PV arrays, helping utility-scale PV facilities cut O&M expenses.
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Key Segments -
The string inverter market covered in this report is segmented -
1) By Connection Type: On-Grid, Off-Grid
2) By Nominal Output Voltage: ≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V
3) By Power Rating: Up to 10 kW, 11 kW - 40 kw, 41 kW - 80 kW, Above 80 kW
4) By End Use Industry: Residential, Commercial and Industrial, Utilities
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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