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String Inverter Market Size, Share, Trends, And Report Analysis By 2033
String Inverter Market Size
As per the report, the string inverter market size has grown strongly in recent years. It will grow from $3.93 billion in 2023 to $4.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. 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%.
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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.
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.
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
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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.
Contents of the report:
1. Executive Summary
2. String Inverter Market Report Structure
3. String Inverter Market Trends And Strategies
4. String Inverter Market - Macro Economic Scenario
5. String Inverter Market Size And Growth
…..
27. String Inverter Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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