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How Large Will the String Inverter Market Size By 2025?

The market size for string inverters has seen robust growth in the past few years. It's projected that it will amplify from $4.12 billion in 2024 to $4.36 billion in 2025, registering a compound annual growth rate (CAGR) of 5.7%. The historic growth is linked to the expansion of the solar PV market, reduction in costs, enhancements in efficiency, integration with the grid, and an increase in the recognition of environmental benefits.

How Big Is the String Inverter Market Size Expected to Grow by 2029?

In the coming years, the string inverter market is projected to experience significant expansion, with an expected valuation of $5.76 billion in 2029 and a compound annual growth rate of 7.3%. Factors contributing to growth during this forecasted period include renewable energy goals, the expansion of applications, sustainability and the circular economy, consumer education, market awareness, and advancements in smart inverter technologies. The forecast period is also expected to see key trends such as hybrid inverter solutions, multi-mppt designs, grid support functions, cybersecurity feature enhancement and high power density.

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Which Key Market Drivers Powering String Inverter Market Expansion and Growth?

A surge in the demand for electricity is propelling the market growth for string inverters. A rapid expansion in socio-economic elements such as population growth, urban development, net income capital, and industrial activity in both established and emerging economies is witnessing a significant increase in electricity requirements worldwide. This heightened demand for electricity is anticipated to enhance the use of string inverters, which serve a critical role in transforming the electricity produced by solar panels into usable power. As an example, the House of Commons, a Governing body based in the UK, reported in July 2024 that average household energy costs elevated by 54% in April 2022 and by 27% in October 2022. Even though lower wholesale costs have led to reduced rates, bills are still about 29% more than what they were in winter 2021/22. As a result, the escalating electricity demand is projected to fuel the demand for string inverters during the forecast period.

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Which Fast-Growing Trends Are Poised to Disrupt the String Inverter Market?

Advancements in technology are an emerging trend in the string inverter market. Among these advancements is the smart string inverter, which employs voltage and frequency sensors to detect any irregularities in the grid and relay significant data to utility operators. This makes them especially useful for homeowners with rooftop solar installations as they work autonomously. In March 2022, Huawei introduced a smart string energy storage system equipped with a Smart I-V Curve Diagnosis tool. This tool performs thorough, real-time, and remote analysis of PV systems at the string level, automatically generating detection reports for underperforming PV arrays. This helps utility-scale PV facilities to reduce their operations and maintenance costs.

What Are the Emerging Segments in the String Inverter Market?

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

Subsegments:

1) By On-Grid: Standard On-Grid Inverters, Hybrid On-Grid Inverters, Grid-Tied Inverters with Battery Backup

2) By Off-Grid: Standalone Off-Grid Inverters, Off-Grid Inverters with Battery Storage, Inverters for Remote Applications

3) By Other Connection Types: Micro-Inverters, Power Optimizers

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Who Are the Global Leaders in the String Inverter Market?

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, Darfon Electronics Corporation, Sungrow Power Supply Co. Ltd., CC Power Electronics Ltd., Schneider Electric SE, Delta Energy Systems Gmbh, TMEIC Corporation, Advanced Energy Industries Inc., Kostal Solar Electric GmbH, REFUsol GmbH, Danfoss Solar Inverters A/S

Which are the Top Profitable Regional Markets for the String Inverter Industry?

Asia-Pacific was the largest region in the string inverter market share in 2024. The regions covered in the string inverter market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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