Press release
Emerging Trends to Drive String Inverter Market Growth at 6.7% CAGR Through 2029
String Inverter Market
String Inverter Market Size Growth Forecast: What to Expect by 2025?
There has been a consistent increase in the size of the string inverter market over the recent years. The market, which is worth $4.12 billion in 2024, is expected to see a rise to $4.28 billion in 2025, showing a compound annual growth rate (CAGR) of 4.0%. The expansion during the historic period is due to the progression of the solar PV market, decrease in cost, enhancement in efficiency, integration with the grid and a growing comprehension of environmental benefits.
How Will the String Inverter Market Size Evolve and Grow by 2029?
In the ensuing years, the string inverter market is predicted to experience robust expansion, reaching $5.55 billion by 2029 with a 6.7% compound annual growth rate (CAGR). This anticipated growth during the forecast period can be credited to goals in renewable energy, growing application fields, sustainability plus circular economy factors, consumer enlightenment, and market awareness, along with smart inverter technologies. Dominant trends projected for this forecast period encompass hybrid inverter solutions, multi-mppt designs, grid support functions, cybersecurity elements, and high power density.
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What Drivers Are Propelling the Growth of String Inverter Market Forward?
The surge in the need for electricity is a significant driving force for the string inverters market. The swift expansion of socio-economic elements such as population, urbanization, gross income, and industrial endeavors in both industrialized and developing economies has led to an accelerated upsurge in global electricity demand. This heightened need for electricity is anticipated to enhance the use of string inverters, essential for transforming power generated from solar panels into usable electricity. For instance, the House of Commons, a governing body based in the UK, reported in July 2024 that typical household energy bills surged by 54% in April 2022 and by 27% in October 2022. Despite lower wholesale prices leading to reduced rates, bills are still around 29% higher than they were during winter 2021/22. Consequently, this increased electricity need is projected to stimulate the demand for string inverters throughout the forecast period.
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What Are the Key Trends Driving String Inverter Market Growth?
Advancements in technology have emerged as a significant trend amplifying the string inverter market's popularity. One such advancement includes the creation of smart string inverters. These innovative inverters utilize voltage and frequency sensors to detect irregularities in the grid and supply relevant data to utility operators. They are particularly beneficial for domestic rooftop solar owners because they operate independently. In March 2022, Huawei launched a smart string energy storage system equipped with a Smart I-V Curve Diagnosis tool. This tool facilitates in-depth, real-time, remote monitoring of PV systems at the string level and auto-generates underperformance reports for PV arrays, thereby aiding utility-scale PV establishments reduce O&M costs.
What Are the Key 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 Key Players Shaping the String Inverter Market's 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, 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
What Geographic Markets Are Powering Growth in the String Inverter Market?
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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