Press release
String Inverter Market Rising at 15%CAGR to 2024: Analysis of Key Players, Trends, Drivers, & Challenges
String Inverter Market size is expected to cross USD 7 billion by 2024, as per the latest report.
Global industry revenue generated from on-grid will exceed USD 5 billion. It finds application in small to medium scale industrial &commercial complex and large scale utility projects. Increasing adoption of decentralization system is set to drive standalone system demand.
The global revenue generated from up to 10 kW string inverter market for 2015 was over USD 225 million and is predicted to witness strong growth owing to growing rooftop solar system demand from residential and commercial consumers.
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String Inverter market by product:
• Stand-alone
• On-grid
By Phase
• Single
• Three
By Power Rating
• Up to 10 kW
• 11 kW–40 kW
• 41 kW–80 kW
• Above 80 kW
String Inverter market by end-user:
• Residential
• Commercial
• Utility
The above information is provided on a regional and country basis for the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA
Growth drivers:
• Declining PV component cost
• Remote system monitoring
• Increasing off grid electricity demand
• Industry pitfalls & challenges
• High heat losses
Rising demand for continuous and reliable power sources owing to growing population and urbanization will propel global string inverter market share over forecast period. Strong demand trends for off grid electricity will also play a significant role in industry evolution, with over 800 million of total population having poor or no access to electric grid infrastructure as of 2015.
Reliability, high efficiency and accessibility are some of the parameters which will drive the global string inverter market. Compact size, light weight, ease of installation and ability to increase power density are some of the other features which may positively favor the industry landscape.
Declining component cost coupled with low ongoing maintenance will positively influence string inverter market growth. Advancement of technology has reduced the three-phase inverter price by over 20% from 2013. Cost competitiveness will increase its adoption among residential and commercial users.
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In the U.S., programs including Renewable Energy Production Incentives (REPI) have been introduced to encourage the adoption of renewable energy technologies which will positively impact demand. REPI program offers incentive payments to new renewable energy facilities that generate and sell electricity. For Europe, UK string inverter market size is set to witness growth over 18% by 2024. Shifting trend towards sustainable energy may favor the industry growth. The electricity generation through renewable resources reached from 64.7 TWh in 2014 to 83.3 TWh in 2015.
India accounted for over 6% of 2015 Asia Pacific string inverter market share and should witness considerable growth on account of increasing clean fuel electricity demand. Government has introduced several initiatives including Jawaharlal Nehru National solar mission to encourage solar system adoption. This program set target to deploy grid connected solar power with 20,000 MW capacity by 2020.
Chile accounted for 10% of Latin America string inverter market share in 2015 and will see considerable growth owing to rising solar power installation. In 2016, Chile has installed 1,113 MW of solar power with over 2 GW of under construction and announced projects.
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