String Inverter Market 2023-2030 by End-Use Industry (Residential, Commercial & Industrial, and Utilities), Connection Type (On-Grid and Off-Grid), Phase (Single Phase and Three Phase): Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Energy & Power | Pages : 182 Pages | Published On : Jul 2023
The Global Market for string inverters, with a value of $3.1 billion in 2019, is projected to reach $4.6 billion by 2030, growing at a CAGR of 6.3% from 2023 to 2030.
String inverters play a crucial role in solar systems as they convert the direct current (DC) power generated by solar panels into alternating current (AC) power for residential applications. These inverters also perform functions like voltage tracking, grid connection, communication, and emergency shutdown. On-grid string inverters, which produce a pure sine wave of AC electricity, are increasingly preferred for their safety and efficiency in powering home appliances. String inverters are commonly used in residential and commercial applications and are now being employed in small utility projects worldwide.
The growth of the market during the forecast period is driven by the rapid development of the renewable energy sector and the easy installation of string inverters. However, the market is restrained by issues such as high heat loss in large-sized string inverters and the absence of panel-level monitoring. On the other hand, government initiatives and investments in electrifying rural and remote areas are expected to create opportunities for key players in the global string inverter market.
The global string inverter market is segmented based on connection type, phase, end-use industry, and region. The connection types include on-grid and off-grid, while the phase category comprises single phase and three phases. The market is further divided into residential, commercial & industrial, and utilities based on end-use industry. The market analysis covers North America, Europe, Asia-Pacific, and LAMEA regions.
The report provides comprehensive information about major industry participants in the global string inverter market. Key players include SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies, Siemens AG, Delta Electronics Public Co., Ltd., Chint Group, SolarMax, Growatt New Energy Technology Co., Ltd., and Huawei Technologies Co., Ltd.
Other players in the value chain of the market include Schneider Electric, Elettronica Santerno, Shenzhen KSTAR, GoodWe, Sungrow Power Supply Co., Ltd., and others.
To maintain competitiveness in the market, key players are implementing various strategies such as product launches and acquisitions.
For example, Growatt New Energy Technology Co., Ltd., a manufacturer of solar inverters, recently introduced the TL-XH series of inverters designed for single-phase residential customers. This new product launch includes inverters with dimensions of 350 x 350 x 160 mm, two maximum power point trackers (MPPT), a DC/AC ratio of 1.4, and a string current of up to 12.5 amperes. The introduction of this new series has expanded the company's product portfolio.
In terms of connection type, the on-grid segment held the largest market share in 2019. This can be attributed to the increasing investment in direct electricity supply instead of relying on battery storage. Furthermore, the growing electricity demand from emerging economies is driving the demand for on-string applications of string inverters in solar installations.
Regarding the phase category, the three-phase segment dominated the global market in 2019, in terms of market share. This is due to the shift from 1 kilovolt solar arrays to 1.5 kilovolt solar arrays, resulting in larger photovoltaic (PV) power plants for commercial and utility installations. This trend is fueling the growth of the three-phase market during the forecast period.
In 2019, the utilities segment held the largest market share in terms of end-use industry. This is attributed to increased investments in utility-scale solar power plants, solar parks, and other solar structures.
Asia-Pacific accounted for the highest share in the string inverter market in 2019 and is expected to maintain its dominance throughout the forecast period. This can be attributed to the presence of key players and a large consumer base in the region. Additionally, the rise in urbanization and industrialization in countries like China and India is increasing the demand for electricity, thereby driving market growth in the region.
Key Benefits for Stakeholders:
• The report presents a thorough analysis of various market segments and offers estimations for the period of 2023 to 2030.
• A comprehensive examination of the drivers and restraints influencing the growth of the global string inverter market is included.
• The application of Porter's five forces model highlights the bargaining power of buyers and suppliers, aiding market players in devising effective strategies.
• Estimations and forecasts are made based on factors that impact the value-driven growth of the global string inverter market.
• Profiles of key market players are provided to gain insights into their adopted strategies.
• This report offers a detailed analysis of current global string inverter market trends and future projections from 2023 to 2030, facilitating the identification of prevailing market opportunities.
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