String Inverter Market Size, By Product (Standalone, On-grid), By Phase (Single, Three), By Power Rating (10KW, 11KW-40KW, 41KW–80KW, Over 80KW), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Spain, France, Netherland, China, India, Japan, Australia, South Korea, UAE, South Africa, Brazil, Chile), Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: January 2017 | 140 Pages | Report ID: GMI1130 Report Format: PDF
String Inverter Market size was above USD 2 billion in 2015 and is forecast to grow at over 15% CAGR by 2024.
Europe String Inverter Market size, by power rating, 2015 & 2024 (MW)
Stringent sustainability regulations coupled with rising demand for uninterrupted electricity supply will drive global string inverter market share. Europe has introduced directive 2003/87/EC, with the aim to reduce greenhouse gas emission by 20% by 2020.
Government measures toward the adoption of renewable energy over fossil fuel will boost the string inverter market share from 2016 to 2024. Introduction of various schemes including net metering and feed in tariff will further complement the industry growth. Growing demand for sustainable energy coupled with decreasing component cost are the other growth drivers. Technology innovation has resulted in considerable decline in the component price with improvement in its power density.
String Inverter Market, By Product
Standalone string inverter market accounted for over 35% of the global volume in 2015. Growing adoption of decentralized systems mainly in rural area will positively influence the industry outlook. On grid is set to witness strong growth of over 20% by 2024. Stringent industrial emission norms are encouraging consumers to shift their focus towards renewable energy.
String Inverter Market, By Phase
Single phase string inverter market share contributed over 10% of the global volume in 2015. Growing penetration of the off grid residential consumers across the developing nations will boost industry growth in the future. The global industry revenue generated by three phase for 2015 was over USD 1 billion and is expected to witness substantiate growth during forecast period. It finds applications in the utility and commercial sector owing to its cost effectiveness when compared with other alternatives with the same power rating.
String Inverter Market, By Power Rating
String inverter market demand from less than 10 kW was over 1 GW in 2015. Increasing demand for roof top solar across residential consumers is augmenting the industry landscape.11 kW–40 kW string inverter market size for 2015 was valued at over USD 700 million. Increasing demand for uninterrupted power supply across small scale industries and commercial complexes will propel its demand from 2016 to 2024.
String Inverter Market, By Application
Global string inverter market size from residential applications for 2015 was over 1 GW. Introduction of schemes such as feed in tariff, subsidy will boost the business growth. Commercial applications contributed over 70% of global revenue share in 2015 and is expected to witness considerable growth due to increasing investments towards infrastructure development and rising urban population. Engagement of power purchase agreement with beneficiary will stimulate the utility applications demand in coming years.
String Inverter Market, By Region
U.S. string inverter market size for 2015 was over USD 285 million. Government incentives including tax credit, rebate, feed in tariff and net metering is encouraging the adoption of renewable energy in the region. UK string inverter market size is predicted to exceed USD 500 million by 2024. Increasing adoption of roof top solar system in commercial and residential sector may propel the business growth over the forecast timeframe.
Chile is predicted to reach over 800 MW by 2024, owing to increasing installation of solar power projects. The country set target to produce over 70% of electricity through renewable energy resource by 2050. South Africa string inverter market share contributed 5% of regional revenue share in 2015 and is expected to be driven by growing electricity demand.
China string inverter market share contributed over 40% of the global volume share in 2015. The country is targeting to implement more than 110GW of PV installation by 2020. It has also introduced photovoltaic poverty alleviation program under which government is planning to install 10 GW of solar panels by 2020.
Competitive Market Share
The key players in the industry are KOSTAL Solar Electric, Advanced Energy Industries, SolarMax, ABB, Growatt New Energy Technology, Huawei Technologies, SMA Solar Technology, Schneider Electric, Sungrow Power Supply, Ingeteam, Solaredge Technologies, Yaskawa – Solectria Solar, Delta Energy System, KACO New Energy, Fronius International, Ginlong Technologies and Samil Power.
Major participants are investing heavily in research and development sector to develop new product which is expected to positively encourage the business growth. For instance, in 2016, Sungrow launched SG125HV string inverter with 125kW output. It offers 1.5 DC:AC ratio and 99% efficiency. This inverter is suitable for both commercial and utility scale solar projects. It helps to reduce balance of system cost and installation cost.
String Inverter Industry Background
String inverter is used to convert direct current into alternating current. It finds its application in commercial and residential sector. Increasing adoption of rooftop and ground mount solar product owing to its easy to install features and light weight may propel the industry growth during the forecast period. Lack of consumer awareness towards initiatives for renewable energy technologies may hamper the business growth.
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