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String Inverter Market Size, By Phase (Single Phase, Three Phase {Low Power (≤ 99 kW), High Power (> 99 kW)}), By Connectivity (Standalone, On-grid), By Nominal Output Power (< 3 kW, 3 - 33 kW, 33 - 110 kW, > 110 kW), By Nominal Output Voltage (≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI1130
  • Published Date: Mar 2022
  • Report Format: PDF

Industry Trends

String Inverter Market size exceeded USD 10.75 billion in 2021 and is projected to expand at over 6.6% CAGR from 2022 to 2028. Restructuring the policy flow and trade investments across emerging nations including Vietnam, Brazil, and Germany, among others, will sway the business outlook.
 

String Inverter Market Overview

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The growing demand for renewable sources to supply electricity along with the widespread adoption of string inverters across the commercial and residential sectors will stimulate the string inverter market expansion. Several government measures to implement renewable power generation to reduce carbon footprints will encourage the industry value.
 

There has been a significant impact of the COVID-19 outbreak on the global economy. In recent years, the pandemic has disrupted supply chains; therefore, increasing the cost of components & raw materials. However, the solar industry experienced a considerable surge in the shipment of string inverters due to the favorable government policies coupled with rising solar installations.
 

An inclining trend toward 1.5 kV solar systems to increase the PV power plant size in the utility and large commercial installations will fuel the usage of three-phase inverters

String Inverter Market size

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Three-phase inverters are used in all sectors including residential, commercial, and utility. These components are largely installed in the utility sector for applications in systems requiring below 1,500 volts on account of easy handling, better efficiency, and low maintenance compared to central inverters.
 

Growing regulatory concerns regarding the establishment of effective interconnection with grid-tied solar installations will increase the product penetration potential compared to its counterparts. Clean energy targets coupled with various government investments have bolstered the string inverter market revenue.
 

Increased reliability, affordability, and efficient features of string inverters will aid market demand in the residential sector

The string inverter market growth is attributed to the reduction in taxes combined with various government policies in countries including India, China, and ASEAN to promote the use of solar. For instance, in June 2021, China announced its plans for a new policy program to augment the rooftop development in pilot provinces including Hebei, Henan, and Shandong, which consist of over 20% rural residences. Various government initiatives along with the expiring Feed-in-Tariffs (FiTs) will positively influence the acceptance of string inverters in the residential sector. An increasing shift toward the integration of renewable energy sources and meticulous energy efficiency concord will foster the industry expansion.
 

In addition, an increase in large-scale PV projects in several nations to establish an affordable and sustainable power generation source will encourage the demand for these systems in the utility sector. Inverter designs equipped with Silicon Carbide (SiC) and Gallium Nitride (GaN) components increase power densities and reduce cooling requirements, thus reducing the overall system cost and weight, in turn, boosting the string inverter market progression.
 

European region is predicted to grow owing to the various government incentives & schemes and expiring Feed-in-Tariffs (FiTs)

Europe String Inverter Market

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Europe string inverter market is poised to reach USD 6 billion by 2028. The region has witnessed multifold growth in the past two years across countries including Germany, Spain, and the Netherlands. Expiring FiTs coupled with the growing adoption of battery energy storage systems across the region is considerably driving the demand for string inverters. Large investments by public & private investors will propel the penetration of solar components, which will accelerate the industry growth.
 

Investments in the production of highly efficient systems will enhance the overall industry presence

Key players operating in the string inverter market are Growatt New Energy, SMA Solar Technology AG, Sungrow, Darforn Electronics Corp., Siemens, Enphase Energy, Fimer Group, Schneider Electric, SolarEdge Technologies, Inc., Eaton, Fronius International GmbH, Delta Electronics, Inc., Hitachi Hi-Rel Power Electronics Private Limited, Altenergy Power System, Inc., TMEIC, Tabuchi Electric Co., Ltd., Sineng Electric Co., Ltd., Panasonic Corporation, Canadian Solar.
 

These leaders are focused on the economies of scale and sustainability of the product’s quality to significantly spur their competitive market share. Crucial participants across the Middle East & Africa, Asia Pacific, and the U.S. are focusing on the reduction of carbon footprints through their products. Major manufacturers across the U.S., Asia Pacific, and the Middle East & Africa are inclined toward acquisitions, strategic collaborations, joint ventures, and partnerships to further gain a competitive advantage in the market.
 

The string inverter market research report includes in-depth coverage of the industry with estimates & forecast in terms of MW & ‘USD Million’ from 2018 to 2028 for the following segments:

Market, By Phase

  • Single Phase
  • Three Phase

Market, By Three Phase

  • Low Power (≤ 99 kW)
  • High Power (> 99 kW)

Market, By Connectivity

  • Standalone
  • On-grid

Market, By Nominal Output Power

  • < 3 kW
  • 3 - 33 kW
  • 33 - 110 kW
  • > 110 kW

Market, By Nominal Output Voltage

  • ≤ 230 V
  • 230 - 400 V
  • 400 - 600 V
  • > 600 V

Market, By Application

  • Residential
  • Commercial & Industrial
  • Utility

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • Italy
    • Poland
    • Netherlands
    • Austria
    • UK
    • France
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
  • Middle East & Africa
    • Israel
    • Saudi Arabia
    • UAE
    • South Africa
    • Egypt
    • Nigeria
  • Latin America
    • Brazil
    • Chile
    • Mexico

 

Authors: Ankit Gupta, Vinayak Shukla

Frequently Asked Questions (FAQ) :

The market size of string inverter surpassed USD 10.75 billion in 2021 and is expected to grow at a CAGR of 6.6% between 2022 and 2028 driven by rising trade investments across emerging nations.

The three-phase segment is anticipated to record substantial growth through 2028 owing to the rising product usage in different sectors including commercial, utility, and residential.

Europe market size is expected to cross USD 6 billion until 2028 considering the rising adoption of battery storage systems in the region.

Leading companies across the market are Darforn Electronics Corp., Growatt New Energy, Schneider Electric, Siemens, Fronius International GmbH, Hitachi Hi-Rel Power Electronics Private Limited, and others.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 20
  • Tables & Figures: 889
  • Countries covered: 23
  • Pages: 450

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