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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.
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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.
Report Coverage | Details |
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Base Year: | 2021 |
Market Size in 2021: | 10,748.6 (USD Million) |
Forecast Period: | 2022 to 2028 |
Forecast Period 2022 to 2028 CAGR: | 6.6% |
2028 Value Projection: | 17,488.0 (USD Million) |
Historical Data for: | 2018 to 2021 |
No. of Pages: | 450 |
Tables, Charts & Figures: | 889 |
Segments covered: | Phase, Connectivity, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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Get more details on this report - Request Free Sample PDF
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.
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.
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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.
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.
Market, By Phase
Market, By Three Phase
Market, By Connectivity
Market, By Nominal Output Power
Market, By Nominal Output Voltage
Market, By Application
The above information has been provided for the following regions and countries: