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Utility Scale String Inverter Market - By Voltage (< 1500 V, ≥ 1500 V), Regional Insights, Application Potential, Growth Drivers & Forecast, 2024 – 2032

  • Report ID: GMI5753
  • Published Date: May 2023
  • Report Format: PDF

Utility Scale String Inverter Market Size

Utility Scale String Inverter Market size was valued at USD 2.5 billion in 2023 and is projected to grow at a CAGR of 11.3% between 2024 and 2032. The solar PV market size will reach USD 260 billion by 2032, due to favorable government policies, reduced costs, and rising awareness among consumers about eco-friendly technologies. The most widely used technology in residential and commercial sectors is the utility scale string inverter. However, the adoption of alternative technologies, such as central inverters, micro inverters, and power optimizers, may hinder the growth of utility scale string inverters in the future. Nevertheless, there is an increasing trend towards self-generation of electricity, and advancements in distributed generation systems, which is expected to create more business opportunities in the solar PV industry.

A utility scale string inverter is a device used in large-scale solar photovoltaic (PV) power systems to convert the direct current (DC) electricity generated by the solar panels into alternating current (AC) electricity that can be fed into the electrical grid. It operates by connecting multiple solar panels in a series, or "string," and converting the DC power from each string into AC power, which is then sent to the grid.

Manufacturers in the solar industry are constantly innovating and improving the technology of utility scale string inverters to enhance their efficiency and reliability. These efforts include investing in research and development to create utility scale string inverters that come with built-in monitoring and diagnostic tools, which can improve overall system performance while reducing maintenance costs. Additionally, there is a growing utility scale string inverter market demand with integrated battery energy storage, which is expected to have a positive impact on the adoption of these inverters.

The adoption of renewable energy sources, particularly solar PV systems, has resulted in a significant surge in demand for solar components in recent times. Developing countries' initiatives and targets to reduce dependence on fossil fuels and enhance energy security are expected to further drive the demand for solar energy systems. The utility scale string inverter is increasingly in demand due to its high efficiency, which maximizes the amount of energy generated by a solar energy system. Additionally, the implementation of various incentives and regulations to encourage the adoption of sustainable technologies will further accelerate the market growth.

COVID-19 Impact

The global COVID-19 pandemic has had a significant impact on the economy, including the solar energy industry. Supply chain disruptions caused by the pandemic have resulted in delays and shortages of components and materials needed for manufacturing utility scale string inverters, leading to production delays and increased costs for manufacturers. Additionally, the pandemic's economic downturn has reduced demand for utility scale string inverter market, as businesses and households have had to postpone or cancel solar energy projects due to financial constraints. However, despite the pandemic, there has been a positive trend towards solar installations in 2020, as favorable schemes, including feed-in tariffs, have helped to promote solar energy adoption.

Utility Scale String Inverter Market Analysis

Utility Scale String Inverter Market Size, By Region, 2021 – 2032 (USD Billion)

Solar power generation in utility scale facilities is becoming increasingly popular, with the power being supplied to the grid through power purchase agreements (PPAs) with utilities. Factors such as cost competitiveness and clean properties are driving the deployment of solar power, with economies of scale associated with large-scale installations driving further investments in technology integration and grid expansion worldwide.

Solar energy deployment is outpacing conventional power capacity additions in many regions, with solar installations being the dominant renewable technology. Promising government incentives, such as auctions, tariffs, and tax exemptions, are expected to increase investments in the solar market. Rapid technological innovation and growing public awareness are transforming PV power plants from an expensive and risk-driven industry to an economical and highly efficient one.

Global Utility Scale String Inverter Market Revenue Share, By Voltage (2022)

The utility scale string inverter market from three phase segment held over USD 1.5 billion revenue in 2022, due to rising awareness toward the use of low CO2-intensive products to mitigate GHG emissions. 1500 V string inverters have gained significant traction for utility scale projects. These systems offer low management and maintenance, which is anticipated to sway the market demand. Policymakers, private investors, and end users have embraced new solutions for less than 1500 V applications as sustainable and reliable solution for electricity access. Moreover, there have been a large number of projects which have utilized 1500 V technology including 300 MW Sakaka solar PV plant in Saudi Arabia.

Asia Pacific Utility Scale String Inverter Market Size, 2021 - 2032, (USD Billion)

Asia Pacific utility scale string inverter market is set to show tremendous growth through 2032, owing to favorable regulatory reforms and rising renewable investments. Despite high solar capacity in these regions, the market is likely to experience a significant shift to other regions including Middle East, Africa and Latin America owing to favorable solar densities, economies of scale, flexible financing and delivery models, effective government & tax policies and low technology costs. In recent past, the solar PV installations in China experienced a considerable shortfall owing to limited availability of land, grid connection, financial challenges, and delayed execution of policies.

However, the installations in the country experienced a significant surge in 2020 followed by the commissioning of ongoing PV projects. A shift in investment priorities due to Covid-19 crisis and increased focus toward larger project development to achieve lower bids & economies of scale benefits are likely to foster large scale PV installations in China. However, the development schedule for solar PV projects will probably be cancelled or postponed due to increasing financial issues, absence of subsidies and insufficient penalties for non-completion.

Utility Scale String Inverter Market Share

Some of the key companies operating across the utility scale string inverters market are:

  • Fimer Group
  • Siemens
  • Schneider Electric
  • Darfon Electronics Corp.
  • Growatt New Energy
  • Sungrow
  • SMA Solar Technology AG
  • Sineng Electric Co., Ltd.
  • Hitachi Hi-Rel Power Electronics Private Limited
  • Delta Electronics, Inc.
  • Fronius International GmbH
  • Huawei Technologies Co., Ltd.
  • SolarEdge Technologies, Inc.
  • Eaton
  • GoodWe
  • Ginlong Technologies
  • Panasonic Corporation
  • Canadian Solar
  • and Tabuchi Electric Co., Ltd..

Major manufacturers across Asia Pacific, the U.S., and the Middle East & Africa are inclined toward mergers & acquisitions, strategic collaborations, partnerships, and joint ventures to further gain a competitive advantage in the market.

Utility Scale String Inverter Industry News:

  • In July 2021, SHENZHEN SOFARSOLAR CO., LTD announced that its grid-tied inverter has passed the certification of AS/NZS4777.2 upgraded by Clean Energy Council. This certification will help the company to sustain in the Australian market. Moreover, the product has lightweight design, already built-in alarm system, Wi-Fi, anti-countercurrent, and flexible remote monitoring features.
  • In July 2021, Panasonic Corporation launched Solar Grid-Tie Inverters in three states of India. The product offers clean energy solutions for conscious and eco-driven consumers. These product line offers compact design, assure higher longevity and lightweight These inverters provide maximum efficiency, safe in handling, and affordability, promotes energy saving while making them ideal for utility customers.

This utility scale string inverter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in MW & USD Million from 2019 to 2032, for the following segments:

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Market, By Voltage

  • < 1500 V
  • ≥ 1500 V

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 utility scale string inverters was crossed USD 2.5 billion in 2023 and will observe over 11.3% CAGR from 2024 to 2032, says this GMI report.

Three-phase utility scale string inverters market size accounted for USD 1.5 billion in 2022, due to the rising awareness toward the use of low CO2-intensive products to mitigate GHG emissions.

Asia Pacific region will contribute to the growth of the market by 2032, owing to favorable regulatory reforms and rising renewable energy investments.

Fimer Group, Siemens, Schneider Electric, Sungrow, SMA Solar Technology AG, Sineng Electric Co., Ltd., Hitachi Hi-Rel Power Electronics Private Limited, Delta Electronics, Inc., Huawei Technologies Co., Ltd., Eaton, GoodWe, Ginlong Technologies, Panasonic Corporation, and Tabuchi Electric Co., Ltd.

Utility Scale String Inverter Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 307
  • Countries covered: 23
  • Pages: 220
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