String Inverter Market Size, Share, Growth & Forecast | 2030

Report Description

The global string inverter market size was USD 10.31 Bn in 2021 and is likely to reach USD 17.6 Bn by 2030, expanding at a CAGR of 6.1% during 2022–2030. The market growth is attributed to the increasing use of solar power systems across various industries.

A string inverter is connected to a string of solar panels which are called solar arrays that are used to convert the generated current, Direct Current (DC power) to usable electricity, and Alternative Current (AC power) for usage across various industries such as homes, commercial & industrial, and utilities. These inverters are the cheaper solution due to the lower equipment needed compared to the other solar inverters.

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String inverters are the most commonly used solar inverters owing to their durability and robustness of these inverters. String inverters are easy to maintenance and troubleshoot compared to microinverters. One-phase and three-phase string inverters are extensively used across various industries such as industrial & commercial, residential, and utilities.

Inverter technology has been steadily evolving over the past several decades to better enable homeowners to reap maximum power from their PV inverter systems. Renewable resources are gaining traction as governments are focusing on increasing investments and taking initiatives by launching favorable schemes for manufacturers and consumers.

COVID-19 Impact on String Inverter Market

The market report finds that the COVID-19 pandemic hindered the global string inverter due to the emergency lockdowns around the globe. The temporary shutdown of production factories and sudden disruption in the supply chain forced manufacturers to delay or reschedule their production of solar panels.

The pandemic affected the installation of solar power systems due to several preventive measures and COVID-19 guidelines, imposed by governments globally. The lack of labor in the production factories owing to preventive measures such as social distancing hindered further market growth. Strict government guidelines on traveling and transportation led to the lack of raw materials supply for the production of solar power systems.

China is the largest producer of solar energy in the globe but China was the first country to shut down during the COVID-19 pandemic as the first patient of coronavirus was found in the country. As the country is the leading producer and the sudden lockdown in the country and across the globe further hindered the global market.   

String Inverter Market Dynamics

The research report presents a complete market overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global string inverter market research report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

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Which Major Factors are Likely to Boost the Demand for String Inverters?

The rapid adoption of solar power systems can fuel the global string inverter market. Solar energy is one of the major resources of renewable energy in the world. Solar energy is used for different purposes in various industries. Increasing awareness regarding the benefits of solar energy can drive market growth in the coming years.

What are Major Challenges of String Inverter Market?

The single point of failure of the string inverter can hinder the global market. If the inverter breaks down the whole solar array are inoperable, which can cut down the whole electricity production. The single-point failure of string inverters is likely to restrain the demand for solar inverters in the global market.

What are Growth Opportunities in String Inverter Market?

The increasingly favorable government policies regarding sustainable development such as increasing the number of solar power systems across industries can produce lucrative opportunities for the global market during the forecast period. Governments across the globe are focusing on enhancing the use of renewable energy to reduce carbon emissions.

Increasing government investments and initiatives for renewable energy resources for farms in rural areas and remote areas are anticipated to offer substantial growth opportunities for key market players in the global market in the coming years.

Scope of String Inverter Market Report

The global string inverter market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

String Inverter Market Segment Insights

What Key Factors Contribute to the Significant Expansion of the Types Segment?

Based on types, the global string inverter market share is bifurcated into off-grid and on-grid. The on-grid segment held the major market revenue share in 2021 and is expected to expand at a significant growth rate during the projected period owing to the advantage of users being covered by their utility company even if their solar systems underperform or malfunction.

On-grid systems are connected to the user’s utility company network. Growing adoption of on-grid systems in the educational industrial units, institutions, and commercial establishments use these systems as their primary source of power. If the user generates more energy, it can be reverted to the grid-power company which is beneficial for users.

Using the on-grid systems, the consumer has to pay only for the surplus electricity he consumes which in result comes to a huge reduction in electricity bills. The elimination of batteries in the on-grid systems makes maintenance easy for users and as there are no batteries the cost of on-grid solar systems also reduces.

The off-grid system segment is anticipated to hold a key share of the market in the coming years due to the growing popularity of the off-grid solar system for houses. The key advantage of using off-grid solar panels is that the user is not dependent on grid energy, which means a power failure or an outage would not affect the user in any way.

The number of solar systems is increasing across the house as the increasing awareness regarding the benefits of solar power is likely to boost the demand for off-grid systems during the forecast period.

What are Main Aspects of Boosting the Power Rating Segment?

On the basis of power ratings, the global market is segregated into Up to 10 kW, 11kW-40kW, 41-80kW, and Above 80kW. The 41-80kW segment is projected to register a considerable CAGR during the forecast period due to the wide use of 41-80kW in the global market as these inverters are compact in size and these are lighter in weight compared to others.

Inverters come in the 41-80kW segment offer enhanced durability in harsh outdoor environments and provide a higher level of protection than other inverters. Additionally, these PV inverters offer more design flexibility for all types of photovoltaic (PV) plants which can propel the growth of the global string inverter market.

The 11kW-40kW segment is anticipated to account for a major market share in the coming years due to the wide use of solar power systems in this segment. The growing use of solar power systems in household usage is likely to boost the segment in the global market.

Why is Three-phase Segment More Prevalent than the Single-phase Segment?

In terms of Phase, the global string inverter market is divided into a single phase and three phase. The three-phase segment is expected to expand at a significant rate due to the increasing use of three-phase string inverters for industrial, commercial, and utilities as a 3-phase solar inverter send the electricity evenly across the 3 wires.

Three-phase string inverters can produce higher output compared to the single-phase inverter as these inverters can produce constant power across all thee-phases. The increasingly favorable government schemes to increase the use of solar power systems for industrial and commercial purposes are likely to fuel the use of three-phase string inverters. This can help boost the further market growth in the coming years.

The single-phase segment is anticipated to register a considerable CAGR in the global market owing to the rising use of single-phase solar power systems for household usage. Most homes usually use a single-phase power supply as it is can produce energy for household electrical appliances such as lights, televisions, and heaters. The growing awareness and increasing usage of solar power systems for home usage can drive the segment in the global market.

Which Major Factors influence the Substantial Growth of the Utilities Segment?

Based on end-users, the global market is segregated into industrial & commercial, residential, and utilities. The utilities segment is expected to expand at a significant rate due to the increasing large-scale PV inverter projects in developing countries to establish an affordable and sustainable power generation source will encourage the demand for solar power systems in the utility sector.

The residential segment is expected to register a considerable CAGR during the forecast period owing to the increasing usage of solar energy in the residential sector. Rising awareness among consumers regarding the benefits of renewable solar energy resources such as solar power and its usage for the household purposes such as heaters, lights, and televisions can boost the market growth.

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Why is Asia Pacific dominating String Inverter Market?

In terms of region, the global string inverter market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market size of Asia Pacific is expected to dominate the market during the projected period due to the rising favorable government initiatives for increasing the use of solar photovoltaic systems to reduce pollution in the region.

The rising urbanization and industrialization in emerging economies such as China and India can increase the demand for renewable sources along with widespread string inverter usage across commercial and residential sectors in the region.

However, the market in Europe is anticipated to expand at a rapid pace during the forecast period due to the growing use of solar energy for commercial & industrial purposes. In 2020, the Europe Union (EU) countries installed around 18.1 GW of solar projects, and the use of solar power systems for farms is rapidly increasing which can boost the global market.

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