Selbyville, Delaware, April 06, 2022 (GLOBE NEWSWIRE) --
The string inverter market size is expected to record a valuation of USD 17 billion by 2028, according to the most recent study by Global Market Insights Inc. The market growth is attributed to the rising concerns regarding CO2 emissions coupled with the rising deployment of advanced solar technologies. Large-scale renewable integration prospects combined with the refurbishing of existing energy infrastructure will significantly bolster the demand for string inverters.
During the COVID-19 pandemic, the string Inverter market witnessed an adverse impact in many countries owing to the large-scale supply chain disruptions, which delayed a wide array of projects. However, the solar installations trend has been on a positive side during 2020 due to the favorable scenarios for schemes including FiT. In addition, emerging economies are compensating the impacts of COVID- 19 by fast-tracking the construction activities of their ongoing solar PV projects.
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The three-phase segment in the string inverter market is poised to register 7.3% growth rate by 2028 on account of the regulatory shift toward energy conservation and reducing carbon emissions. The inclining focus on the usage of string inverters for large-scale solar farms impelled by the increased efficiency & reliability will expand the industry expansion. Moreover, these inverters are largely being deployed in the utility sector for systems requiring less than 1,500 volts led by the easy handling and low maintenance as compared to central inverters.
Increasing investments in enhanced products to handle higher voltages and compatibility with higher power modules will boost the market demand across the utility sector. The easy installation of string inverters along with rising government investments and rapid developments in the renewable energy sector is set to propel the industry progression. Furthermore, these systems are easier to swap out in case of failures to minimize power loss and provide multiple MPPT to reduce shading effects; this will further augment the product adoption.
APAC string inverter market was valued at over USD 4 billion in 2021. The growing demand for renewable energy sources along with widespread string inverter usage across commercial and residential sectors will accelerate the market expansion. India, China, and other ASEAN countries have been major contributors in the acceptance of these components on account of the tax reductions coupled with several government policies to promote the use of solar systems.
The major players operating in the market include SMA Solar Technology AG, Sungrow, Growatt New Energy, Darfon Electronics Corp., Fimer Group, and Huawei Technologies.
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Table of Contents (ToC) of the report
Chapter 3 String Inverter Market Insights
3.1 Industry ecosystem analysis
3.2 Innovation & technology landscape
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.4.1 Top countries impacted by COVID- 19
3.4.2 Overall Scenario
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Growth potential analysis
3.7 Porter's Analysis
3.8 Competitive landscape, 2021
3.9 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
