New York, July 27, 2023 (GLOBE NEWSWIRE) -- The global string inverter market size is projected to expand at ~11% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 48 billion by the end of 2035, up from a revenue of ~USD 16 billion in the year 2022.Proactive efforts by the government to provide electricity in rural regions are majorly expanding the market growth. In 2022, the government of India initiated a plan to supply electrical current to homes of around 18,000 villages and the main target was increasing the installation capacity of renewable energy totaling 175 GW.
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String inverters play a crucial role in electrifying villages by converting the current nature of power generated from renewable energy sources, such as solar panels, into usable alternating current (AC) power.
String Inverter Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The off-grid segment to garner the highest growth
- Market in North America to grow at a notable rate
Surging Installation of Renewable Energy Sources to Boost the Growth of String Inverter Market
The urgent need to mitigate climate change and reduce greenhouse gas emissions is a significant driver of the increasing demand for renewables. Owing to increasing capacity of renewable energy is expected to accelerate the market growth. The latest report from the International Energy Agency suggested that the total capacity of renewable energy across the world is forecasted to increase by 2,400 gigatonnes between 2022 and 2027. Renewable energy primarily uses string inverters for converting the direct current generated into alternating current power outcomes. A string inverter is integrated with various renewable energy, such as solar power systems, wind power systems, microgrid systems, and others. Besides this, solar panels deployment has recently surged which further boosts the market growth. The solar panel deployed all across the world generated direct solar power of around 1TW as of March 2022. The current from solar panels can be spontaneously used with the help of string inverters.
String Inverter Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expansion of Solar Energy Capacity to Expand the Market Growth in Asia-Pacific
The Asia Pacific string inverter market is set to hold the highest revenue by the end of 2035. Growing funding for the solar energy sector, as well as increased attempts at creating renewable energy capacity, will drive up demand for string inverters in the Asia Pacific region. Currently, in Japan, there are around 4000 solar power plants. Many countries in the Asia Pacific region have implemented supportive policies and incentives for solar power. These policies often include feed-in tariffs, subsidies, tax incentives, and favorable regulations. In the budget for the year 2023-24, the government of India segregated USD 885 million for carrying out solar power projects, including standalone, off-grid, and PM-KUSUM projects. Furthermore, rapid urbanization and industrialization led to increased demand for electricity which in turn augmented the market growth in the region. Demand for electricity in Asia expanded by 10% in 2021, before maintaining a stable at roughly 6.5% per year between 2022 and 2024.
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The Rising Promotion of Sustainable Technologies to Boost the North America region
The string inverter market in the North America region is poised to witness significant growth by showing a share of 34 percent by the end of 2035. This can be propelled by declining solar panel costs and the rising promotion of sustainable technologies. In the United States, clean energy production and usage have crossed unprecedented levels of around 12.16 and 12.32 quads, respectively in 2021, the major contributors were solar and wind energy. Moreover, the reduced prices of string inverters in the region have become increasingly cost-competitive compared to other types of inverters, such as microinverters or central inverters. Their lower upfront costs and higher efficiency make them an attractive option for solar power projects.
String Inverter Segmentation by Connection Type
- On-Grid
- Off-Grid
Out of the two connection type, the off-grid segment is expected to dominate the market growth over the projected time frame. The increasing capacity of off-grid solar panels is expected to drive the segment’s growth. String inverters are used in off-grid systems, providing users to keep track of the system's efficiency and maintenance which includes, the state of the battery, and the production of solar energy. It can also be used for linking multiple strings of solar panels, strengthening power generation and system design flexibility. Since 2019, 70 million additional individuals have gained the ability to obtain electricity through off-grid solar power, demonstrating that the off-grid solar business has been growing.
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String Inverter Segmentation by Phase
- Single Phase
- Three Phase
String Inverter Segmentation by End User
- Residential
- Commercial & Industrial
- Utilities
On the basis of end user, the commercial & industrial segment is expected to boost the segment’s growth. String inverters are known for their cost-effectiveness, especially in larger-scale commercial and industrial installations. These inverters allow for the connection of multiple solar panels in series, forming strings, which are then connected to string inverters. The configuration reduces the overall cost of the system compared to other types of inverters, making it an attractive choice for commercial and industrial applications.
A few of the well-known market leaders in the string inverter market that are profiled by Research Nester are KACO New Energy GmbH, Delta Energy Systems GmbH, Yaskawa Solectria Solar, Sungrow Power Supply Co Ltd, Huawei Technologies Co. Ltd., Chint Power Systems Co. Ltd., Ginlong Technologies Co Ltd, Fronius International GmbH, SMA Solar Technology AG, Eaton Corporation Plc, and other key market players.
Recent Developments in the Market
- January 2022, SMA Solar Technology AG, unveiled Sunny Tripower Smart Energy hybrid inverter. It maximizes the range of possibilities with which generated by self-generated solar energy can be used. It is ideal for modern, straightforward solar energy generation, use, and storage. This inverter is most suitable for small commercial and home applications.
- September 2022, Yaskawa Solectria Solar, and First Solar have teamed up forces. The collaboration's objective is to develop a grounded DC input form of the newest XGI 1500-250 utility-scale string inverter. The two businesses have been collaborating to improve the performance of the Solectria XGI 1500-250 utility-scale string inverters, which will be used with First Solar's thin-film cadmium telluride solar modules.
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