Newark, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global string inverter market will grow from USD 3.84 Billion in 2023 to USD 6.46 Billion by 2033. The conversion of DC power into AC power is enabled by a string inverter, which is an essential component of solar systems. In small utility projects that are less than 1 MW, there has been an increase in the preference for it over central inverters (another type). The past five years have witnessed its popularity soar even more within commercial and industrial sectors and utilities. Depending on system size, one or multiple string inverters can be found within a solar system; their function is converting DC power from panels to AC in residential applications while also monitoring voltage levels and enabling communication with the grid besides emergency shutdown capabilities. Although mainly utilized commercially and industrially nowadays, they're increasingly used worldwide across smaller-scale yet comprehensive endeavours like residential ones and small-scale regeneration protocols.
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Key Insight of the String Inverter Market
Europe region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Europe is expected to grow at the highest CAGR within the global string inverter market. The Europe region will significantly expand. Europe has emerged as a pioneer in adopting renewable energy and is making significant headway towards establishing an eco-friendly, sustainable power infrastructure. The continent's staunch focus on meeting its green energy targets through various policies is one of the prime factors driving its prominence within the Global string inverter market. Numerous European countries have set ambitious objectives to elevate their usage of renewable sources in their overall electricity supply, creating favourable conditions for deploying solar panel systems - further stimulating demand for string inverters.
The off-grid segment is expected to grow at the highest CAGR during the forecast period.
The type segment includes off-grid and on-grid. The off-grid segment is expected to grow at the highest CAGR during the forecast period. Solar installations for off-grid applications operate independently and are not connected to the centralized power grid. These systems typically include energy storage solutions, like batteries, which store extra solar energy during periods of low sunlight. In residential settings, these applications are useful in remote or rural areas where connecting to a central power source may be expensive. By using off-grid string inverters alongside an appropriate energy storage system, homeowners can produce and save their renewable electricity reliably and responsibly – especially crucially so in regions with unreliable or non-existent infrastructure for electric grids.
The single-phase segment is expected to grow at the highest CAGR during the forecast period.
The phase segment is bifurcated into three-phase and single-phase. The single-phase segment is expected to grow at the highest CAGR during the forecast period. The global string inverter market is significantly influenced by the demand for single-phase inverters tailored to the needs of residential and small commercial sectors. Their primary function is to transform direct current (DC) produced from solar panels into alternating current (AC), which can be utilized in homes and smaller enterprises. Single-phase string inverters are commonly used in residential settings because they can easily connect to homes' standard single-phase electrical systems. This type of solar energy setup is cost-effective and efficient for homeowners, especially since it effortlessly matches the scale typically associated with household installations. Due to their modular design, these types of inverters are also simple to incorporate into existing electrical systems - making them an appealing option for those looking at integrating renewable sources on this level.
The commercial & industrial segment is expected to grow at the highest CAGR during the forecast period.
The application segment is bifurcated into commercial & industrial, residential and utilities. The commercial & industrial segment is expected to grow at the highest CAGR during the forecast period. Business enterprises are attracted to the economic advantages of solar energy in commercial settings, utilizing string inverters as an effective and inexpensive way to utilize sunlight. Typically involving larger roof areas or ground-mounted arrays, commercial projects benefit from scalable configurations with these microinverters. The versatility provided by modular design permits simple expansion for businesses with diverse power requirements. Solar installations utilizing string inverters are valuable for industrial facilities due to their high energy demand. These inverters enable operators to design solar arrays that complement existing infrastructure, providing scalability and adaptability for industries with variable energy requirements. This feature is essential to ensuring the efficient alignment of solar power generation with operational needs.
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Recent Developments:
• In April 2023: The first 5G industrial use case in Uganda was introduced at a HIMA cement mill by Huawei, MTN, and the Ugandan telecom provider. With 5G's high bandwidth, low latency, and capacity to connect to many devices, real-time data transmission in the production environment will be possible. 5G will greatly increase factory production efficiency by utilizing edge computing.
Market Dynamics
Driver: Technological Integration
The market's growth can be attributed to technological progressions in string inverter design and functionality. Manufacturers are committed to improving performance, reliability, and features by continuously exploring innovative avenues. One such development is smart or intelligent inverters with advanced communication capacities, allowing users to monitor their solar power systems remotely while optimizing energy production through effective identification of issues. This integration between technology and string inverters is a landmark towards an emerging era characterized by intelligent management of energy resources, marking their inevitable position among essential components within modern sensibility grids. This factor is stimulating the market growth and development.
Restraint: Disadvantages Associated
During the conversion process from DC to AC power, heat is generated by the string inverter, which then contributes to raising the ambient temperature of its structure. The excess thermal energy can be released through either fans or heat sinks; however, it must remain within certain limits for the proper function and longevity of string inverter components. In large-scale systems with a high amount of thermal generation, this presents an issue leading to insulation degradation, solder failure, and metal fatigue on capacitor parts. These factors could have adverse effects, causing malfunctions or component deterioration and restraining market growth during forecasted periods.
Opportunity: Growing Urbanization
The fastest-growing economies, including China, India and Brazil, are investing heavily in electrifying remote and rural areas. The main drivers behind this surge in demand for electricity stem from a growing population and significant urbanization trends. This aspect has led to greater demand for solar energy throughout these nations and consequently stimulated growth within the string inverter market during the relevant forecast period. Over recent years, several distinct countries have experienced record high levels of electrification rates through on-grid/off-grid solutions utilizing string inverters, with notable examples being Bhutan, Afghanistan, India, Nepal, and Cambodia, located within the Asia-Pacific region. Considering the abovementioned factors, increasing demands from emerging economies will create potential opportunities for further expansion in the upcoming years.
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Some of the major players operating in the string inverter market are:
• KACO New Energy GmbH
• Delta Energy Systems GmbH
• ABB Ltd.
• Sungrow Power Supply Co Ltd.
• Huawei Technologies Co. Ltd.
• Chint Power Systems Co. Ltd.
• Ningbo Ginlong Technologies Co Ltd
• Fronius International GmbH
• SMA Solar Technology AG
• Eaton Corporation Plc.
Key Segments Cover in the Market:
By Type:
• On-grid
• Off-grid
By Phase:
• Single Phase
• Three Phase
By Application:
• Residential
• Commercial & Industrial
• Utilities
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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