Portland, OR, July 22, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global string inverter market generated $3.1 billion in 2019, and is estimated to reach $4.6 billion by 2027, registering a CAGR of 6.3% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rapid growth in the renewable energy sector and ease in installation of the inverters drive the growth of the global string inverter market. However, high amount of heat loss and deficiency of panel level monitoring hinder the market growth. On the other hand, supportive government initiatives and funding offered for electrification of remote and rural area with the help of solar energy create new opportunities in the coming years.
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Covid-19 scenario:
- There has been the operational disruption in the electrical and electronic industry during the Covid-19 outbreak across the globe. So, string inverter production has been impacted considerably.
- During the coronavirus pandemic, maintenance and new installations of the string inverters have been postponed in the commercial and residential sectors due to lockdown and social distancing norms.
The report offers a detailed segmentation of the global string inverter market based on connection type, phase, end use, and region.
Based on connection type, the on-grid segment contributed to the largest share in 2019, accounting for three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. Moreover, the same segment is expected to register the highest CAGR of 6.4% from 2020 to 2027. The report also analyzes the off-grid segment.
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Based on phase, the three phase segment accounted for the largest share in 2019, holding more than three-fourths of the total share, and is expected to maintain the largest share throughout the forecast period. Moreover, the same segment is estimated to portray the highest CAGR of 6.4% during the forecast period. The report also discusses the single phase segment.
Based on region, Asia-Pacific contributed the highest share, accounting for more than half of the total market share in 2019, and will maintain its dominance throughout the forecast period. Moreover, the same region is expected to grow at the highest CAGR of 6.5% from 2020 to 2027. The research also discusses regions including North America, Europe, and LAMEA.
Leading market players analyzed in the research include SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies, Siemens AG, Delta Electronics Public Co., Ltd., Chint Group, SolarMax, Growatt New Energy Technology Co., Ltd., and Huawei Technologies Co., Ltd.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.