New York, United States, Feb. 15, 2024 (GLOBE NEWSWIRE) -- A string inverter is a system that converts DC power into AC power. Inverters are considered to be the central part of the solar system. It is gaining popularity over central inverters (type of solar inverter) in small utility projects nearly less than 1 MW. Sting inverters have been increasingly used in the commercial, industrial, and utility sectors in the past five years. More than one string inverter is present in the solar system, depending on the size of the system.
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Rapid Development in the Renewable Energy Sector Drives the Market Growth.
According to Straits Research, “The global string inverter market size was valued at USD 3.50 billion in 2022 and is estimated to reach USD 6.02 billion by 2031, with a CAGR of 6.2 % during the forecast period (2023–2031).” During the forecast period, the string inverter market is expected to grow rapidly due to the significant growth rate in the renewable energy sector. Due to increased investment in renewable energy projects, capacity, and utilization, Asia-Pacific has recorded the highest growth rate and market share in renewable energy. Rapid growth in renewable energy sectors such as hydropower, wind, and solar is meeting the demand for electricity from residential, commercial, industrial, and utility consumers.
Government Initiatives & Investment in Electrification of Remote and Rural Area using Solar Energy Provides Lucrative Growth Opportunities for the Market.
Emerging economies such as China, India, and Brazil are the fastest-growing economies, and they are investing in remote and rural electrification. The primary drivers for increasing electrification are increased population and massive urbanization, which fuels the demand for solar energy in these countries, thereby driving the growth of the string inverter market during the forecast period. Taking into account all of the aforementioned factors, an increase in string inverter demand from emerging economies is expected to provide potential market expansion opportunities during the forecast period.
Regional Analysis
On the basis of geography, Global String Inverter Markethas been segmented into North America, Europe, Asia Pacific, and LAMEA.
The three major countries in North America reporting the trend of a string inverter are the United States, Canada, and Mexico. The United States is North America's leading manufacturer and consumer of string inverters. Canada and Mexico are two other countries in the region with high potential for string inverters. Increased electricity demand, combined with sustainable development, is rapidly increasing demand for solar, wind, and other renewable sources, which is expected to fuel market growth in the coming years.
Countries such as the United Kingdom, Germany, France, Spain, and Italy are major contributors to the string inverter market in Europe. Europe held the third largest market share in the string inverter market, owing to its dominance in the construction, automotive, and other industries. String inverters are widely used in a variety of applications in Europe, including residential, commercial and industrial, and other applications.
Due to the presence of key developing economies such as China, India, and Japan, Asia-Pacific is the largest consumer in the global string inverter market, with the highest market share in the string inverter market in 2021. String inverters are used in a variety of applications, including solar parks, solar power plants, charging stations, residential, and others. As the solar energy sector expands rapidly, developing economies such as China, Japan, India, and Australia are driving the string inverter market in Asia-Pacific.
Given the rapid growth of the renewable energy and construction industries, LAMEA is one of the fastest-growing, developing economies. This region's growth is primarily attributed to the expansion of Brazil, South Africa, and Saudi Arabia, which have emerged as potential string inverter markets in this region.
Key Highlights
- The Global String Inverter Market is segmented based on Connection type, Phase, and End-user.
- The market is segmented by connection type into On-Grid and Off-Grid.
- The market is segmented by Phase into Single-Phase and Three-Phase.
- The market is segmented by End-user industry into Residential, Commercial & Industrial, and Utilities.
- Based on Geography, the market has been segmented into North America, Europe, Asia Pacific, and LAMEA.
Competitive Player
Prominent global and regional companies engaged in the Global String Inverter Market are
- 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.
- Huawei Technologies Co., Ltd.
Market News
- In February 2020, Ginlong Technologies launched a residential storage hybrid inverter into the U.S. solar market. This product launch will enhance the product portfolio of the company.
- In February 2020, Growatt launched a new inverter, TL-XH, for single-phase residential customers.
Global String Inverter Market Segmentation
By Connection Type
- On-Grid
- Off-Grid
By Phase
- Single-Phase
- Three-Phase
By End Use Industry
- Residential
- Commercial & Industrial
- Utilities
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/string-inverter-market/segmentation
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