String Inverter Market
Report ID: SQMIG20E2043
String Inverter Market Size, Share, Growth Analysis, By Connection Type(On-grid and Off-grid), By Phase(Single phase and three phase), By End-user Industry(Residential, commercial and industrial, utilities), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20E2043 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
86
|Figures:
76
String Inverter Market Insights
String Inverter Market size was valued at USD 15.8 Billion in 2022 and is poised to grow from USD 17.55 Billion in 2023 to USD 36.67 Billion by 2030, at a CAGR of 11.1% during the forecast period (2023-2030).
The demand for solar components has experienced substantial growth in recent years due to the widespread adoption of renewable energy sources, particularly solar PV deployment. Developing countries are increasingly setting targets and implementing initiatives to decrease reliance on fossil fuels and improve energy security, which further drives the need for solar energy systems.
String inverters are in high demand because of their excellent efficiency, enabling them to optimize energy production in solar systems. Additionally, the market demand for solar energy systems is expected to be boosted by various incentives and regulatory measures introduced to promote the adoption of sustainable technologies.
US String Inverter Market is poised to grow at a sustainable CAGR for the next forecast year.
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String Inverter Market Segmental Analysis
The global string inverter market is divided into several segments based on connection type, phase, end-use industry, and region. The market is categorized into on-grid and off-grid based on the connection type. In terms of phase, it is bifurcated into single phase and three phases. The market is further segmented by end-use industry, including residential, commercial & industrial, and utilities. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).
String Inverter Market Analysis By Connection Type
The on-grid segment accounted for the largest market share in the global Global string inverter market. This can be attributed to the growing trend of direct supply of electricity from solar systems to the grid, rather than storing it in batteries for later use. On-grid string inverters are designed to feed the electricity generated by solar panels directly into the utility grid, allowing users to benefit from net metering or feed-in tariff programs. The rise in investment for on-grid solar systems can be attributed to several factors. Firstly, on-grid systems eliminate the need for energy storage, reducing the overall cost and complexity of the solar installation. This makes them more economically viable for residential, commercial, and industrial applications. Additionally, on-grid systems provide an opportunity for solar system owners to earn revenue by selling excess electricity back to the grid, further incentivizing their adoption.
Furthermore, the increasing electricity demand from emerging economies plays a significant role in driving the demand for on-grid applications of string inverters. As these economies experience rapid industrialization and urbanization, there is a growing need for additional power supply. On-grid string inverters enable the direct integration of solar power into the existing grid infrastructure, helping to meet the increasing electricity demand.
String Inverter Market Analysis By Phase
The three-phase segment held the largest market share in the global Global string inverter market. This dominance can be attributed to the transitioning trend from 1-kilovolt solar arrays to 1.5-kilovolt solar arrays. This shift is driven by the need to increase the size and capacity of PV power plants, particularly in large commercial and utility installations. The demand for larger-scale PV power plants is driven by several factors. Firstly, as solar energy becomes more cost-effective and efficient, there is a growing interest in deploying larger installations to harness the maximum potential of solar power. This is particularly evident in large commercial and utility-scale projects, where maximizing power output is crucial for meeting energy demands.
Furthermore, the increasing emphasis on renewable energy and sustainability, coupled with supportive government policies and incentives, has encouraged the development of utility-scale solar power plants. These projects often require three-phase string inverters due to their ability to handle higher power capacities and accommodate the larger size of PV arrays. Considering these factors, the three-phase segment of the Global string inverter market is expected to continue experiencing growth during the forecast period. The trend towards larger PV power plants, driven by the transition to 1.5-kilovolt solar arrays, will contribute to the sustained dominance of the three-phase segment in the market.
String Inverter Market Application by End-use Industry
In 2019, the utilities segment accounted for the largest market share in the global Global string inverter market. This can be attributed to the significant increase in investment in utility-scale solar power plants, solar parks, and other large-scale solar structures.
Utilities, such as power generation companies and electricity providers, are increasingly recognizing the benefits of solar energy as a reliable and sustainable source of power generation. As a result, they are investing heavily in the development of utility-scale solar projects to diversify their energy portfolios and meet the growing electricity demand Moreover, utilities are increasingly focused on reducing their carbon footprint and transitioning to cleaner and renewable energy sources. Solar power offers an environmentally friendly solution that aligns with sustainability goals, making it an attractive choice for utilities. Furthermore, the scalability of utility-scale solar projects allows for efficient power generation and distribution, making them an attractive option for utilities seeking to meet the increasing electricity demand from residential, commercial, and industrial sectors.
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String Inverter Market Regional Insights
Europe holds a significant position in the global string inverter market. The region has been at the forefront of renewable energy adoption and has made substantial progress in transitioning to a clean and sustainable energy system. One of the key drivers for Europe's strong position in the Global string inverter market is the region's commitment to renewable energy targets and policies. Several European countries have set ambitious goals to increase the share of renewable energy in their energy mix. This has created a favorable environment for the deployment of solar energy systems, which, in turn, drives the demand for string inverters.
Asia-Pacific emerged as the leading region in the global string inverter market in 2019, in terms of revenue, and is expected to maintain its dominant position throughout the forecast period. This can be attributed to several factors, including the presence of key market players and a large consumer base in the region.
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String Inverter Market Dynamics
Rise of Renewable Energy Resources to Bolster String Inverter Market Growth
- The increasing global focus on renewable energy sources, such as solar power, is a major driver for the Global string inverter market.
- String inverters have witnessed advancements in technology, leading to cost reductions and improved efficiency. These factors make solar energy systems more economically viable and attractive for consumers, thereby driving the demand for string inverters.
- Governments worldwide are implementing various policies and providing incentives to promote the adoption of solar energy. Feed-in tariffs, tax credits, grants, and subsidies encourage consumers to invest in solar power systems, leading to increased demand for string inverters.
High Investment Cost to Hinder String Inverter Market Growth
- The upfront cost of installing a solar energy system, including string inverters, can be significant. The initial investment required may deter some potential consumers, particularly in regions where financial incentives or financing options are limited.
- In some areas, the grid infrastructure may not be adequately developed to handle the integration of solar energy systems. Interconnection challenges, such as grid instability and limitations on feed-in capacity, can hinder the growth of the Global string inverter market.
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String Inverter Market Competitive Landscape
The competitive landscape of the string inverter market is characterized by the presence of several key players and intense competition. Major companies operating in the market are continuously striving to enhance their market position through technological advancements, product innovation, strategic partnerships, and acquisitions. These companies are continuously investing in research and development to improve the efficiency, reliability, and performance of their string inverters. They also compete on factors such as product pricing, warranty, customer support, and global market reach.
Additionally, regional players and emerging companies are also entering the Global string inverter market, adding to the overall competition. The competitive landscape is dynamic, with new technologies and players constantly emerging, further intensifying the competition in the Global string inverter market.
String Inverter Market Top Player’s Company Profiles
- SolarEdge Technologies Inc. - Israel
- ABB Ltd - Switzerland
- Ginlong Technologies - China
- Sungrow Power Supply Co., Ltd - China
- Enphase Energy Inc. - United States
- KOSTAL Solar Electric GmbH - Germany
- Delta Electronics Inc. - Taiwan
- Schneider Electric SE - France
- SatCon Technology Corporation - United States
- Siemens AG - Germany
- Power-One Inc. - United States
- GoodWe Power Supply Technology Co., Ltd. - China
- Growatt New Energy Technology Co., Ltd. - China
- Chint Group - China
- Omron Corporation - Japan
- TBEA Co., Ltd. - China
- Advanced Energy Industries, Inc. - United States
String Inverter Key Market Trends
- One of the key market trends in the market in 2021 was the increasing adoption of advanced monitoring and control solutions. String inverters equipped with smart monitoring and control capabilities gained significant traction. These solutions enable real-time monitoring of solar power systems, allowing users to track performance, detect faults, and optimize energy production. The integration of data analytics and remote monitoring technologies provided enhanced visibility and improved maintenance efficiency.
String Inverter Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the future growth of the string inverter market is expected to be promising due to several factors. Firstly, the increasing global focus on renewable energy and the transition towards clean and sustainable power sources Government initiatives, such as renewable energy targets and favorable policies, will further support market growth. Secondly, technological advancements in string inverters Improvements in power conversion efficiency, enhanced monitoring capabilities, and integration with energy storage systems will make string inverters more efficient and versatile, appealing to a wider range of applications and customers. Thirdly, the declining costs of solar power systems and associated components, including string inverters, will make them more affordable and accessible to residential, commercial, and industrial consumers, stimulating market demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.8 Billion |
| Market size value in 2031 | USD 36.67 Billion |
| Growth Rate | 11.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on String Inverter Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on String Inverter Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the String Inverter Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the String Inverter Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the String Inverter Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the String Inverter Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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