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

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 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 market reach. 'SMA Solar Technology AG - Germany', 'Huawei Technologies Co., Ltd. - China', 'Fronius International GmbH - Austria', '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 '

The increasing focus on renewable energy sources, such as solar power, is a major driver for the string inverter market.

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.

Europe holds a significant position in the 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 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.