String Inverter Market Size, Share, Growth Analysis, By System Type (On-Grid, Off-Grid), By Phase (Single-Phase, Three-Phase), By Power Rating (Up to 10 kW, Above 80 kW), By End User, By Region - Industry Forecast 2025-2032

String Inverter Market size was valued at USD 4 Billion in 2023 and is poised to grow from USD 4.26 Billion in 2024 to USD 7.13 Billion by 2032, growing at a CAGR of 6.4% during the forecast period (2025-2032).

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. 'SMA Solar Technology AG ', 'Solaredge Technologies, Inc. ', 'Schneider Electric ', 'ABB Limited ', 'Sungrow Power Supply Co., Ltd. ', 'Fronius International GmbH ', 'Solarmax Group ', 'Yaskawa America, Inc ', 'Ginlong Technologies ', 'Delta Electronics  ', 'Samil Power Co., Ltd. ', 'Siemens AG (KACO New Energy GmbH) ', 'CHINT Group Co., Ltd. ', 'Huawei Investment & Holding Co Ltd (Huawei Technologies Co. Ltd) ', 'Growatt New Energy Technology Co., Ltd. ', 'Enphase Energy Inc ', 'KOSTAL Industrie Elektrik ', 'GoodWe Power Supply Technology Co., Ltd. ', 'TBEA Group  ', 'Advanced Energy Industries, Inc '

The increasing global focus on renewable energy sources, such as solar power, is a major driver for the Global 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 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.