Global string inverter market

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.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global string inverter market

Report ID: SQMIG20E2043

$5,300
BUY NOW GET FREE SAMPLE