String Inverter Market Size (2024 - 2029)

The String Inverter Market is anticipated to experience substantial growth, driven by the increasing deployment of solar projects, supportive government initiatives, and the declining costs of solar photovoltaic components. Despite the challenges posed by the need for financing options in underdeveloped and developing regions, the market is expected to recover to pre-pandemic levels. The global push to reduce greenhouse gas emissions and the rising electricity demand are likely to enhance opportunities for market expansion. The Asia-Pacific region, particularly China, Japan, and India, is projected to contribute significantly to the market's growth trajectory.

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Market Size of String Inverter Industry

String Inverter Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
CAGR 15.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Medium

Major Players

String Inverter Market Major Players

*Disclaimer: Major Players sorted in no particular order

String Inverter Market Analysis

The String Inverter Market is expected to grow at a CAGR of more than 15% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.

  • Over the long term, factors such as the increasing deployment of solar projects, supportive government initiatives, and the declining price of solar photovoltaic components are expected to drive the market. Governments worldwide have incorporated various policies to implement renewable energy as a source of alternative energy.
  • On the other note, the need for financing options to install solar photovoltaic (PV) systems in the residential sector in underdeveloped and developing economies is expected to hinder the string inverter market growth during the forecasting period.
  • With the targets to reduce Greenhouse Gas (GHG) emissions in the coming years, countries across the globe are adopting various targets to mitigate climate change. For instance, California, one of the prominent states in the United States, has targeted reducing greenhouse gas emissions to 40% by 2030. Moreover, it is estimated that by 2030, the global electricity demand will be nearly 36 thousand terra watts per hour. The increasing demands for electricity clubbed with the targets for GHG emissions are expected to promulgate the increase in renewable energy facilities like solar PV, which is likely to create an opportunity for the string inverter companies to expand its business in the near future.
  • Asia-Pacific is expected to witness significant growth during the forecast period, with most of the demand coming from China, Japan, and India.

String Inverter Industry Segmentation

A string Inverter is a device used with solar arrays to convert the energy generated (Direct Current) to usable electricity for a home (Alternating Current).

The String Inverter Market is segmented by phase, power rating, and end-user. By phase, the market is segmented into a single phase and three phases. By power rating, the market is segmented by up to 10kW, 11kW to 40kW, 41kW to 80kW, and Above 80kW. By end-user, the market is segmented by residential, commercial & industrial, and utility. The report also covers the market size and forecasts for the string inverter market across the major region or countries. The report offers the market size and forecasts in revenue (USD billion) for all the above segments.

Phase
Single Phase
Three Phase
Power Rating
Up to 10kW
11kW to 40kW
41kW to 80kW
Above 80kW
End-User
Residential
Commercial & Industrial
Utility
Geography
North America
Asia-Pacific
Europe
South America
Middle-East and Africa
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String Inverter Market Size Summary

The String Inverter Market is poised for significant growth, driven by the increasing deployment of solar projects and supportive government initiatives worldwide. The market is recovering from the setbacks caused by the COVID-19 pandemic and is expected to reach pre-pandemic levels. The declining cost of solar photovoltaic components further bolsters this growth. However, the lack of financing options for solar photovoltaic systems in underdeveloped and developing regions poses a challenge to market expansion. As countries strive to reduce greenhouse gas emissions and meet rising electricity demands, the adoption of renewable energy sources like solar PV is expected to create substantial opportunities for string inverter companies. The Asia-Pacific region, particularly China, Japan, and India, is anticipated to witness robust growth, contributing significantly to the market's expansion.

In the utility-scale segment, string inverters play a crucial role in converting the direct current generated by solar panels into alternating current for electricity distribution. The utility segment, characterized by large-scale solar installations, is expected to see increased investment and demand, with countries like China and the United States leading the charge. Recent partnerships and technological advancements, such as those by Yaskawa Solectria Solar and Kehua Data Co., Ltd., are set to enhance the capabilities of string inverters, further solidifying their market presence. The Asia-Pacific region, with its substantial solar PV installed capacity and ongoing projects, is expected to dominate the market. Key players in the moderately fragmented market include KACO New Energy GmbH, Delta Energy Systems GmbH, ABB Ltd, and Huawei Technologies Co. Ltd., among others, who are actively expanding their portfolios to meet the growing demand.

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String Inverter Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Phase

      1. 2.1.1 Single Phase

      2. 2.1.2 Three Phase

    2. 2.2 Power Rating

      1. 2.2.1 Up to 10kW

      2. 2.2.2 11kW to 40kW

      3. 2.2.3 41kW to 80kW

      4. 2.2.4 Above 80kW

    3. 2.3 End-User

      1. 2.3.1 Residential

      2. 2.3.2 Commercial & Industrial

      3. 2.3.3 Utility

    4. 2.4 Geography

      1. 2.4.1 North America

      2. 2.4.2 Asia-Pacific

      3. 2.4.3 Europe

      4. 2.4.4 South America

      5. 2.4.5 Middle-East and Africa

String Inverter Market Size FAQs

The String Inverter Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)

KACO New Energy GmbH, Delta Energy Systems GmbH, ABB Ltd, Sungrow Power Supply Co Ltd and Huawei Technologies Co. Ltd. are the major companies operating in the String Inverter Market.

String Inverter Market Report Snapshots

String Inverter Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)