As indicated by Acumen Research and consulting, the global string inverter market size is evaluated to reach around USD 5 billion by 2026 and CAGR to develop around 10% over the estimate time frame. Growth in installations of solar panel systems, advantages provided by string inverter, increasing need for high performance, increasing technological advancements in the development of distributed generation technology and initiatives taken by governments have boosted the growth of the global string inverter market. The North America market is likely to expand at noteworthy CAGR due to distributed generation technology, increase in the implementation of new technologies and strategic initiatives adopted by the government.
Residential String Inverter Segment is Expected to Contribute Largest Market Share in the Market
On the basis of application, the string inverter market is bifurcated into residential, commercial and industrial. Residential string inverter segment is forecasted to dominate the global string inverter market during the forecast period owing to the failing component prices and development in the distributed generation technology with growing spending power in the emerging economics. Government programs related to the rural electrification are some of the fundamental factors responsible for the growth of the string inverter market. Additionally, heavy industrial string inverters segment is also anticipated to contribute significant market share by 2026 due to the rise in measures to decrease carbon footprints with increasing demand for clean and reliable power. Market players are primarily focusing on developing new innovative technologies that will supplement growth of the string inverter market.
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On Grid String Inverter Segment to Dominate the Market
On the basis of connectivity, the String Inverter market is segmented into stand-alone, and on grid. On grid segment is projected to dominate the overall market during the forecast period owing to the noteworthy investments being approved by both private and public sectors toward expansion of large capacity projects. On grid systems are useful mostly in small to medium scale industrial and commercial, and large utility level solar applications. Deployment of method such as reverse auction and fed in tariff is anticipated to supplement the growth of the string inverters market across the globe. Various technological advancements are being made in the on grid string inverters and this is resulting in the rapid growth in the global string inverters market.
North America to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global string inverter market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is expected to be the topmost revenue generating region in the global String Inverter market. North America is anticipated to grow at substantial growth rate during the forecast period owing to the growing focus toward energy conservation and ongoing technological advancements in the region. Rapid growth in the power industry is the primary factor influencing the growth of the regional string inverter market. Emission regulations in the region are also expected to increase the growth of the regional market. Rising initiatives taken by governments and escalating demand for technologically advanced power devices are supplementing the overall market growth. Growing investments toward the high capability network connected PV projects development, failing prices of components due to various tax release and growing technological advancements in the region are some of the factors responsible for the growth of the regional market. Asia Pacific is also expected to witness a considerable growth during the forecast period owing to the growing adoption of rooftop solar system in residential and commercial fields. Developing regions are also anticipated to witness substantial growth during the forecast period.
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GoodWe, Schneider Electric, Huawei, Shenzhen KSTAR and Delta Group are Likely to Continue to Lead the Global String Inverter Market
The string inverter market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Elettronica Santerno, GoodWe, Huawei, Shenzhen KSTAR, TBEA, Omron, Delta Group, SMA Solar, Fronious, Ginlong Technologies, Schneider Electric, REFU, SatCon, Solar Edge, Sungrow, Chint Group, Samil Power, Growatt New Energy Technology, Elektronik, SolarMax, KACO New Energy and ABB.
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