The String Inverter Market, valued at USD 3.9 Billion in 2023, is anticipated to surpass USD 6.7 Billion by 2032, reflecting a projected CAGR of 6.3%

String inverter is a machine coupled with the equipment of solar photovoltaic power generation equipment. A string inverter makes the sufficient conversion of electricity from Direct Current (DC) to Alternating Current (AC). String inverters are the fundamental element of a solar panel system. The global string inverter is anticipated to grow at substantial CAGR above 7% throughout the string inverter market forecast period. Furthermore, Market players are primarily focusing on developing new innovative technologies that will supplement growth of the string inverter market.

Growth in installations of solar panel systems, advantages provided by string inverter, increasing need for high performance and initiatives taken by governments are some of the fundamental factors that are driving the string inverter market growth globally. In order to increase productivity and overall performance the implementation of string inverter is increasing rapidly, thereby boosting the growth of the global string inverter market. Initiatives taken by governments across the globe in order to support the use of alternative energy in addition with the subsidies and attractive intensives are expected to amplify the number of installations of solar panels, resulting in the high demand for string inverters.

In addition, string inverters together with the power optimizers significantly enhance the output power, thus delivering high performance. Furthermore, string inverters have the ability to be remotely monitored, which again act as a major factor boosting the adoption of string inverters.

String Inverter Market Statistics

• The global String Inverter market is expected to reach USD 3.9 billion by 2023, with a 6.3% CAGR from 2024 to 2032
• Asia-Pacific accounts for 44% of the string inverter market
• North America is the fastest-growing area, with a growth rate of 7%, offering opportunities for industry participants
• The three phase power class makes a considerable contribution to the string inverter
• On-grid connectivity provides significant revenue
• Innovations in cryogenic technology for medical and industrial applications are driving industry growth

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String Inverter Market Dynamics

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.

Additionally, heavy industrial string inverters segment is also anticipated to contribute significant market share by 2032 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.

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.

String Inverter Market Segmentation

The String Inverter market is splits into 6 segments: power class, nominal output power, nominal output voltage, connectivity, application, and regional markets

• Power Class: single phase, and three phase
• Nominal Output Power: ≤500 W, 500-1500W, and > 1500 W
• Nominal Output Voltage: ≤ 230 V, 230 - 400 V, and > 400 V
• Connectivity: off-grid, and on-grid
• Application: residential, commercial and industrial, and utility
• Regional Market: Europe, Latin America, North America, Asia-Pacific, and the Middle East & Africa

String Inverter Market Regional Outlook

Geographically, the global string inverter market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is also expected to witness a largest region 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 String Inverter industry forecast period.

North America is expected to be the notable 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.

String Inverter Market Players

String Inverter companies profiled in the report Enphase Energy Inc., Sungrow Power Supply Co., Ltd., Fronius International GmbH, ABB Ltd, Huawei Technologies Co., Ltd., KOSTAL Solar Electric GmbH, SMA Solar Technology AG, SolarEdge Technologies Inc., Ginlong Technologies, Schneider Electric SE, and Delta Electronics Inc.

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Acumen Research and Consulting

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