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String Inverter Market Size, Share, Development, Growth and Demand Forecast to 2024

  • Publishing: May 2021
  • Report Code: PE10862
  • Available Format: PDF

The global string inverter market is expected to grow at a robust pace, during the forecast period (2016-2022). Several characteristic features such as easy installation and customization, decline in system cost and removal of efforts in system monitoring are expected to support overall growth in the market; however, the higher heat loss due to the large size and no panel level monitoring are expected to hinder the growth of global string inverter market. String inverters are used in residential sectors, commercial and industrial sectors and utilities. Out of these, the utilities segment was the largest segment in the global string inverter market, based on end-user, in 2015. The growth in the segment was attributed to increasing number of utilities in the solar power sector that serves both distributed solar market and building and operating large-scale PV power plants.

Based on system, the string inverter market has been segment into off-grid and on-grid. In 2015, on-grid was the largest segment in the global string inverter market; however, off-grid segment is expected to grow at the faster rate during 2016 – 2022, on account of cheaper technology, drop in prices of solar module and overall solar systems. The off-grid three-phase string inverters are being used in large scale applications. Three-phase string inverters are expected to contribute higher revenue to the global string inverter market, in terms of phase, during the forecast period. The growth can be attributed to the increasing installations of large utility-scale solar systems in Japan, China and several European countries. Global shipments of string inverters are projected to double, during the forecast period, with inverter manufacturers strongly promoting the installation of three-phase string inverters in large power plants.

Based on power rating, the 41 kW–80 kW was the largest segment in the global string inverter market in 2015 due to their compact size, and light weight. Additionally, the 41 kW–80 kW string inverters provide higher level of protection and enhanced durability in a harsh outdoor environment.

Asia-Pacific is forecasted to be the largest region in the global string inverter market, in terms of value, during the forecast period, on account of government targets, policy support in the form of tax incentives and RPOs, incentives feed-in tariffs and tenders and competitive bidding in the region. China and India are expected to be the biggest markets for string inverters in the region, during the forecast period. Additionally, the Americas is projected to exhibit the fastest growth in the global string inverter market, in terms of value, during 2016 - 2022.

Major players operating in the global string inverter market are KACO New Energy GmbH, Delta Energy Systems GmbH, ABB Ltd, Chint Power Systems, Ginlong Technologies, Samil Power Co., Ltd., Fronius International GmbH, SMA Solar Technology AG, Huawei Technologies Co. Ltd, Schneider Electric, Sungrow, and Yaskawa - Solectria Solar, among others.

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