The Global String Inverter Market was valued at US$ 3.90 billion in 2023 and is expected to reach US$ 7.82 billion by 2032 from US$ 4.21 billion in 2024 with a CAGR of 8.04% during the forecast period 2024 to 2032.
The inverter is a system that converts direct current into alternating current. The utility segment is expected to experience significant growth during the forecast period due to the increase in solar energy projects in various countries around the world to develop a sustainable and affordable source of energy. With targets to reduce greenhouse gas (GHG) emissions in the coming years, countries around the world are adopting various targets to mitigate climate change. Increasing demand for electricity coupled with GHG emission targets is expected to drive the rise of renewable energy installations such as solar PV, which is likely to create an opportunity for string inverter companies to expand their activities in the upcoming future.
Each installation requires a means of converting direct current into alternating currents, such as solar inverter systems, which facilitate the introduction of the electricity produced into the electrical grid. String inverters are used in residential, commercial, and industrial sectors and in utilities. Increasing consumption of solar energy around the world is considered one of the main drivers of the market. The string inverter market is expected to be driven by lower costs that eliminate the monitoring capabilities of the system. Additionally, reliability, affordability, and high efficiency will drive the global market share of cable inventors during the forecast period. The increasing integration of renewables in large-scale projects is further accelerating the growth of the string inverter market. The solar inverter eliminates the high cost of utility bills and provides superior long-term efficiency. Several players in the power generation sector are looking for opportunities to reduce their carbon footprint by focusing on the use of renewable energy sources for power generation, thus driving the demand for string inverters in the market. Solar power systems are currently manufactured in various forms, such as an off-grid solar power system, a battery-backed grid-tied solar power system, and a battery-free, off-grid solar power system without backup. By having such diverse types and uses, a significant increase in the solar inverter market is expected, increasing new opportunities in the future.
Heat loss due to large inverter size is the main limitation in the global string inverter market.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2032 |
Base Year |
2023 |
Forecast Period |
2024 to 2032 |
CAGR |
8.04% |
Segments Covered |
By End-User, System, Power rating, and Region. |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
KACO New Energy GmbH (Germany), Delta Energy Systems GmbH (Germany), ABB Limited (Switzerland), Chint Power Systems Co., Ltd. (China), Ningbo Ginlong Technologies (China), Samil Power Co., Ltd. (China), Fronius International GmbH (Austria), SMA Solar Technology AG (Germany), and Huawei Technologies Co. Ltd. (China), and Others. |
Of these, the utility segment was the largest segment of the global string inverter market, according to the end user, in 2018. The growth of the segment was attributed to the increasing number of utilities in the industry. Solar energy serves both the distributed solar market and the construction and operation of large-scale photovoltaic power plants.
In the review period, the on-grid connection was the largest segment of the global string inverter market; however, the off-grid segment is expected to grow at a faster rate in the future, due to cheaper technology, and lower prices for solar modules, and solar systems in general. Off-grid three-phase string inverters are used in large-scale applications. Three-phase string inverters are expected to contribute to higher returns in the global string inverter market, in terms of phase, during the forecast period. The growth can be attributed to the increase in large-scale solar system installations in Japan, China, and several European countries. Global string inverter shipments are expected to double over the forecast period, and inverter manufacturers are pushing hard for the installation of three-phase string inverters in large power plants.
41 kW - 80 kW was the largest segment of the global string inverter market due to its compact size and lightweight. Additionally, string inverters from 41 kW to 80 kW offer a higher level of protection and increased durability in harsh outdoor environments.
Countries such as China, India, and Japan are expected to lead the market during the forecast period. The regions are among the largest populations in the world and as such the electricity demand is high. Furthermore, the region has established itself as an industrial and manufacturing centre that promotes the demand for electricity in the region. Government support for renewable energy production is expected to support market growth. APAC represented a 47.6% share of the world market, followed by Europe. China is the main market at the country level in the region due to the country's high carbon emissions and active investments in renewable energy. These investments represent 36% of total global investments in renewable energy.
Some of the leading players in the Global String Inverter Market include KACO New Energy GmbH (Germany), Delta Energy Systems GmbH (Germany), ABB Limited (Switzerland), Chint Power Systems Co., Ltd. (China), Ningbo Ginlong Technologies (China), Samil Power Co., Ltd. (China), Fronius International GmbH (Austria), SMA Solar Technology AG (Germany), and Huawei Technologies Co. Ltd. (China), and Others.
By End-User
By System
By Power rating
By Region
Frequently Asked Questions
The Global String Inverter Market is expected to grow with a CAGR of 8.04% between 2024 and 2032.
The Global String Inverter Market size is expected to reach a revised size of US$ 7.82 billion by 2032.
Delta Energy Systems GmbH (Germany), ABB Limited (Switzerland), and Chint Power Systems Co., Ltd. (China) are the three String Inverter Market key players.
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