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  • Global String Inverter Market Forecast | 2023-28

    Global String Inverter Market Forecast | 2023-28

    Global String Inverter Market Forecast | 2023-28
    Report code - SRCE311 Delivery - 2 Weeks
    String Inverter Market Size, Share, Trend, Forecast, & Industry Analysis – 2023- See more...

    Market Insights

    The global string inverter market is estimated to grow from USD 11.12 billion in 2022 to USD 16.23 billion by 2028 at a CAGR of 6.4% during the forecast period.

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    What is a string inverter?

    String inverters are special types of inverters that are used to convert direct current into alternating current. They are deployed for various applications in commercial and industrial sectors.

    String Inverter Market Report Overview

    Market Size in 2028

    USD 16.23 Billion

    Market Size in 2022

    USD 11.12 Billion

    Market Growth (2023-2028)

    CAGR of 6.4%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Some of the key players in the global string inverter market are-

    Market Dynamics

    The market is driven by a host of factors, some of which are noted below:

    • Multiple government initiatives to accelerate the adoption of sustainable energy
    • Decreasing component prices due to favorable tax benefit considerations
    • Upgradation of primitive technologies paired with volume manufacturing practices leading to a significant reduction in the overall component prices.

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    Segment Analysis

    By Power Class Type

    The market is segmented into single phases and three phases. Single-phase string inverters are projected to witness a strong growth rate in the market owing to their effective operational feasibility, due to which they are gaining traction in residential and small commercial establishments.

    In addition, some positive regulatory prospects such as feed-in tariff schemes are expected to drive product demand during the forecast period. On the other hand, three-phase string inverters are expected to benefit from factors such as low cost, absence of inverter subpanel, and compact size over the forecast period. The phases string inverter type is further categorized as Low Power ≤99 kW and High Power >99 kW.

    By Nominal Output Power Type

    The market is segmented as ≤500 W, 500-1500W, and >1500 W.The ≤500W nominal output power type segment is expected to lead the market during the forecast period. The growth of the segment is bolstered by its significant progress across small-scale photovoltaic applications.

    Further, increasing the focus of manufacturers on the enhancement of the efficiency level and operational flexibility is likely to boost product demand during the forecast period.

    By Nominal Output Voltage Type

    The market is segmented as ≤230 V, 230-400 V, and >400 V. The ≤230V nominal output voltage type segment is estimated to register significant growth during the forecast period.

    The growth can be attributed to the increasing demand for community-based off-grid projects.

    On the other hand, the demand for >400V inverters is likely to be positively influenced by large-scale adoption across commercial establishments coupled with growing investments across utility-aided solar projects.

    By Connectivity Type

    The market is segmented as stand-alone and on-grid. The stand-alone string inverter market is expected to be driven by the surge in the adoption of decentralized power generation systems majorly in rural locations coupled with the growing installation of micro-grid systems.

    On the other hand, the on-grid string inverter market is expected to be influenced by regulatory measures toward the deployment of large utility-scale systems and government focus to replace existing conventional power generating stations with high-capacity clean energy systems likely to fuel the product demand during the forecast period.

    By Application Type

    The market is segmented as residential, commercial, industrial, and utility. Residential string inverters are expected to witness the highest growth during the forecast period, owing to factors such as decreasing component prices and progress in distributed generation technology.

    The market growth of industrial string inverters is to be propelled by ongoing measures to reduce carbon footprints paired with rising demand for clean and reliable power.

    By Region

    North America is estimated to be the leading region in the market for string inverters during the forecast period. The region’s growth is driven by the growth in the U.S. market along with the federal norms to achieve a clean economy structure by reducing the impact of harmful emissions and increasing the focus on energy conservation.

    On the other hand, the Asia-Pacific market is likely to be positively influenced over the forecast period with China and India being the growth engines offering promising growth opportunities. Europe is also expected to offer substantial growth opportunities during the forecast period.

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.The market is segmented into the following categories.

    By Power Class Type:

    • Single Phase 
    • Three Phase
      • Type Analysis: Low Power ≤99 kW and High Power >99 kW

    By Nominal Output Power Type:

    • ≤500 W 
    • 500-1500W 
    • >1500 W 

    By Nominal Output Voltage Type:

    • ≤230 V 
    • 230-400 V 
    • >400 V 

    By Connectivity Type:

    • Stand-alone
    • On-grid 

    By Application Type:

    • Residential 
    • Commercial
    •      Type Analysis: College/University, Office, and Government/Military
    • Industrial           
    •        Type Analysis: Chemical, Paper, and Food Processing
    • Utility 

    By Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the global string inverter market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation by any one of the power class types by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    String inverters are special types of inverters that are used to convert direct current into alternating current. They are deployed for various applications in commercial and industrial sectors.

    Elettronica Santerno, Fronius International GmbH, Ginlong Technologies, GoodWe, REFU, SatCon Technology Corporation, Schneider Electric, SMA Solar Technology AG, Sungrow Power Supply Co., Ltd, TBEA Co., Ltd. Are among the key players in the string inverter market.

    North America is estimated to be the leading region in the market for string inverters during the forecast period.

    Residential string inverters are expected to witness the highest growth in the string inverter market in the coming years.

    Single phase string inverters are expected to witness strong growth rate in the string inverter market during the forecast period.

    Multiple government initiatives to accelerate the adoption of sustainable energy, decreasing component prices due to favorable tax benefit considerations, upgradation of primitive technologies paired with volume manufacturing practices leading to significant reduction in the overall component prices are the factors driving the growth of string inverter market.

    Global string inverter market was estimated to grow at a CAGR of 6.4% from 2023-2028.

    The global string inverter market is estimated at USD 11.12 billion in 2022 and is likely to reach USD 16.23 billion in 2028.