String Inverter Market Analysis | 2023-2028

Market Insights

The string inverter market was estimated at USD 11.12 billion in 2022 and is likely to grow at a CAGR of 6.4% during 2023-2028 to reach USD 16.23 billion in 2028.

Market Dynamics

Introduction

A string inverter is a crucial component of solar photovoltaic (PV) systems, converting the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity for use in homes, businesses, or the grid. Typically used in medium- to large-scale installations, string inverters connect multiple solar panels in a "string," aggregating their output for centralized conversion. Known for their efficiency, reliability, and ease of maintenance, string inverters are cost-effective and suitable for projects where panels receive uniform sunlight. Advanced models often feature monitoring capabilities, enhancing system performance by identifying issues at the string level.

Market Drivers

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.

Key Players

The following are the key players in the string inverter market:

• 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.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Power Class Type

"Single-phase string inverters are projected to witness a strong growth rate during the forecast period"

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

"≤500W nominal output power type segment is expected to lead the market during the forecast period"

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

"≤230V nominal output voltage type segment is estimated to register significant growth during the forecast period"

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

"Stand-alone string inverter market is expected to be driven during the forecast period"

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

"Residential string inverters are expected to witness the highest growth during the forecast period"

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.

Regional Analysis

"North America is estimated to be the leading region in the market"

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.

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s string inverter market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and 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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 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 string inverter market is segmented into the following categories:

By Power Class Type

• Single Phase 
• Three Phase

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
• Industrial      
• 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)

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.