String Inverter Market Size & Share, by Phase (Single Phase, Three Phase); Connection Type (On-Grid, Off-Grid); End-user (Residential, Commercial & Industrial, Utilities) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4986
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

String Inverter Market size is expected to cross USD 48 Billion by 2035, observing nearly 11% growth rate from 2023 to 2035. In the year 2022, the industry size of string inverter was USD 16 Billion. The rising capacity of renewable energy has a direct impact on the market growth of string inverters since it converts the direct current into usable alternating current. According to the International Energy Agency's most recent annual report, worldwide renewable power capacity is expected to expand by 2 400 gigatonnes (GW) between 2022 and 2027.

The rising development of smart infrastructure will augment string inverter market growth. String inverters often come equipped with advanced monitoring and control capabilities and extract real-time data. This data can be used for making informed decisions regarding system upgrades, and maintenance, which overall enhances the smart infrastructure.


String Inverter Market
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Global String Inverter Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Solar Panels Deployment –String inverters play a crucial role in converting the DC electricity generated by solar panels into AC electricity for immediate consumption. The generated electricity can be used for business as well as the home for their immediate use. As of March 2022, the world had installed enough solar panels to create approximately 1 TW of direct solar power.
  • Rising Initiatives for Boosting Sustainable Technologies– Many governments around the world are implementing incentive policies for promoting sustainable technologies. These can include, tax credits, net metering programs, grants, and others. In addition, manufacturers are taking initiatives to develop new technologies in order to improve the reliability of inverters. Such initiatives make sustainability more attractive ad will increase the demand for solar panels and, consequently, string inverters.
  • Higher Electrification of Rural Regions– Apart from aiding the use of solar panels in the rural regions. String inverters also support the powering of agricultural machinery in rural region, such as water pumps, dairy equipment, and others. The Indian government has mandated the electricity supply to nearly 18,000 villages and established a target of installing 175 GW of renewable energy in 2022.

Challenges

  • Huge Amount of Heat Loss in Large String Inverters- During the conversion of DC into AC, some amount of heat is lost. It is one of the rising concerns in the string inverters market since it impacts the overall efficiency and performance of the components and the entire system.
  • Efficiency and power limitation
  • High tariff and changing trade policies

Global String Inverter Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 11%

Base Year Market Size (2022)

~ USD 16 Billion

Forecast Year Market Size (2035)

~ USD 48 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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String Inverter Segmentation

Connection Type (On-Grid, Off-Grid)

String inverter market from the off-grid segment is estimated to witness the highest growth rate till 2035. Rising energy generation from off-grid solar panels will rise the segment growth. The off-grid solar business is expanding, with 70 million additional individuals having acquired access to electricity through off-grid solar power since 2019, totaling around 490 million people across the world. It is an 18% rise since 2019. Off-grid systems use string inverters, which allow users to monitor the system's performance and health. Tracking solar energy generation, battery state, and overall system efficiency are all part of this. It can also be used to connect many strings of solar panels, improving power generation and providing flexibility in system design.

End Users (Residential, Commercial & Industrial, Utilities)

The commercial & industrial segment is poised to hold 43% share of the global string inverter market by 2035. For the commercial and industrial sectors, string inverters are a more cost-effective solution than other inverter technologies, such as power optimizers and microinverters. This reason will drive the segment growth. Moreover, string inverters have the capability of handling high power capacities, making them efficient for commercial and industrial uses.

Our in-depth analysis of the String Inverter Market includes the following segments:

     Connection Type

  • On-Grid
  • Off-Grid

     Phase

  • Single Phase
  • Three Phase

     End User

  • Residential
  • Commercial & Industrial
  • Utilities

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String Inverter Industry - Regional Synopsis

Asia Pacific Market Analysis

The Asia Pacific string inverter market is estimated to generate the largest revenue through 2035. Rising investment in the solar energy sector and growing efforts to boost renewable energy capacity will increase the demand for string inverters. With the expansion of solar installations, more inverters are required to handle the higher capacities and power outputs of these projects. The government of India committed USD 885 million for solar power projects in the Union Budget 2023-24, including grid, off-grid, and PM-KUSUM projects. Moreover, in Japan, there were about 4 thousand solar power plants.

North American Market Statistics

The North America string inverter market is projected to be the second largest with a share of about 34% by the end of 2035. Since string inverter is a crucial part of dissipating renewable energy sources, the demand for it grows with the rising consumption and production of renewable energy. In 2021, renewable energy output and consumption achieved record highs of approximately 12.32 and 12.16 quads, respectively, owing primarily to solar and wind energy production.

Research Nester
String Inverter Market Size
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Companies Dominating the Global String Inverter Landscape

top-features-companies
    • KACO New Energy GmbH
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Delta Energy Systems GmbH
    • Yaskawa Solectria Solar
    • Sungrow Power Supply Co Ltd
    • Huawei Technologies Co. Ltd.
    • Chint Power Systems Co. Ltd.
    • Ginlong Tech Co Ltd
    • Fronius International GmbH
    • SMA Solar Technology AG
    • Eaton Corporation Plc

In-the-news

In The News

  • Yaskawa Solectria Solar has joined forces with First Solar. The two companies have been working jointly to maximize the performance of the Solectria XGI 1500-250 utility-scale string inverters to be utilized with thin-film cadmium telluride solar modules of First Solar. The collaboration seeks to develop a grounded DC input version of the new XGI 1500-250 utility-scale string inverter.
  • SMA Solar Technology AG announced the launch of Sunny Tripower Smart Energy hybrid inverter. It is highly efficient for residential applications and small businesses. It increases the flexibility in using the self-generated solar energy. It is perfect for modern, simple solar energy generation, application, and storage.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 4986
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing deployment of solar panels and rising demand for renewable energy are the major factors driving the market growth.

The market size of string inverter is anticipated to attain a CAGR of ~11% over the forecast period, i.e., 2023 – 2035.

The major players in the market are KACO New Energy GmbH, Delta Energy Systems GmbH, Yaskawa Solectria Solar, Sungrow Power Supply Co Ltd, Huawei Technologies Co. Ltd., Chint Power Systems Co. Ltd., Ginlong Technologies Co Ltd, Fronius International GmbH, SMA Solar Technology AG, and Eaton Corporation Plc

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by connection type, phase, end user, and by region.

The off-grid segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

High cost of inverters, and heating problems are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
String Inverter Market Report Scope
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