String Inverter Market size was valued at USD 17.84 Billion in 2023 and is likely to reach USD 73.45 Billion by 2036, expanding at around 11.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of string inverter is estimated at USD 19.68 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
11.5% |
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Base Year Market Size (2023) |
USD 17.84 Billion |
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Forecast Year Market Size (2036) |
USD 73.45 Billion |
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Regional Scope |
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Connection Type (On-Grid, Off-Grid)
String inverter market from the off-grid segment is estimated to witness the highest growth rate till 2036. 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 2036. 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:
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Connection Type |
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Phase |
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End User |
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Asia Pacific Market Analysis
The Asia Pacific string inverter market is estimated to generate the largest revenue through 2036. 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 2036. 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.
Author Credits: Dhruv Bhatia
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