On Grid String Inverter Market

On Grid String Inverter Market Research, 2031

The global on grid string inverter market was valued at $1.9 billion in 2021, and is projected to reach $3.7 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

On grid string inverters are electrical devices that are used to convert the direct current (DC) electricity produced by solar panels into alternating current (AC) electricity that can be fed into the electrical grid. On grid string inverters are called "string" inverters because they are designed to handle a series of solar panels connected together in a "string" configuration. These inverters work by converting the DC electricity produced by the solar panels into AC electricity that matches the voltage and frequency of the electrical grid. On grid string inverters are often used in residential and commercial solar panel installations because they are affordable, efficient, and reliable. They are also easy to install and maintain, making them a popular choice for homeowners and business owners who want to generate their own electricity and offset their energy costs.

On grid string inverters are typically used in solar panel installations where the energy produced by the solar panels is intended to be fed back into the electrical grid. This is called a grid-tied or grid-connected system, and it allows the solar panels to generate electricity during the day when the sun is shining, while still being able to draw electricity from the grid at night or when the demand for electricity exceeds the amount being produced by the solar panels. 

One of the key advantages of on grid string inverters is their efficiency. These inverters are designed to operate at high efficiency levels, which means that they can convert a high percentage of the DC electricity produced by the solar panels into AC electricity that can be fed into the grid. This can help to maximize the amount of energy that is produced by the solar panels, which can in turn help to reduce energy costs and provide a more reliable source of electricity. Another advantage of on grid string inverters is their reliability. These inverters are designed to operate continuously for many years, and they are built with high-quality components that can withstand harsh weather conditions and other environmental factors. They are also easy to maintain and repair, which can help to extend their lifespan and ensure that they continue to operate efficiently over time.

The pandemic has presented both challenges and opportunities for the on-grid string inverter market. While supply chain disruptions have led to delays and other issues for some manufacturers, the increased demand for solar panel installations has created new opportunities for growth and expansion in the industry. As the pandemic continues to evolve, it remains to be seen how these trends will play out in the on-grid string inverter market and in the broader renewable energy sector.

The on grid string inverter industry is expected to witness notable growth during the forecast period, owing to increase in demand for renewable energy with rise in price of fossil fuels, growing popularity of distributed energy systems, and ease of installation. Moreover, government initiatives & investment on electrification of remote and rural area using solar energy and increase in use of string inverters for utility-scale solar plants are expected to provide lucrative opportunities for the growth of the on grid string inverter market size during the forecast period. On the contrary, competition from other renewable energy sources is the restraint for on grid string inverter market growth during the forecast period.

The on grid string inverter market is segmented into Phase and End-Use Industry.

On the basis of phase, the on grid string inverter market share is divided into single phase and three phase. In 2021, the three phase segment dominated the market, in terms of revenue, and it will acquire major market share till 2031.

On the basis of end user industry, the market is segregated into industrial, commercial, residential, and utilities. The utilities segment acquired the largest share in 2021 and is expected to grow at a significant CAGR from 2022 to 2031.

Region-wise, the on grid string inverter market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific held a dominant position in 2021 and is expected to continue to maintain the lead in the on-grid string inverter market during the forecast period.

Competitive Analysis 

Competitive analysis and profiles of the major global on grid string inverter market players that have been provided in the report include ABB, Chint Group, Delta Electronics, Inc., Fronius International GmbH, Ginlong Technologies, Huawei Technologies Co., Ltd., KACO new energy, Schneider Electric, SMA Solar Technology ag, SolarEdge Technologies, and Sungrow Power Supply Co., Ltd. 

Country Analysis 

Country-wise, the U.S. acquired a prime share in the on-grid string inverter market in the North American region and is expected to grow at a significant CAGR during the forecast period of 2022-2031. 

In Europe, UK, dominated the on grid string inverter market forecast, in terms of revenue, in 2021 and is expected to follow the same trend during the forecast period. However, the Germany is expected to emerge as the fastest-growing country in Europe's on grid string inverter with a CAGR of 7.64%.  

In Asia-Pacific, China is expected to emerge as a significant market for the on grid string inverter market outlook, owing to a significant rise in investment by prime players due to rise in electric vehicles (EVs) charging stations and favorable government subsidies for the electrification of rural areas in the region.  

By LAMEA region, the Middle East will garner significant on grid string inverter market opportunity in 2021. The LAMEA on grid string inverter market has been witnessing improvement, owing to the growing inclination of companies towards research and development and cutting the cost on extraction of fossil fuels across this region. Moreover, the Middle East region is expected to grow at a high CAGR of 5.68% from 2022 to 2031. 

Top Impacting Factors  

The on grid string inverter market analysis is anticipated to expand significantly during the forecast period owing to increase in demand for renewable energy with rise in price of fossil fuels, growth in popularity of distributed energy systems, and ease of installation. Additionally, during the forecast period, the on grid string inverter market is anticipated to benefit from government initiatives & investment on electrification of remote and rural area using solar energy and increase in use of string inverters for utility-scale solar plants. On the other hand, growth in the on grid string inverter market is expected to be restrained by competition from other renewable energy sources.

Historical Data & Information  

The global on grid string inverter market is highly competitive, owing to the strong presence of existing vendors. Vendors of on grid string inverter market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to worsen as technological innovations, product extensions, and different strategies adopted by key vendors increase.

Key Developments/ Strategies  

ABB, Chint Group, Delta Electronics, Inc., Fronius International GmbH, Ginlong Technologies, Huawei Technologies Co., Ltd., KACO new energy, Schneider Electric, SMA Solar Technology ag, SolarEdge Technologies, and Sungrow Power Supply Co., Ltd are the top companies holding a prime share in the on-grid string inverter market. Top market players have adopted various strategies, such as product development, acquisition, innovation, partnership, and others to expand their foothold in the on-grid string inverter market.

• In March 2023, Delta launched a new generation of its M50A, a three-phase string inverter in a fresh design with improved performance. With a maximum AC apparent power of 55 kW, it is particularly suitable for large commercial rooftop installations. The new M50A Flex features a maximum efficiency of 98.7 percent and an input voltage range of 200 V to 1000 V. The six MPP trackers (the old generation came with two) provide a higher degree of flexibility in the design of a solar electric system which helps to compensate for possible shading effects and different module alignments.
• In January 2023, Sungrow Power Supply Co., Ltd, and Samsung C&T's Engineering & Construction Group, signed a contract to supply its MV-integrated 1500V string inverter solution SG320HX to an 814 MWac PV project in Qatar. The project is expected to be completed by 2024, and will become the largest solar plant in Qatar, which will greatly increase the amount of local green energy, and effectively offset the carbon emissions of oil and gas resources, thus helping the low-carbon transition. 
• In April 2022, SMA Solar Technology AG launched a new three-phase inverter series for applications in residential and commercial PV projects with outputs up to 135 kW. The Sunny Tripower X devices feature a system manager function linked to the company's Sunny Portal for holistic, intelligent energy management ennexOS. 
• In October 2021, Sungrow launched a powerful SG350HX string inverter at Intersolar Europe. This release demonstrated the Company’s ever-evolving technology innovation and unlocked a new era of string inverters surpassing 300 kW. The new market leading SG350HX features a maximum output power of 352 kW, which redefines high-powered string inverters. It guarantees an incomparable return on investment for stakeholders while ensuring compatibility with large-format modules and tracking systems, as well as leading in safety. 
• In December 2020, Fronius and Infineon collaborate and launched the Symo GEN24 Plus Solar Inverter, a versatile solution that could be used in water heating or electric charging station systems. The combined efforts from Infineon Technologies AG and Fronius International GmbH have led to an all-in-one, self-sufficient solar inverter that provides clean power directly to the average household while interfacing energy storage systems. 
• In November 2020, Fronius International GmbH launched the Symo GEN24 Plus solar inverter. Its Multiflow technology makes it suitable for a wide range of applications supporting energy self-sufficiency. Not only does it provide power for direct use in the household, but it also offers an interface for energy storage systems. In addition, the hybrid inverter is designed for water heating and the charging of electric cars and can be connected to external systems. 
• In March 2020, SMA America launched the Sunny Highpower PEAK3 125-kW as an ideal solution for ground-mount projects with 480 VAC interconnection. This 1,500 VDC inverter can connect to the grid at 480 VAC without an additional transformer. The PEAK3 125-kW is most applicable in community solar, agricultural aggregate metering, and other large, distributed generation projects.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the on grid string inverter market analysis from 2021 to 2031 to identify the prevailing on grid string inverter market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the on grid string inverter market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global on grid string inverter market trends, key players, market segments, application areas, and market growth strategies.

 On Grid String Inverter Market Report Highlights