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A74416 | Pages: 300 | Charts: 73 | Tables: 108 |
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.
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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.
[PHASEGRAPH]
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.
[ENDUSEINDUSTRYGRAPH]
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.
[REGIONGRAPH]
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.
Key Market Segments
Key Market Players