String Inverter Market Outlook - 2027
The global string inverter market size was valued at $3.1 billion in 2019, and is projected to reach $4.6 billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027.
String inverter is an important device in the solar system, which converts DC power flowing from solar panels to the AC power in your residential applications. Apart from the conversion, solar inverters perform voltage tracking, grid connecting communication and shutdown during emergency conditions. On-grid inverters produce pure sine wave of AC electricity than off-grid string inverter; hence, increasing the use of on-grid string inverter that ensures the safety and efficiency of home appliances. String inverters are most commonly used in the residential and commercial applications and nowadays increasingly used in the small utility projects across the globe.
Rapid development in the renewable energy sector and easy installation of string inverters are the key factors that drive the growth of the market during the forecast period. However, high heat loss in the large-sized string inverter and absence of panel level monitoring are the key factors restraining the growth of the market in the upcoming years. On the contrary, increase in government initiatives and investments in the electrification of rural and remote areas are anticipated to create opportunity for the key players in the string inverter market globally.
The global string inverter market is segmented on the basis of connection type, phase, end-use industry, and region. Depending on connection type, the market is categorized into on-grid and off-grid. On the basis of phase, it is bifurcated into single phase and three phases. As per end-use industry, the market is segregated into residential, commercial & industrial, and utilities. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global string inverter market covers in-depth information of the major industry participants. Some of the major players in the market include SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies, Siemens AG, Delta Electronics Public Co., Ltd., Chint Group, SolarMax, Growatt New Energy Technology Co., Ltd., and Huawei Technologies Co., Ltd.
Other players in the value chain of the market include Schneider Electric, Elettronica Santerno, Shenzhen KSTAR, GoodWe, Sungrow Power Supply Co., Ltd., and others.
The key players are adopting numerous strategies such as product launch and acquisition to stay competitive in the market.
For instance, Growatt New Energy Technology Co., Ltd., a solar inverter manufacturing company, launched new inverter series TL-XH for single phase residential customers. The new 350 x 350 x 160 mm inverter series has two maximum power point trackers (MPPT), a DC/AC ratio of 1.4 and a string current of up to 12.5 ampere. This new product launch enhanced the product portfolio of the company.
By Connection Type
On-Grid String Inverter is projected as the most lucrative segment.
By connection type, the on-grid segment held the largest market share in 2019, owing to rise in investment for direct supply of electricity rather than storing it in batteries. In addition, increase in electricity demand from the emerging economies fuels the demand for on-string application of string inverter in solar applications.
By Phase
Three Phase is projected as the most lucrative segment.
On the basis of phase, the three phase segment dominated the global market in 2019, in terms of share, owing to the transitioning trend from 1 kilo volt solar arrays to 1.5 kilo volt solar arrays, which in turn increase the size of PV power plants in the large commercial and utility installations, fueling the growth of the three phase market during the forecast period.
By End-use Industry
Utilities is projected as the most lucrative segment.
By end-use industry, in 2019, the utilities segment held the largest market share, owing to increase in investment in the utility scale solar power plants, solar parks, and other solar structures.
By Region
Asia-Pacific holds a dominant position in 2019 and would continue to maintain the lead over the forecast period.
Asia-Pacific garnered the highest share in the string inverter market in 2019, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, rise in urbanization and industrialization in the countries such as China, India, and others is increasing the demand for electricity, which further drives the growth of the market during the forecast period.
Key Benefits for Stakeholders:
- The report includes in-depth analysis of different segments and provides market estimations between 2020 and 2027.
- A comprehensive analysis of the factors that drive and restrict the growth of the global string inverter market is provided.
- Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
- Estimations and forecast are based on factors impacting the global string inverter market growth, in terms of value.
- Key market players are profiled to gain an understanding of the strategies adopted by them.
- This report provides a detailed analysis of the current global string inverter market trends and future estimations from 2020 to 2027, which helps identify the prevailing market opportunities.
String Inverter Market Report Highlights
| Aspects | Details |
 By Connection Type |
|
 By Phase |
|
 By End Use Industry |
|
 By Region |
|
 Key Market Players | Chint Group, SIEMENS AG, Growatt New Energy Technology Co., Ltd., Delta Electronics (Thailand) Public Co., Ltd., SolarMax, SMA Solar Technology AG, Ginlong Technologies, SolarEdge Technologies Ltd., FIMER S.p.A, Huawei Technologies Co., Ltd. |
Analyst Review
Rapid industrialization is the key factor attributed to the leading position of Asia-Pacific region in the global string inverter market. The Asia-Pacific region is further expected to provide lucrative opportunities to leading string inverter manufacturers, owing to its huge potential to set up manufacturing plants and surge in demand for string inverter from the solar installation utilities in the region.
Rapid development in the renewable energy sector and easy installation of string inverters are the key factors that drive the growth of the market during the forecast period. In addition, increase in demand for reliable and continuous power supply is expected to boost the growth of the global string inverter market during the forecast period. However, high heat loss in the large-sized string inverter and absence of panel level monitoring hamper the growth of the market. On the contrary, increase in government initiatives and investments in the electrification of rural and remote areas is anticipated to provide remunerative opportunity for the key players to maintain the pace in the string inverter market in the upcoming years.
The renowned global market leaders such as Fimer S.p.A., SMA Solar Technologies AG, and Ginlong Technologies are adopting various key growth strategies to strengthen their market position. Furthermore, these companies are focused on product launch and acquisition to cater to increase in demand for string inverters.
Among the analyzed geographical regions, Asia-Pacific is likely to account for the highest revenue growth rate in the string inverter market throughout the forecast period, followed by North America, Europe, and LAMEA.
In terms of revenue growth, the CAGR of the global string inverter market is 6.3% by 2027.
Increase in government initiatives and an investment in the electrification of rural and remote areas is the key trend in the string inverter market.
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The potential customers of the string inverter market are residential, commercial & industrial and utilities.
On the basis of connection type, on-grid segment will drive the string inverter market growth during the forecast period. On the basis of phase, three phase segment will drive the growth of the string inverter market.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
The applications of the string inverter market are in solar power plants, projects, rooftop systems in residential sector and others.
Top players in the string inverter market are SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies, Siemens AG, Delta Electronics Public Co., Ltd., Chint Group, SolarMax, Growatt New Energy Technology Co., Ltd. and Huawei Technologies Co., Ltd.
In terms of revenue, the market size of string inverter market is anticipated to reach $4.6 billion by 2027, growing at CAGR of 6.3% from 2020 to 2027.
Asia-Pacific will provide business opportunities for string inverter market during the forecast period. This is attributed to the huge consumer base, increase in industrialization and urbanization, high demand for uninterrupted and reliable power supply from consumers.
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