String Inverter Market Overview:
String Inverter Market is projected to grow at a CAGR of 8.35% during the forecast period 2022 - 2030. Easy installation & customization is expected to drive the global market.
String inverters are an array of solar panels attached to a device for storing and capturing energy. Ease of maintaining the setup in extreme temperatures can drive its demand. The report on the global string inverter market by Market Research Future (MRFR) covers trends in manufacturing and opportunities for the industry for the forecast period (2022-2030). The effects of the COVID-19 pandemic on the market value are discussed in high detail.
COVID-19 Impact Analysis
The string inverter market growth can be stunted by the COVID-19 pandemic owing to halt in investments in renewable energy projects and low purchasing power of industries. Low procurement of copper wires owing to lockdowns initiated by governments to curb infection rates will also affect market value. Postponement of installation and maintenance of string inverters in residential and commercial zones can affect market valuation.
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Report Attribute/Metric
Details
CAGR
8.35% (2022-2030)
Base Year
2021
Forecast Period
2022-2030
Historical Data
2019
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product ,phase, Application
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Market Scope
Renewable Energy Schemes to Influence Market Demand
Launch of new renewable energy schemes owing to concerns of environmental emissions can drive demand for string inverters. The inverters are connected to grids used in storage of alternative energy and construction of solar farms, wind farms, and hydroelectric dams. Expansion of construction sector, schemes for sustainable development, and development of custom photovoltaic panels can bode well for the market. String inverters can eliminate monitoring issues and induce market demand owing to its benefits in lowering carbon footprints.
Supportive Government Plans to Curtail Energy Emissions to Drive Market Growth
Rollout of renewable energy schemes by governments and integration of schemes in large-scale projects can drive the string inverter market growth. Inverters can lower cost of energy conversion and dipping prices of photovoltaic panels can support market growth. Targets decided by developed countries to lower greenhouse gas (GHG) emissions to tackle climate change can drive demand for string inverters. This has led to a pledge by various states in the U.S. to commit to the change and invest in renewable energy schemes.
Huge Heat Loss Levels to Restrain Market Growth
Huge heat loss levels owing to large sizes of string inverters can impede market growth. Moreover, its utilization in solar panels and reduction in microinverter size can limit the string inverter market growth. Technological limitations can also hamper the market.
Segmentation Analysis
On-grid System to be Highly Lucrative
The on-grid system segment is set to be lucrative for the string inverter market owing to its use in small and medium solar panels. Use of three-phase string inverters in North America and Europe can drive segment growth.
41KW to 80KW to Garner Significant Market Revenue
The 41KW to 80KW segment is likely to trigger huge market demand owing to light and compact size of inverters within the power rating range. Advantages of these inverters in extending its protection in harsh environments and ability to be integrated seamlessly in all PV plants can drive segment growth.
Utility to be Biggest Market End-user
The utility sector is expected to induce massive demand for string inverters owing to its utilization in transfer of power from solar parks to main grids. Implementation of photovoltaic panels in solar parks to capture energy and capture energy for future use can bode well for the market. String inverters with a capacity greater than 80KW are used in regions with extreme climatic conditions.
Regional Analysis
APAC to Lead in Global Market Demand
Asia-Pacific (APAC) is set to dominate the global string inverter market demand owing to investments in renewable power projects and new government schemes for incentivizing business and home owners. This is exemplified by development of solar parks in China and allocation of resources for rooftop solar projects.
Competitive Analysis
Ingeteam (U.S.A), KACO New Energy (Germany), Schnieder (France), Fronius International (Austria), Ginlong Technologies (China), Sungrow Power Supply (California), Solar Max, Kostal Solar Electric (Germany), Huawei Technologies (Hong Kong, China), and Advanced Energy Technologies (U.S.A) are prominent players of the global string inverter market.
Industry Update
Huawei and Sineng have won a string inverter worth 5.5 GW at a recent auction by Chinese state-owned company, China Energy Investment Corporation (CHN Energy) in 2021.
Digital String Inverter Market Insights 2019, Global and Chinese Scenario is a professional and in-depth study on the current state of the global Digital String Inverter industry with a focus on the Chinese market.
The report provides key statistics on the market status of the Digital String Inverter manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.Overall, the report provides an in-depth insight of 2014-2024 global and Chinese Digital String Inverter market covering all important parameters.
The key ponits of the report:The report provides a basic overview of the industry including its definition, applications and manufacturing technology.The report explores the international and Chinese major industry players in detail.
In this part, the report presents the company profile, product specifications, capacity, production value, and 2014-2019 market shares for each company.Through the statistical analysis, the report depicts the global and Chinese total market of Digital String Inverter industry including capacity, production, production value, cost/profit, supply/demand and Chinese import/export.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.The report then estimates 2019-2024 market development trends of Digital String Inverter industry.
Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out.The report makes some important proposals for a new project of Digital String Inverter Industry before evaluating its feasibility.Key Questions Addressed by the ReportWhat is the growth perspective of the Digital String Inverter Market and the key dynamics and trends governing the market?What are key sustainability strategies adopted by the leading players in the Digital String Inverter Market?What are the new and emerging technologies and use cases disrupting the Digital String Inverter industry?What are the key applications where Digital String Inverter plays a significant role?Report Sample includes:- Table of Contents- List of Tables & Figures- Charts- Research MethodologyGet FREE Sample of this Report at https://www.24marketreports.com/report-sample/global-digital-string-inverter-2019-2024-58There are 3 key segments covered in this report: competitor segment, product type segment, end use/application segment.For competitor segment, the report includes global key players of Digital String Inverter as well as some small players.
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