Market Overview

String Inverter Market Statistics 2024: Share Forecasts, Trends & Growth drivers


Global Market Insights, Inc., announces a report on String Inverter Market Trends & Forecast – 2024.' The study encompasses an elaborate analysis of the product, application, and regional trends in the industry.

U.S. string inverter market is set to witness growth of over 4% by 2024. Positive outlook toward the adoption of sustainable technology coupled with growing concern pertaining to energy conservation will stimulate the industry growth. Moreover, federal norms to achieve clean economy structure by minimizing the impact of harmful emissions will further complement the business landscape.

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Industrial application will witness growth owing to surging demand for reliable and uninterrupted power supply along with ongoing measures to curb GHG emissions will augment the business outlook. For instance, in 2018, Tata power has constructed a 6MW rooftop solar project by deploying 95 string inverters across Mangalore refinery site which is located in Karnataka.

Single phase string inverter is set to witness growth on account of its wide applicability in residential and commercial establishments. Accessibility, high efficiency, enhance operational feasibility and reliability are some of the highlighted features that will enhance the product adoption.

Positive outlook toward replacement of conventional power plant with clean energy systems will stimulate the on-grid string inverter market. Moreover, Government measures toward the adoption of large utility scale systems will fuel industry revenue during forecast period.

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String Inverter Market is predicted to surpass USD 5 billion by 2024. Favorable measures to promote the adoption of renewable technology coupled with ongoing investment toward sustainable grid integration will drive the industry growth. Government has introduced several regulations and incentives including feed in tariff, net metering and financial assistance to promote the development of sustainable technologies and establishments of innovative projects which will further boost the product demand.

In 2018, EU has amended its energy policy frameworks with an objective to aim to bind renewable energy of at least 32% from total energy mix. Furthermore, in 2017, 15% of global PV industry driven by net metering, 75% through financial assistance and 5% from competitive tenders across the globe.

Improved operational efficiency along with declining solar component cost has increased the deployment of solar system, which in turn will propel the string inverter market share. Enhancement of nascent technology along with volume manufacturing practice have resultant into reduce in overall component cost. In addition, surging electricity demand along with strict government regulations pertaining to carbon emissions will further complement the industry landscape.

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Increasing demand for clean fuel electricity will propel the demand for India string inverter market. Respective regulators have introduced initiatives including Jawaharlal Nehru National solar mission to promote the solar system adoption. The program set a target to deploy grid connected solar power with 20,000 MW capacity by 2020.

Major participants across string inverter industry are Elettronica Santerno, Sungrow, REFU, SatCon, Delta Group, Samil Power, KACO New Energy, ABB, GoodWe, SMA Solar, Elektronik, Solar Edge, Omron, Huawei, Schneider Electric, Growatt New Energy Technology, Ginlong Technologies, Shenzhen KSTAR, Fronious, SolarMax, TBEA and Chint Group.

Partial Table of Contents (ToC) of the report:

Chapter 6 String Inverter Market, By Nominal Output Voltage

6.1 String inverter market share by nominal output voltage, 2017 & 2024

6.2 ≤230 V

6.2.1 Global market from ≤230 V, 2013 – 2024

6.2.2 Global market from ≤230 V, by region, 2013 – 2024

6.3 230 – 400 V

6.3.1 Global market from 230 – 400 V, 2013 – 2024

6.3.2 Global market from 230 – 400 V, by region, 2013 – 2024

6.4 >400 V

6.4.1 Global market from >400 V, 2013 – 2024

6.4.2 Global market from >400 V, by region, 2013 – 2024

Chapter 7 String Inverter Market, By Connectivity

7.1 String inverter market share by connectivity, 2017 & 2024

7.2 Stand-alone

7.2.1 Global market from stand-alone, 2013 – 2024

7.2.2 Global market from stand-alone, by region, 2013 – 2024

7.3 On-grid

7.3.1 Global market from on-grid, 2013 – 2024

7.3.2 Global market from on-grid, by region, 2013 – 2024

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