String Inverter Market Share 2020: Development Status and Forecast to 2022

Posted by Anvi on February 4th, 2020

String Inverter Market Dynamics

The global string inverter market 2020 is on track to achieve a high growth rate, and its value can increase tremendously during the forecast period (2016-2022), says Market Research Future (MRFR).

Primary Drivers and Main Barriers

String inverter system enjoys massive attention and popularity and forms a significant portion of the world’s inverter market. Solar panels are formed into groups that are connected by strings, wherein each panel string is connected to a single inverter. This inverter helps transform the DC electricity generated by the panels into appliance-friendly AC electricity. Thus, it can be assumed that the growth of the solar inverter market can also benefit the String Inverter Market Share in the long run.

High competence, user-friendliness, and consistency are some parameters that boost the demand for string inverters and works in favor of the market. Some other factors that stimulate product demand include compact size, lightweight, the capability to enhance power compactness and easy to install among others. Low component price, paired with extremely low continuing protection can also help the string inverter market develop tremendously in the coming years. with the progression of expertise, the value of three-phase inverters has come down significantly over the years. Therefore, price competitiveness is expected to drive the adoption of string inverter among residential and commercial users.

String inverters, when used with power optimizers, can considerably elevate the output power, facilitating high performance. Additionally, string inverters can be monitored remotely, which also acts as an important parameter in the growth of the string inverters market. These factors can encourage the growth of the string inverter market during the appraisal timeframe.

String Inverter Market Segmentation

The market segmentation of string inverter mentioned in the MRFR report includes by-product and phase.

The product-wise market segments are on-grid and off-grid. The on-grid segment is leading the string inverter market, with its widespread use in small-to-medium scale industrial and commercial as well as large utility-scale solar applications.

The phases considered in the report are single and three. Across the globe, numerous inverter manufacturers are striving to foster the installation of three-phase string inverters, especially in large power plants, which is likely to double the global shipments in the years ahead.

Regional Analysis

Asia Pacific (APAC), the Americas, Europe, the Middle East, and Africa (MEA) are the top regions where the string inverter market is expected to grow during the review period.

APAC can claim the top position in the global string inverter market in the given timeframe, owing to the soaring demand for clean fuel electricity. Also, government initiatives like Jawaharlal Nehru national solar mission in India to promote the adoption of solar systems coupled with policies like feed-in tariffs can motivate market growth in the region. Prominent vendors including Huawei are busy promoting the use of three-phase string inverters to be used in utility installations. The string inverters in the near future can have advanced features to be used in utility projects. Recently, Sungrow (China) reported the introduction of a highly powerful, next-generation string inverter that could complement 1,500-volt installations. Data experts believe that string inverters are projected to have the potential to give a tough competition to central inverters in the region, indicating the market’s strong growth potential during the review period.

The Americas is all set to achieve the fastest CAGR in the global string inverter market, given the surging demand for electricity as well as the region’s high irradiation levels, which makes it perfect for PV installations. Numerous government policies are being implemented in the region, in an effort to foster the use of solar energy, bring down the taxes as well as incentives, which are bound to help the market achieve a better position in the ensuing years.

Market Participants

Leading players in the global market for string inverter include SolarMax, Schneider, Sungrow Power Supply, KACO New Energy, KOSTAL Solar Electric, Advanced Energy Industries, Ingeteam, Ginlong Technologies, Fronius International, Growatt New Energy Technology, Huawei Technologies, to name a few.

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