String Inverter Market Overview:
String Inverter Market is projected to reach USD 7,952.2 Million with CAGR of 8.3% 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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Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Product ,phase, Application
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
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.
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.
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.
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.
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.