String Inverter Market Size, Share and Global Trend By Type (Single string,Multi string), By Connectivity (On-grid, Off-grid), By Application (Residential, Commercial, Industrial, Utilities) and Regional Forecast, 2024-2032

Electricity generation complying with sustainable development goals is the primary aim of the U.N. and several world governments. Production of energy using alternative methods like solar, wind satisfies those goals. Solar energy, which is widely available, has gained importance and has become a significant attraction for investors. Over the last decade countries have set-up solar power plants and has increased the production of electricity. This has helped the string inverter market to develop and grow.

Direct Current (DC) is generated from solar panels. As DC electricity is not compatible with common household appliances nor fed into the mains grid, it is converted to Alternating Current (AC) using an inverter. A string inverter is a type most commonly used in home and commercial solar power systems. A string solar inverter is used when the solar panels are linked together to form a string. A typical string can be made up of as little as 3 solar panels or up to 20 or more panels.

String inverters have been around for a long time and are suitable for installations without shading issues and in which panels are positioned on a single plane so do not face different directions. As technology improves allowing string inverters to have higher power density in smaller sizes, string inverters are becoming a popular alternative over central inverters in small utility installations smaller than 1 MW. String inverters can also be paired with power optimizers, an option that is gaining popularity.

On the basis of types, the string inverters can be segmented into single string inverter and multi-string inverter. For a single string inverter, only a row of a solar panel is linked together to form a string. For a multi-string solar panel, several rows of strings are joined a string inverter. A string inverter can either produce single-phase current or three-phase current. The string inverter market can also be segmented on the basis of application in various fields like residential, commercial, industrial, and utilities. Single-phase string inverter is generally used for residential, commercial and industrial purposes. Heavy-duty industries and power utilities use three-phase string inverter.

The major market driver for the global string inverter market is the increasing demand for clean and renewable energy around the world. With the provision of government incentives and tax rebates over the installation of solar panels, solar energy is the most adopted amongst the available sources. Continuous improvement in manufacturing technologies along with volume manufacturing practices have led to a considerable reduction in the overall component prices.

The key market restraint for the global string inverter market is tariffs imposed by countries. Changing regulatory policies for import has negatively impacted the global string market. The high capital cost has stagnated the string inverter market.

Key Players Covered

Some of the major companies that are present in the string inverter market are SMA Solar Technology, Trina Solar, Schneider Electric, Hitachi Hi-Rel Power Electronics, Delta Electronics, Sungrow Power Supply, ABB, Toshiba Electronic Devices & Storage, Infineon Technologies, Shenzhen Sofarsolar, Ingeteam Power Technology S.A. Energy, Canadian Solar, Fronius, SolarEdge Technologies, Yaskawa–Solectria Solar, Tabuchi and Huawei Technologies.

SEGMENTATION

Regional Analysis

As the developed and the developing countries have drifted towards the use of solar energy, the global string inverter market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. China stands as the largest producer of solar energy in the world. Germany is the largest solar energy producer in Europe, followed by Italy, the United Kingdom, Spain, and others. The U.S.A. ranks top in North America and Chile in South America where other countries like India, Canada, Mexico, Brazil, Uruguay, have also increased the production of solar energy at a reasonable rate. African continent receives maximum sunlight than any other continent on earth & African countries seem to have realized that which can be noticed by their approach towards solar energy in recent time. South Africa has been the most prosperous country in the production of solar energy in this region by far, followed by countries like Angola, Egypt, Senegal, etc. United Nations and several countries like India, USA have taken initiatives to promote solar energy and offer incentives for the same.

Key Industry Developments

• In June 2019, China-based electronics giant and PV inverter supplier Huawei has progressed its focus on digitalization in the solar sector by updating a family of products utilizing artificial intelligence (AI).
• In May 2019, it was announced that Siemens will acquire the string inverter business of KACO new energy. KACO sold its central inverter operations to the Korean firm OCI Power in January 2019.
• In May 2019, Sungrow unveils the World's Most Powerful String Inverter at Intersolar Europe 2019.