Allied Market Research published a research report on the string inverter market. The findings of the report states that the global market for string inverter generated $3.1 billion in 2019, and is expected to reach $4.6 billion by 2027, manifesting a CAGR of 6.3% from 2020 to 2027. The report provides valuable data on changing market dynamics, key segments, top investment pockets, and competitive scenario for market players, new entrants, investors, and shareholders.
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“The string inverter market is anticipated to witness considerable growth during the forecast period, owing to factors such as rapid development in renewable energy sector and easy installation of string inverters. However, high heat loss in the large sized string inverter and absence of panel level monitoring are the key factors restraining the growth of the market in the upcoming years. On the contrary, increase in government initiatives and investments in the electrification of rural and remote areas is anticipated to create opportunity for the key players in the string inverter market globally.” Stated Eswara Prasad Manager, Energy & Power at Allied Market Research.
The report provides detailed information based on the key determinants of the market to help market players in devising growth strategies and capitalizing on opportunities. Rapid growth in the renewable energy sector and easy installation of the inverters fuel the growth of the global string inverter market. Whereas, high amount of heat loss and deficiency of panel level monitoring hamper the market growth. Nevertheless, government initiatives & investment on electrification of remote and rural area using solar energy would usher a plethora of opportunities in the coming years.
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The report provides a detailed scenario of impact of the Covid-19 pandemic on the string inverter market globally. This helps the investors, market players, and new entrants to strategize according to impacts by the outbreak of the pandemic. The operational disruption in the electrical and electronic industry, owing to the COVID-19 outbreak, has affected the string inverter market. Hindrance in the new installations of the string inverters in commercial and residential sectors and disruptions in the supply chain and manufacturing activities due to active lockdown and social distancing have adversely affected the growth of this market.
The report offers detailed segmentation of the global string inverter market on the basis of connection type, phase, end-use industry, and region. These insights are helpful for the new entrants as well as current market players to capitalize on the fastest growing and highest revenue generating segment to accomplish growth in the coming years.
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Based on connection type, the on-grid segment held the highest market share with around three-fifths of the global string inverter market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. In addition, the same segment is expected to cite the highest CAGR of 6.4% from 2020 to 2027.
Based on phase, the three phase segment accounted for the highest market share, holding for more than three-fourths of the global string inverter market in 2019, and is expected to maintain its dominance during the forecast period. In addition, the same segment is projected to exhibit the fastest CAGR of 6.4% from 2020 to 2027.
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Based on region, the market is studied across regions including Asia-pacific, Europe, North America, and Europe. The Asia-Pacific region held the lion’s share based on revenue, holding for more than half of the global string inverter market in 2019, and is anticipated to rule the roost throughout the forecast period. Furthermore, the same region is estimated to showcase the fastest CAGR of 6.5% from 2020 to 2027.
The major market players profiled in the report include SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies, Siemens AG, Delta Electronics Public Co., Ltd., Chint Group, SolarMax, Growatt New Energy Technology Co., Ltd., and Huawei Technologies Co., Ltd.
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