String Inverter Market Size (2024 - 2029)

String Inverter Market Analysis

The String Inverter Market is expected to grow at a CAGR of more than 15% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.

• Over the long term, factors such as the increasing deployment of solar projects, supportive government initiatives, and the declining price of solar photovoltaic components are expected to drive the market. Governments worldwide have incorporated various policies to implement renewable energy as a source of alternative energy.
• On the other note, the need for financing options to install solar photovoltaic (PV) systems in the residential sector in underdeveloped and developing economies is expected to hinder the string inverter market growth during the forecasting period.
• With the targets to reduce Greenhouse Gas (GHG) emissions in the coming years, countries across the globe are adopting various targets to mitigate climate change. For instance, California, one of the prominent states in the United States, has targeted reducing greenhouse gas emissions to 40% by 2030. Moreover, it is estimated that by 2030, the global electricity demand will be nearly 36 thousand terra watts per hour. The increasing demands for electricity clubbed with the targets for GHG emissions are expected to promulgate the increase in renewable energy facilities like solar PV, which is likely to create an opportunity for the string inverter companies to expand its business in the near future.
• Asia-Pacific is expected to witness significant growth during the forecast period, with most of the demand coming from China, Japan, and India.

String Inverter Industry Segmentation

A string Inverter is a device used with solar arrays to convert the energy generated (Direct Current) to usable electricity for a home (Alternating Current).

The String Inverter Market is segmented by phase, power rating, and end-user. By phase, the market is segmented into a single phase and three phases. By power rating, the market is segmented by up to 10kW, 11kW to 40kW, 41kW to 80kW, and Above 80kW. By end-user, the market is segmented by residential, commercial & industrial, and utility. The report also covers the market size and forecasts for the string inverter market across the major region or countries. The report offers the market size and forecasts in revenue (USD billion) for all the above segments.