String Inverter Market Analysis and Global Forecast (2021-2034) with COVID Impact Analysis

String Inverter Market Overview

The String Inverter Market size accounted for USD 3.41 Billion in 2023 and is estimated to account for 3.99 Billion in 2024. The Market is expected to reach USD 6.22 Billion by 2034 growing at a compound annual growth rate (CAGR) of 15.23% from 2024 to 2034. The market for solar inverters that uses string inverters to change solar panels’ direct current (DC) into alternating current (AC) for grid or local consumption is known as the string inverter market. Small to medium-sized solar setups that use several panels connected in series (or strings) to the inverter are the usual applications for string inverters. Due to their affordability, simplicity of installation, and dependability, these inverters are recommended for use in both residential and commercial solar systems. Growing installations of solar power, the need for renewable energy, and improvements in inverter technology are the main factors propelling the industry. Modern monitoring methods help to prevent issues such as shading sensitivity and lower efficiency in complex installations.

Global String Inverter Market Synopsis

Global String Inverter Market Dynamics

The major factors that have impacted the growth of String Inverter are as follows:

Drivers:

⮚      Advancements in Solar Inverter Technology

Continuous innovations in inverter technology have enhanced the performance and reliability of string inverters. Features such as Maximum Power Point Tracking (MPPT), smart monitoring, and grid interaction have significantly improved the overall efficiency of solar PV systems. These advancements make string inverters more adaptable to various installation conditions, even in partial shading or non-ideal panel orientations, thus expanding their application scope.

Restraint:

• Declining Prices of Alternative Energy Storage Solutions

The market for string inverters faces both opportunities and problems as a result of the increased interest in energy storage technologies, such as battery systems. Although hybrid string inverters that work with storage systems are popular, some customers might choose more sophisticated inverters or microinverter systems made especially for battery integration because battery systems are becoming more and more affordable. String inverters may see more competition as battery prices continue to drop, especially from consumers looking to achieve energy independence through off-grid or hybrid options.

Opportunity:

⮚      Technological Innovations in Power Electronics

String inverters’ efficiency and functionality are constantly being enhanced by developments in power electronics. Wide-bandgap semiconductors, improved cooling technologies, and multi-level inverters are some of the innovations that are making string inverters more dependable and efficient—even under harsh climatic circumstances. These enhancements lessen energy loss, boost system dependability, and need less maintenance. String inverters will face increased competition from alternative inverter solutions as these technologies advance, giving manufacturers a chance to take a bigger chunk of the expanding solar market.

String Inverter Market Segment Overview

By Phase

Based on the Phase, the market is segmented based on Single Phase, Three Phase. the Three Phase segment dominates, particularly in commercial and industrial applications, due to its ability to handle larger power loads and provide greater efficiency in energy distribution compared to single-phase systems.

By Type

Based on the Type, the market has been divided into On-Grid, Off-Grid. the On-Grid segment dominates, primarily due to the widespread adoption of grid-connected solar systems that benefit from net metering and government incentives, making them more economically viable for residential and commercial users.

By End-use Industry

Based on End-use Industry, the market has been divided into Residential, Commercial & Industrial, Utilities. the Utilities segment dominates due to the large-scale adoption of solar power plants and utility-scale solar projects, driven by the increasing demand for renewable energy in the grid.

Global String Inverter Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of String Inverter, followed by those in Asia-Pacific and Europe.

Asia-Pacific Market

Asia-Pacific dominates the String Inverter market due to several factors. This market will be dominated by the Asia-Pacific String Inverter market region. China, India, and ASEAN will be the main drivers of the string inverter market’s growth; of these, China will account for about one-third of the market.

North America Market

The North America region has been witnessing remarkable growth in recent years. From 2023 to 2032, the string inverter market in North America is anticipated to expand at the quickest rate of growth (CAGR). This is because more people in this region, both urban and rural, are requesting solar power systems and electricity. Furthermore, the Asia-Pacific region’s fastest-growing string inverter market was Canada, while the USA string inverter market held the biggest market share.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as SMA Technologies AG, Fimer S.p.A., SOLAREDGE TECHNOLOGIES LTD., Ginlong Technologies, and Siemens AG are some of the leading players in the global  String Inverter Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• 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.
• Schneider Electric
• Huawei Technologies Co., Ltd.

Key development:

Among Sineng Electric’s PV string inverter portfolios for the South African market, it revealed this arrangement with Power n Sun, slated for September 2022. The series of three-phase string inverters targeting South Africa’s commercial and industrial sectors is newly debuted by Sineng. The ratings of the string inverters are 50 kW, 120 kW, 250 kW and 275 kW, respectively.

Scope of the Report

Global String Inverter Market, by Phase

• Single Phase
• Three Phase

Global String Inverter Market, by Type

• On-Grid
• Off-Grid

Global String Inverter Market, by End-use Industry

• Residential
• Commercial & Industrial
• Utilities

Global String Inverter Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $6.22 Billion
CAGR	15.23% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Phase, Type, End-use Industry
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	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., Schneider Electric, Huawei Technologies Co., Ltd.
Key Market Opportunities	• Increasing consumption of solar energy across the globe
Key Market Drivers	• Demand for power sources easy installations and customization

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future String Inverter market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• String Inverter market historical market size for the year 2022, and forecast from 2021 to 2034
• String Inverter market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global String Inverter market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.