String Inverter Market is estimated to reach US$ XX Bn by 2026 in terms of revenue at CAGR of XX % in the forecasting Period.
Stringent sustainability regulations coupled with rising demand for uninterrupted electricity supply will drive String Inverter Market share. Europe has introduced directive 2003/87/EC, with the aim to reduce greenhouse gas emission by 20% by 2020.
Government measures toward the adoption of renewable energy over fossil fuel will boost the String Inverter Market share from 2016 to 2024. Introduction of various schemes including net metering and feed-in tariff will further complement the industry growth. Growing demand for sustainable energy coupled with decreasing component cost is the other growth drivers for the market. Technology innovation has resulted in a considerable decline in the component price with improvement in its power density as well.
Growing adoption of decentralized systems mainly in a rural area will positively influence the industry outlook. Stringent industrial emission norms are encouraging consumers to shift their focus towards renewable energy.
String Inverter Market is majorly segmented by the product, power rating, application, and region. Based on power rating segment 10 kW is expected to dominate the String Inverter Market in 2017. Increasing demand for rooftop solar across residential consumers is augmenting the industry growth. Moreover, the rise in demand for uninterrupted power supply across small-scale industries and commercial complexes will further propel demand from 2019 to 2026 for String Inverter Market.
Under applications segment, residential string inverter held the highest market share in 2017. Introduction of schemes such as feed-in tariff and subsidy will boost market growth as well. A few other factors driving the market growth are increasing investments towards infrastructure development and rising urban population. Engagement of power purchase agreement with beneficiary will stimulate the utility applications to demand in upcoming years.
North America held the highest String Inverter Market share in 2017 and is expected to have a higher growth rate in the forecast period with the U.S. being a major country contributing to the overall growth. Government incentives including the tax credit, rebate, feed-in tariff, and net metering are encouraging the adoption of renewable energy in the region. Increasing adoption of the rooftop solar system in the commercial and residential sector may further propel the business growth over the forecast period.
Key player across the String Inverter Market industry are KOSTAL Solar Electric, Advanced Energy Industries, SolarMax, ABB, Growatt New Energy Technology, and Huawei Technologies. Major participants are investing heavily in the research and development sector to develop a new product which is expected to positively encourage business growth. For instance, in 2016, Sungrow launched SG125HV String Inverter Market with the 125kW output. It offers 1.5 DC: AC ratio and 99% efficiency. This inverter is suitable for both commercial and utility-scale solar projects. It helps to reduce the balance of system cost and installation cost as well.
String Inverter Market Market Scope:
String Inverter Market, By Product
• Standalone
• On-grid
• By Phase
• Single
• Three
String Inverter Market, By Power Rating
• 10KW
• 11KW-40KW
• 41KW–80KW
• Over 80KW
String Inverter Market, By Application
• Residential
• Commercial
• Utility
String Inverter Market, By Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the String Inverter Market:
• KOSTAL Solar Electric
• Advanced Energy Industries
• SolarMax
• ABB
• Growatt New Energy Technology
• Huawei Technologies
• SMA Solar Technology
• Schneider Electric
• Sungrow Power Supply
• Ingeteam
• Solaredge Technologies
• Yaskawa – Solectria Solar
• Delta Energy System
• KACO New Energy
• Fronius International
• Ginlong Technologies
• Samil Power
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the current String Inverter Market outlook. The report encompasses the String Inverter Market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for taking an informed strategic decision by the key stakeholders in the industry. importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the String Inverter Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain String Inverter Market positioning of competitors.
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