String Inverter Market - Global Industry Analysis, Size, Share, Forecast : 2024
Global String Inverter Market: Brief Account
The world string inverter market is deemed to offer lucrative opportunities in Asia Pacific with China emerging as a future window for robust growth. Giant vendors such as Huawei have promoted the market for three-phase string inverter for its use in utility installations. Future string inverters are expected to have better features for their application in utility projects. Of late, Sungrow has announced the introduction of a twice as powerful, next-generation string inverter which can be suited to 1,500-volt installations. It is said that string inverters will have the potential to closely battle with central inverters.
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The global string inverter market can be classified according to product, phase, power rating, and application. With a study of the most promising segments, businesses in this industry can invest wisely and take confident strides toward success.
This report has taken the top-down and bottom-up approaches for analyzing the global string inverter market in respect of market estimation and size. Forecasts and trends are chalked down after conducting thorough primary and secondary research. The publication throws light on key industry analysis factors such as technology upgrades and strategic partnerships.
Global String Inverter Market: Trends and Opportunities
The global share for string inverter market is envisioned to gain strength with the aggravating demand for continuous power supply without any interruptions and strict sustainability statutes. Over the forecast period 2016–2024, the global market share is expected to be bolstered by the reducing adoption of fossil fuel and increasing acceptance of renewable energy supported by government measures. The cut down in component cost and rising want for sustainable energy can considerably contribute toward the escalation of market growth. The industry is likely to welcome more growth on the back of feed-in tariff, net metering, and other various schemes introduced. Coupled with commendable enhancement in power density, the substantial decrease in component price is a result of technology innovation in the string inverter sector.
The single-phase string inverter segment could rise while riding on the aggressive penetration of off-grid residential consumers in emerging economies. The market carries the potential to add to the global market growth impressively. Likewise, the three-phase market is anticipated to exhibit a considerable growth.
Other promising segments of the world string inverter market could include standalone and on-grid string inverter by product, 10 KW and 11 KW–40 KW by power rating, and residential and commercial by application.
Global String Inverter Market: Geographical Analysis
The U.K. string inverter market is envisaged to augment its business growth with the rise in the adoption of rooftop solar system in both the residential and commercial fields. The Europe region will gain impetus for its growth with the newly introduced EU emissions trading system (EU ETS) directive 2003/87/EC, which is aimed toward the 20.0% of slimming down of greenhouse gas emission by 2020.
The U.S. market will take advantage of the encouraging adoption of renewable energy propelled by rebate, tax credit, and other government incentives. The Asia Pacific region could leverage the significant market share offered by China with the introduction of photovoltaic poverty alleviation program, which plans to implement solar panels of 10 GW by 2020. China will also look to target 110 GW of photovoltaic installation by 2020.
Market opportunities are also predicted to arise from countries such as South Africa and Chile.
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Global String Inverter Market: Competitive Overview
Major players are taking to new product development with mammoth investments in research and development. The SG125HV string inverter, for instance, manufactured by Sungrow in 2016 comes with a 99.0% efficiency and 1.5 DC:AC ratio. The string inverter helps to check installation and balance of system cost. Some of the top companies operating in the international string inverter market are Schneider Electric, Sungrow Power Supply, Advanced Energy Industries, Delta Energy System, KOSTAL Solar Electric, Yaskawa – Solectria Solar, SolarMax, Ginlong Technologies, Fronius International, and Ingeteam.