Global String Inverter Market to Grow at a CAGR of 9.0% During 2024-2032, Aided by Rising Application of the Product in Residential, Commercial, and Industrial Sectors

The string inverter market is driven by the rising application of the product in residential, commercial and industrial sectors. String inverters are efficient and are capable of reducing the risk of an appliance failure present in a commercial or residential building. The eco-friendly approach of the inverter makes it a preferable choice among those who are concerned about the environmental hazards. Over the forecast period, the growing popularity of the solar power systems is likely to provide impetus to the global market.

In April 2021, Delta Electronics (BKK: DELTA), announced the launch of M250HV 250kW string inverter, which has been designed to be utilised across large-scale power plants mounted on the ground. The superior and convenient design of string inverter is likely to enhance the flexibility of planning, which will in turn, improve its overall performance.

In terms of region, Europe is likely to account for a significant share in the market, owing to the technological advancements construction industry, which is propelled by the rising population, growing immigration. Over the forecast period, the growing travel and tourism industry in countries like France, Spain, and United Kingdom is likely to augment the commercial construction sector, which will propel the demand for string inverters.

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Market Breakup by Connection Types, Phases, Applications, and Regions:

• The market is segmented on the basis of connection type into on-grid and off-grid.

• The major phases of the product in the market are single phase and three phase.

• The string inverters find applications in residential, commercial, industrial, and utilities sector.

• Region-wise, the global market for string inverters can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

• The global market for string inverters is being driven by the rising applications in the end-use sectors.

• The growing concerns about the failure of the appliances in the residential sector is likely to propel the market growth.

• The market is likely to get augmented by the growing environmental concerns and the rising popularity of the solar power systems.

• The growth will further be aided by the growing awareness about the various advantages offered by the product, such as high-efficiency and grid stability.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the connection types, phases, end-uses, and regions of string inverters.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market are Delta Electronics Public Co., Ltd., Huawei Technologies Co., Ltd., Growatt New Energy Technology Co., Ltd., Siemens AG, and Solar Edge Technologies Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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