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Global String Inverter Market: By Connection Type: On-Grid, Off-Grid; By Phase: Single Phase, Three Phase; By End-Use: Residential, Commercial and Industrial, Utilities; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments

Global String Inverter Market Outlook

The global string inverter market attained a value of more than USD 3.4 billion in 2021. The market is further expected to grow at a CAGR of 8.9% in the forecast period of 2022-2027, to account for a value of over USD 5.7 billion by 2027.

 

Global String Inverter Market

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Growing Demand for Single Phase and Three Phase String Inverters to Bolster the Growth Market

Based on phase, the single-phase string inverter accounts for a significant share in the market, and this trend is likely to be followed in the coming years as well. This can be attributed to the reliability, efficiency and cost-effectiveness of the product. Owing to these characteristics, single-phase inverters are used in both residential and commercial sectors, hence propelling the market growth. In addition, single-phase string inverters harvest the maximum amount of energy possible from the PV system and have a maximum input voltage of 600V. Thus, the favourable features of single-phase inverters define the growth of the overall market. Meanwhile, the three-phase string inverter type is anticipated to grow at a significant rate during the forecast period. This can be associated with the ability of the product to manage voltage rise and reduce the change of appliance failures due to high voltages. The growing awareness about the grid stability provided by the three-phase string inverter is likely to aid the market growth in the forecast period.

 

The Asia Pacific Region is Anticipated to Account for a Significant Share  in the Overall Growth of the Market

The Asia Pacific region is projected to grow at a considerable rate during the forecast period. Rising residential and commercial construction activities and increasing investment in infrastructure projects in emerging economies like China, the Philippines, and India, among others, are some of the factors propelling the demand for string inverters in the region, thereby fuelling the market growth. Furthermore, the market growth is anticipated to be further bolstered by the presence of key market players, along with a huge consumer base. Moreover, rising concerns regarding energy conservation, electricity optimisation, and accomplishing sustainable development goals are likely to have a positive impact on the growth of the regional market in the coming years.

 

String Inverter: Market Segmentation

A string inverter is defined as a device that generates energy through solar arrays and then converts that energy into usable electricity which can be used for residential or commercial purposes.

 

Global String Inverter Market by Segment

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Based on connection type, the market is divided into:

  • On-Grid
  • Off-Grid

The different phases of string inverter include:

  • Single Phase
  • Three Phase

On the basis of end-use, the market is segmented into:

  • Residential
  • Commercial and Industrial
  • Utilities

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global String Inverter Market by Region

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Growing Application of String Inverters in Residential and Commercial Industries to Boost the Market Growth

The growth in the global market for string inverter market is being led by the growing applications of the product in the residential and commercial, and industrial sectors. With rising energy requirements supported by rapid urbanisation and industrialisation in emerging economies, the market for string inverters is further witnessing growth. The steady demand for string inverters in the residential sector can be attributed to the growing population, rising disposable income, and the increasing awareness about the various advantages offered by the product. Over the forecast period, the growing concerns regarding the failure of electrical appliances and their associated costs are likely to provide impetus to the demand for string inverters in the residential sector.

 

Key Industry Players in the Global String Inverter Market

The report gives a detailed analysis of the following key players in the global string inverter market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Delta Electronics Public Co., Ltd.
  • Huawei Technologies Co., Ltd.
  • Growatt New Energy Technology Co., Ltd.
  • Siemens AG
  • Solar Edge Technologies Ltd.
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Connection Type, Phase, End-Use, Region
Breakup by Connection Type On-Grid, Off-Grid
Breakup by Phase Single Phase, Three Phase
Breakup by End-Use Residential, Commercial and Industrial, Utilities
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Delta Electronics Public Co., Ltd., Huawei Technologies Co., Ltd., Growatt New Energy Technology Co., Ltd., Siemens AG, Solar Edge Technologies Ltd., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global String Inverter Market Analysis

    8.1    Key Industry Highlights
    8.2    Global String Inverter Historical Market (2017-2021) 
    8.3    Global String Inverter Market Forecast (2022-2027)
    8.4    Global String Inverter Market by Connection Type
        8.4.1    On-Grid
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Off-Grid
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
    8.5    Global String Inverter Market by Phase
        8.5.1    Single Phase 
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Three Phase 
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
    8.6    Global String Inverter Market by End-Use
        8.6.1    Residential
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Commercial and Industrial
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Utilities
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
    8.7    Global String Inverter Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Delta Electronics Public Co., Ltd.
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Huawei Technologies Co., Ltd.
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    Growatt New Energy Technology Co., Ltd.
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Siemens AG
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Solar Edge Technologies Ltd.
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Others
13    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global String Inverter Market: Key Industry Highlights, 2017 and 2027
2.    Global String Inverter Historical Market: Breakup by Connection (USD Billion), 2017-2021
3.    Global String Inverter Market Forecast: Breakup by Connection (USD Billion), 2022-2027
4.    Global String Inverter Historical Market: Breakup by Phase (USD Billion), 2017-2021
5.    Global String Inverter Market Forecast: Breakup by Phase (USD Billion), 2022-2027
6.    Global String Inverter Historical Market: Breakup by End Use (USD Billion), 2017-2021
7.    Global String Inverter Market Forecast: Breakup by End Use (USD Billion), 2022-2027
8.    Global String Inverter Historical Market: Breakup by Region (USD Billion), 2017-2021
9.    Global String Inverter Market Forecast: Breakup by Region (USD Billion), 2022-2027
10.    North America Global String Inverter Historical Market: Breakup by Country (USD Billion), 2017-2021
11.    North America Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2022-2027
12.    Europe Global String Inverter Historical Market: Breakup by Country (USD Billion), 2017-2021
13.    Europe Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2022-2027
14.    Asia Pacific Global String Inverter Historical Market: Breakup by Country (USD Billion), 2017-2021
15.    Asia Pacific Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2022-2027
16.    Latin America Global String Inverter Historical Market: Breakup by Country (USD Billion), 2017-2021
17.    Latin America Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2022-2027
18.    Middle East and Africa Global String Inverter Historical Market: Breakup by Country (USD Billion), 2017-2021
19.    Middle East and Africa Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2022-2027
20.    Global String Inverter Market Structure

Key Questions Answered in the Report

In 2021, the global string inverter market attained a value of above USD 3.4 billion.

The market is estimated to grow at a CAGR of 8.9% between 2022 and 2027.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach more than USD 5.7 billion by 2027.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major drivers of the market include the rising end-uses of the product in residential and commercial sectors, the growing disposable incomes, and the increasing awareness about the various advantages offered by the product.

Technological advancements, the growing focus to reduce failure of appliances, and the increasing construction activities, are expected to drive the growth of the industry in the forecast period.

On-grid and off-grid are the major connection types of string inverter.

Single phase and three phase are the different phases of string inverter in the market.

Residential, commercial and industrial, and utilities, are the various end-uses of string inverter.

The major players in the industry 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.

Analyst Review

The global string inverter market attained a value of above USD 3.4 billion in 2021, driven by the growing applications in the residential, commercial, and industrial sectors. Aided by technological advancements, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 8.9%. The market is projected to reach above USD 5.7 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on connection type, the string inverter industry is divided into on-grid and off-grid. On the basis of phases, the market is bifurcated into single phase and three phase. By end-uses, the market is segmented into residential, commercial and industrial, and utilities. The major regional markets for string inverter are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Delta Electronics Public Co., Ltd., Huawei Technologies Co., Ltd., Growatt New Energy Technology Co., Ltd., Siemens AG, and Solar Edge Technologies Ltd., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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