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Global String Inverter Market Size, Share, Research, Forecast: By Connection Type: On-Grid, Off-Grid; By Phase: Single Phase, Three Phase; By End-Use: Residential, Commercial and Industrial, Utilities; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Value Chain Analysis; Competitive Landscape; 2024-2032
Global String Inverter Market Outlook
The global string inverter market attained a value of more than USD 4.03 billion in 2023. The market is further expected to grow at a CAGR of 9.0% in the forecast period of 2024-2032, to account for a value of over USD 8.73 billion by 2032.
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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.
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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.
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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.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Connection Type |
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| Breakup by Phase |
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| Breakup by End-Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Opportunities and Challenges in the Market
8 Global String Inverter Market Analysis
8.1 Key Industry Highlights
8.2 Global String Inverter Historical Market (2018-2023)
8.3 Global String Inverter Market Forecast (2024-2032)
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 (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Off-Grid
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
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 (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Three Phase
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
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 (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Commercial and Industrial
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Utilities
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.7 Global String Inverter Market by Region
8.7.1 North America
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Market Share
8.7.4.2 Historical Trend (2018-2023)
8.7.4.3 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Market Share
8.7.5.2 Historical Trend (2018-2023)
8.7.5.3 Forecast Trend (2024-2032)
9 North America String Inverter Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe String Inverter Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific String Inverter Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America String Inverter Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa String Inverter Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Delta Electronics Public Co., Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Huawei Technologies Co., Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Growatt New Energy Technology Co., Ltd.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Siemens AG
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Solar Edge Technologies Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global String Inverter Market: Key Industry Highlights, 2018 and 2032
2. Global String Inverter Historical Market: Breakup by Connection (USD Billion), 2018-2023
3. Global String Inverter Market Forecast: Breakup by Connection (USD Billion), 2024-2032
4. Global String Inverter Historical Market: Breakup by Phase (USD Billion), 2018-2023
5. Global String Inverter Market Forecast: Breakup by Phase (USD Billion), 2024-2032
6. Global String Inverter Historical Market: Breakup by End Use (USD Billion), 2018-2023
7. Global String Inverter Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8. Global String Inverter Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global String Inverter Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Global String Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Global String Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Global String Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Global String Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Global String Inverter Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Global String Inverter Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global String Inverter Market Structure
Key Questions Answered in the Report
In 2023, the global string inverter market attained a value of above USD 4.03 billion.
The market is estimated to grow at a CAGR of 9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach more than USD 8.73 billion by 2032.
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 4.03 billion in 2023, 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 2024-2032, growing at a CAGR of 9.0%. The market is projected to reach above USD 8.73 billion by 2032.
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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