Global String Inverter Market – Overview
The necessity for constant power is estimated to expand the market share of the String Inverter Market 2020. The power generation, transmission & distribution industry reports are produced by Market Research Future, which emphasizes market options for expansion. An ascendant CAGR is predicted to guide the overall market development in the forecast period.
The end-user demand for reliable power sources is predicted to help the expansion of the product range available in the market for string inverters in the impending period. The effortless installation & customization feature of string invertors is estimated to guide the future development of the string inverter market. The demand swell for string invertors in commercial, residential, industrial, and utilities sectors is predicted to develop the market segment in the coming years.
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The primary players functioning in the String inverter market are Huawei Technologies, Fronius International, KOSTAL Solar Electric, Advanced Energy Industries, Sungrow Power Supply, SolarMax, Growatt New Energy Technology, Schneider, Ingeteam, Ginlong Technologies and KACO New Energy to name a few.
Primary Drivers and Main Barriers
String inverter system enjoys massive attention and popularity and forms a significant portion of the world’s inverter market. Solar panels are formed into groups that are connected by strings, wherein each panel string is connected to a single inverter. This inverter helps transform the DC electricity generated by the panels into appliance-friendly AC electricity. Thus, it can be assumed that the growth of the solar inverter market can also benefit the string inverter market in the long run.
High competence, user-friendliness, and consistency are some parameters that boost the demand for string inverters and works in favor of the market. Some other factors that stimulate product demand include compact size, lightweight, the capability to enhance power compactness and easy to install among others. Low component price, paired with extremely low continuing protection can also help the string inverter market develop tremendously in the coming years. with the progression of expertise, the value of three-phase inverters has come down significantly over the years. Therefore, price competitiveness is expected to drive the adoption of string inverter among residential and commercial users.
String inverters, when used with power optimizers, can considerably elevate the output power, facilitating high performance. Additionally, string inverters can be monitored remotely, which also acts as an important parameter in the growth of the string inverters market. These factors can encourage the growth of the string inverter market during the appraisal timeframe.
The segmental investigation of the String Inverter Industry is conducted on the basis of product, phase, application and region.
Based on the product, the string inverter market is segmented into on-grid, off-grid.
Based on the phases, the string inverter market is bifurcated into single and three. The application-based segmentation of the string invertor market consists of industrial, residential, commercial, and utilities.
Based on the regions, the string inverter market is segmented into Asia Pacific, North America, Europe and rest of the regions in the world.
Asia Pacific (APAC), the Americas, Europe, the Middle East, and Africa (MEA) are the top regions where the string inverter market is expected to grow during the review period.
APAC can claim the top position in the global string inverter market in the given timeframe, owing to the soaring demand for clean fuel electricity. Also, government initiatives like Jawaharlal Nehru national solar mission in India to promote the adoption of solar systems coupled with policies like feed-in tariffs can motivate market growth in the region. Prominent vendors including Huawei are busy promoting the use of three-phase string inverters to be used in utility installations. The string inverters in the near future can have advanced features to be used in utility projects. Recently, Sungrow (China) reported the introduction of a highly powerful, next-generation string inverter that could complement 1,500-volt installations.
The Americas is all set to achieve the fastest CAGR in the global string inverter market, given the surging demand for electricity as well as the region’s high irradiation levels, which makes it perfect for PV installations. Numerous government policies are being implemented in the region, in an effort to foster the use of solar energy, bring down the taxes as well as incentives, which are bound to help the market achieve a better position in the ensuing years.
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