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Report
String Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-11-24 I 149 Pages I IMARC Group
The global string inverter market size reached US$ 3.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.0 Billion by 2028, exhibiting a growth rate (CAGR) of 6.12% during 2022-2028.
A string inverter is a standalone device used for converting the power obtained from solar panels to usable electricity for residential applications. Each panel is connected to a series, or rows, of string inverters that combine the obtained direct current (DC) and convert it to alternating current (AC). String inverters are also integrated with power optimizers and smart modules to mitigate the impact of shading and offer enhanced cost-effectiveness and operational efficiency. They can be deployed on-grid or off-grid and are also used for voltage tracking, grid communications, supplying power during shutdowns and troubleshooting. In comparison to the traditionally used central inverters, string inverters can be utilized in small utility installations with minimal power requirements.
String Inverter Market Trends:
The increasing demand for renewable energy resources across the globe is one of the key factors driving the growth of the market. Moreover, the widespread adoption of solar power systems for residential, commercial and industrial applications is providing a thrust to the market growth. Industries are increasingly utilizing non-conventional sources of energy to reduce carbon footprint and minimize the costs of energy conversions for large-scale projects. String inverters require minimal monitoring and maintenance and offer enhanced reliability, scalability and flexibility of operations. Additionally, various technological advancements, such as the development of utility-scale solar photovoltaic installations that are used for generating electricity for distribution applications, are acting as other growth-inducing factors. These inverters ensure uninterrupted power supply for industrial operations and infrastructural development projects. Other factors, including the implementation of favorable government policies for sustainable development, along with increasing investments in the electrification of remote and rural areas, especially in the developing economies, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global string inverter market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on connection type, phase, power rating and end use.
Breakup by Connection Type:
On-Grid
Off-Grid
Breakup by Phase:
Single Phase
Three Phase
Breakup by Power Rating:
Up to 10kW
11kW to 40kW
41kW to 80kW
Above 80kW
Breakup by End Use:
Residential
Commercial and Industrial
Utilities
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Chint Power Systems, Delta Electronics (Thailand) PCL, Fronius International GmbH, Ginlong Technologies Co. Ltd., Huawei Technologies Co. Ltd., Schneider Electric SE, Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., SOLARMAX GmbH and Sungrow Power Supply Co. Ltd.
Key Questions Answered in This Report:
How has the global string inverter market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global string inverter market?
What are the key regional markets?
What is the breakup of the market based on the connection type?
What is the breakup of the market based on the phase?
What is the breakup of the market based on the power rating?
What is the breakup of the market based on the end use?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global string inverter market and who are the key players?
What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global String Inverter Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Connection Type
6.1 On-Grid
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Off-Grid
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Phase
7.1 Single Phase
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Three Phase
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Power Rating
8.1 Up to 10kW
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 11kW to 40kW
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 41kW to 80kW
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Above 80kW
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by End Use
9.1 Residential
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Commercial and Industrial
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Utilities
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 ABB Ltd.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Chint Power Systems
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.3 Delta Electronics (Thailand) PCL
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Fronius International GmbH
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 Ginlong Technologies Co. Ltd.
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.6 Huawei Technologies Co. Ltd.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.7 Schneider Electric SE
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
15.3.8 Siemens AG
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 SMA Solar Technology AG
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 SolarEdge Technologies Inc.
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.11 SOLARMAX GmbH
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.12 Sungrow Power Supply Co. Ltd.
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.12.3 Financials
Figure 1: Global: String Inverter Market: Major Drivers and Challenges
Figure 2: Global: String Inverter Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: String Inverter Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: String Inverter Market: Breakup by Connection Type (in %), 2022
Figure 5: Global: String Inverter Market: Breakup by Phase (in %), 2022
Figure 6: Global: String Inverter Market: Breakup by Power Rating (in %), 2022
Figure 7: Global: String Inverter Market: Breakup by End Use (in %), 2022
Figure 8: Global: String Inverter Market: Breakup by Region (in %), 2022
Figure 9: Global: String Inverter (On-Grid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 10: Global: String Inverter (On-Grid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 11: Global: String Inverter (Off-Grid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 12: Global: String Inverter (Off-Grid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 13: Global: String Inverter (Single Phase) Market: Sales Value (in Million US$), 2017 & 2022
Figure 14: Global: String Inverter (Single Phase) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 15: Global: String Inverter (Three Phase) Market: Sales Value (in Million US$), 2017 & 2022
Figure 16: Global: String Inverter (Three Phase) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 17: Global: String Inverter (Up to 10kW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 18: Global: String Inverter (Up to 10kW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 19: Global: String Inverter (11kW to 40kW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 20: Global: String Inverter (11kW to 40kW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 21: Global: String Inverter (41kW to 80kW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 22: Global: String Inverter (41kW to 80kW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 23: Global: String Inverter (Above 80kW) Market: Sales Value (in Million US$), 2017 & 2022
Figure 24: Global: String Inverter (Above 80kW) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 25: Global: String Inverter (Residential) Market: Sales Value (in Million US$), 2017 & 2022
Figure 26: Global: String Inverter (Residential) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 27: Global: String Inverter (Commercial and Industrial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 28: Global: String Inverter (Commercial and Industrial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 29: Global: String Inverter (Utilities) Market: Sales Value (in Million US$), 2017 & 2022
Figure 30: Global: String Inverter (Utilities) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 31: North America: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 32: North America: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 33: United States: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 34: United States: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 35: Canada: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 36: Canada: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 37: Asia-Pacific: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 38: Asia-Pacific: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 39: China: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 40: China: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 41: Japan: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 42: Japan: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 43: India: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 44: India: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 45: South Korea: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 46: South Korea: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 47: Australia: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 48: Australia: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 49: Indonesia: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 50: Indonesia: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 51: Others: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 52: Others: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 53: Europe: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 54: Europe: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 55: Germany: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 56: Germany: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 57: France: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 58: France: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 59: United Kingdom: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 60: United Kingdom: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 61: Italy: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 62: Italy: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 63: Spain: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 64: Spain: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 65: Russia: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 66: Russia: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 67: Others: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 68: Others: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 69: Latin America: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 70: Latin America: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 71: Brazil: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 72: Brazil: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 73: Mexico: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 74: Mexico: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 75: Others: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 76: Others: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Middle East and Africa: String Inverter Market: Sales Value (in Million US$), 2017 & 2022
Figure 78: Middle East and Africa: String Inverter Market: Breakup by Country (in %), 2022
Figure 79: Middle East and Africa: String Inverter Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Global: String Inverter Industry: SWOT Analysis
Figure 81: Global: String Inverter Industry: Value Chain Analysis
Figure 82: Global: String Inverter Industry: Porter's Five Forces Analysis
Table 1: Global: String Inverter Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: String Inverter Market Forecast: Breakup by Connection Type (in Million US$), 2023-2028
Table 3: Global: String Inverter Market Forecast: Breakup by Phase (in Million US$), 2023-2028
Table 4: Global: String Inverter Market Forecast: Breakup by Power Rating (in Million US$), 2023-2028
Table 5: Global: String Inverter Market Forecast: Breakup by End Use (in Million US$), 2023-2028
Table 6: Global: String Inverter Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 7: Global: String Inverter Market: Competitive Structure
Table 8: Global: String Inverter Market: Key Players
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