String inverter market is analysed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2019, and anticipated to maintain this trend during the forecast period. This is attributed to large number of key players and availability of the manufacturing facilities in these countries. In addition, rise in urbanization and industrialization in the countries such as China, India, and others is increasing the demand for electricity, which further drives the growth of the string inverter market during the forecast period.
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Significant development of the end-use industries such as oil & gas, telecom, mining, pharmaceutical, chemicals, and healthcare is fueling the demand for off–grid solar installations for their respective manufacturing and operations, which in turn drives the growth of the market during the forecast period. In addition, increase in demand for string inverter from developing economies such as India, China, and Japan fuels the growth of the market, globally. However, high heat generation from large size string inverters and installation of solar panels in different directions are the key factors hampering the growth of the global market in the upcoming years.
On the basis of end use industry, the utilities segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 6.6%. This is attributed to increase in investment in the utility scale solar power plants, solar parks, and other solar structures. In addition, increase in construction projects such as decentralized solar power plants, rural electrification projects, solar power plants on the water body and rooftops, commercial buildings, and others drive the growth of the market for the utilities segment across the globe.
The global string inverter market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include SMA Technologies AG, Fimer S.p.A., SolarEdge Technologies Ltd., Ginlong Technologies, Siemens AG, Delta Electronics Public Co., Ltd., Chint Group, SolarMax, Growatt New Energy Technology Co., Ltd., and Huawei Technologies Co., Ltd.
Key Findings of the Study:
In 2019, the on-grid segment accounted for majority of the share of the global string inverter market, and is expected to maintain its lead throughout the forecast period.
In 2019, the three phase segment accounted for around 76.4% of the share in the global string inverter market, and is expected to maintain its dominance till the end of the forecast period.
In 2019, the utilities segment is accounted for 40.4% market share, and is anticipated to grow at a rate of 6.6% in terms of revenue, increasing its share in the global string inverter market.
Utilities is the fastest-growing end-use industry segment in the Asia-Pacific string inverter market, which is expected to grow at a CAGR of 6.8% during 2020–2027.
The Asia-Pacific region is expected to grow at the fastest rate, registering a CAGR of 6.5%, throughout the forecast period.
In 2019, Asia-Pacific dominated the global string inverter market with more than 50.0% of the share, in terms of revenue.
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