String Inverter Global Market – Overview
The Global String Inverter Market is expected to witness a phenomenal development during the forecast period. The growing demand for energy across the globe is highly driven due to the increasing global population. A string inverter is the type most commonly used in home and commercial solar power systems. It is connected to a series of solar panels and each string of panels is connected to a string inverter, which converts the DC current to AC for use in the home, commercial and utility purposes. There are two types of string inverters, which are single phase and three phase string inverter. Three-phase string inverters have made giant leaps forward over the past several years due to end-users in the utility and commercial sector as well as cost effectiveness when compared with other alternatives with the same power rating. As per the study conducted by Market Research Future, the global market for string inverter is likely to grow at the CAGR of around 9%.
The string inverter market is expected to be driven by decreased cost, removing systems monitoring capabilities. Moreover, Reliability, accessibility and high efficiency will propel global string inventor’s market share in the forecasted period. Increasing renewable integration in Utility scale large projects is further accelerating the growth of string inverters market. On the other hand, heat loss due to the large size of the inverter is acts as a major restraint of the global string inverter market. The string inverters are segmented on the basis of product by, on-grid, and off-grid. The on-grid segment led the overall String inverter Market in 2015. The On-Grid Systems are applied mostly in small-to-medium scale commercial & industrial, and large utility scale solar applications. This is driving the market share of three-phase string invertors, which are being commercialized at a high scale in Asia Pacific and Europe. The string inverters are segmented on the basis of application by, residential, commercial, industrial, utilities. The utilities segment is expected to hold the largest share the string inverter market during the forecast period. Utility-scale large projects are improving given regulations for renewable integration, while accelerating the growth of the string inverter market for the utility segment. On islands, string inverter in utility-based solar systems, integrated with energy storage systems, is expected to grab areas with high level of penetration of renewable energy.
Geographically, the global string inverter market has been divided into North America, Europe, Asia Pacific and Rest of the World. Asia-Pacific is expected to dominate the global string inverter market during the forecast period, owing factor such as growth on account of increasing clean fuel electricity demand. Moreover, Government initiative such as Jawaharlal Nehru National solar mission in India, to encourage solar system adoption as well as policies such as feed-in tariffs referred as motivating factor for the growth of the market. Whereas, Americas expected to be the fastest growing market due to increasing demand for electricity combined with the area’s high irradiation levels, making the region ideal for PV installations.
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Prominent Players
SolarMax, Huawei Technologies, Sungrow Power Supply, Fronius International, KOSTAL Solar Electric, Growatt New Energy Technology, Schneider, Ingeteam, Ginlong Technologies, Advanced Energy Industries, KACO New Energy are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global string inverter market.
Industry News
In September, 2017 – Sungrow, the global leading inverter solution supplier for renewables, brought its latest 1500V string and central PV inverters as well as commercial string inverters at the Renewable Energy India Expo 2017 in Greater Noida, India.
In July, 2017 – SolarMax starts shipping its modular complete storage system MaxStorage TP-S, developed primarily for private applications.
In March, 2017 – SolarMax presented its three-phase string inverters with energy management and data monitoring systems.
In October, 2017 – Growatt, the world leading manufacturer and provider of cost-effective photovoltaic inverters with high efficiency , strengthens its market leader position in Australia and continues to grow faster, according to participating in the All-Energy Australia 2017 and visiting local customers recently.
String inverter Global Market – Segmentation
The scope of global String inverter market is segmented into three major segments which are explained below:
- By Product
- On-grid
- Off-grid
- By Phase
- Single
- Three
- By Application
- Residential
- Commercial
- Industrial
- Utilities
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String Inverter Global Market – Competitive Analysis
The global market for string inverter is currently in a development stage. To maintain the market position and to drive the market growth, all the major player are highly involved in acquiring new project development across the world, so as to showcase their product diversity and market dominance. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product development, innovation, increasing investments in research and development and cost-effective product portfolio.
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