Global String Inverter Market Report and Forecast 2024-2032

Global String Inverter Market Size

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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String Inverter Market Trends

Growing Application of String Inverters in Residential and Commercial Industries to Boost the Market Growth

The market growth is due to the growing applications of the product in the residential, commercial, and industrial sectors. With rising energy requirements supported by rapid urbanisation and industrialisation in emerging economies, the string inverter demand is further witnessing growth. The steady demand for string inverters in the residential sector can be due 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.

Recent Developments

As per the string inverter market dynamics and trends, Yaskawa Solectria Solar announced the launch of SOLECTRIA XGI 1500 grid-support utility string inverter. This inverter boosts high quality and superior efficiency, making it stay ahead of its contemporaries.

String Inverter Market Growth

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. The reliability, efficiency and cost-effectiveness of the product can lead to increased demand of single-phase inverters in both residential and commercial sectors, hence propelling the growth of the string inverter market. Additionally, single-phase string inverters draw out the maximum amount of energy from the PV system and have a maximum input voltage of 600V.

Meanwhile, the three-phase string inverter type is anticipated to grow at a significant rate during the forecast period. This can be due to 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.

Industry Outlook

As per the string inverter market dynamics and trends, India had around 61.97 gigawatts of installed solar capacity as of 2022. This makes India one of the top countries in the deployment of solar photovoltaic energy. The 2024-25 budget revealed that Indian government has allotted around Rs 10,000 crore for solar grid projects, due to the rising demand for energy from industrial sectors. Central string inverters are growing in demand due to their high usage in the utility scale PV projects in the country, owing to their cost-effectiveness and superior dynamic performance.

Researchers at Germany’s Fraunhofer Institution for Solar Energy Systems (ISE) announced the launch of medium-voltage string inverter for large-scale power plants. These inverters rely on silicon carbide semiconductors which can increase output voltage from 1,500V at 250kVA and usage of silicon instead of copper can save valuable copper resources. These inverters can boost the string inverter industry revenue.

Moreover, Sungrow, a solar PV inverter provider announced that it has established a strategic supply agreement with Gulf Energy Development in Thailand in March 2024. Under this agreement, the company is expected to provide solar inverter and liquid-cooled BESS equipment for 3.5GWp of Gulf Energy Development projects for the next 7 years. This equipment is expected to be deployed at ground-mount solar PV plant, solar-plus-storage hybrids and rooftop PV projects in the country, which can contribute to the growth of the string inverter industry.

Growing Adoption of Solar Energy and Demand for Efficient Power Conversion Technologies Drive Market Growth

• The increasing adoption of solar energy as a sustainable and renewable power source significantly boosts the demand of string inverters market, which are essential for converting DC power from solar panels to AC power for use in homes and businesses.

• Government incentives and policies promote solar installations, including feed-in tariffs and tax credits.

• Technological advancements in string inverters enhance their efficiency, reliability, and grid compatibility.

• Increasing investments in residential, commercial, and utility-scale solar projects contribute to the growth of the market.

Regulatory Challenges, High Initial Costs, and Competition from Alternative Technologies Impact Market Dynamics

• Navigating complex regulatory frameworks and obtaining necessary certifications for string inverters pose significant challenges for market players, requiring compliance with diverse standards across regions and hindering the string inverter demand growth.

• Competition from microinverters and power optimizers presents challenges to market share and growth.

• High initial costs associated with the installation and integration of string inverters can be a barrier in cost-sensitive markets.

• Ensuring the durability and performance of string inverters in various environmental conditions requires continuous innovation, quality assurance, and adaptation to local climates.

• Increasing reliance on digital technologies makes string inverters vulnerable to cyberattacks.

Emerging Trends in Smart Inverters, Energy Storage Integration, and Digital Monitoring Solutions Enhance Market Potential

• The trend towards smart inverters with advanced features, such as remote monitoring, predictive maintenance, and enhanced grid support, drives string inverter demand forecast and offers additional value to end-users.

• Increasing adoption of digital platforms for real-time monitoring and management of solar power systems improves performance and user experience.

• Growing integration of string inverters with energy storage systems enhances the efficiency and reliability of solar power solutions.

• Development of hybrid inverters that can handle both solar generation and battery storage systems expands application possibilities.

Key Players in the Global String Inverter Market Share and Their Strategic Initiatives

SMA Solar Technology AG

• Advanced Inverter Technologies: Focusing on developing advanced string inverter technologies that offer high efficiency, reliability, and performance for residential, commercial, and utility-scale solar installations, further aiding the string inverter market value.

• Digital Energy Solutions: Invests in digital energy solutions that integrate with string inverters to provide comprehensive energy management, monitoring, and optimization.

Huawei Technologies Co., Ltd.

• Global Market Expansion: Expands its market presence by establishing new sales and service centers in key regions, providing localized support and expertise.

• Smart PV Solutions: Developing smart PV solutions with integrated AI and IoT technologies, enhancing the performance, monitoring, and maintenance of string inverters and boosting the string inverter market revenue.

SolarEdge Technologies Inc.

• Power Optimizers Integration: Integrates power optimizers with string inverters to maximize energy harvest from each solar module.

• Energy Storage Solutions: Developing energy storage solutions that work seamlessly with string inverters, enabling solar-plus-storage systems for enhanced energy independence boosts string inverter market share.

Fronius International GmbH

• Sustainability Initiatives: Implements sustainability initiatives by using eco-friendly materials and processes in the manufacturing of string inverters, reducing environmental impact.

• Innovative Product Design: Focuses on innovative product design to create string inverters that are user-friendly, easy to install, and offer high performance.

ABB Ltd

• Comprehensive Solar Solutions: Offering comprehensive solar solutions that include string inverters, monitoring systems, and energy management tools, providing end-to-end support for solar projects can aid string inverter industry expansion.

• Research and Development: Invests heavily in R&D to develop next-generation string inverter technologies that enhance efficiency, reliability, and grid compatibility.

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String Inverter Industry Segmentations

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.

Based on connection type, the market is divided into:

• On-Grid

• Off-Grid

The different phases in string inverter market 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.

Competitive Landscape

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.

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String Inverter Market Regional Analysis

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 concern regarding energy conservation, electricity optimisation, and accomplishing sustainable development goals is a key trend in string inverter market and is likely to have a positive impact on the growth of the regional market in the coming years.

Key Highlights of the Report

String Inverter Market Report Snapshots

String Inverter Market Size

String Inverter Market Growth

String Inverter Market Trends

String Inverter Companies

String Inverter Market Regional Analysis