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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
String Inverter Market Report Snapshots
String Inverter Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global string inverter market attained a value of above USD 4.03 billion.
The market is estimated to grow at a CAGR of 9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach more than USD 8.73 billion by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the rising end-uses of the product in residential and commercial sectors, the growing disposable incomes, and the increasing awareness about the various advantages offered by the product.
Technological advancements, the growing focus to reduce failure of appliances, and the increasing construction activities, are expected to drive the growth of the industry in the forecast period.
On-grid and off-grid are the major connection types of string inverter.
Single phase and three phase are the different phases of string inverter in the market.
Residential, commercial and industrial, and utilities, are the various end-uses of string inverter.
The major players in the industry are Delta Electronics Public Co., Ltd., Huawei Technologies Co., Ltd., Growatt New Energy Technology Co., Ltd., Siemens AG, and Solar Edge Technologies Ltd., among others.
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