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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
| Global String Inverter Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 4.03 |
| Market Size 2032 | USD Billion | 8.73 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 9.0% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 11.7% |
| CAGR 2024-2032 - Market by Country | India | 13.4% |
| CAGR 2024-2032 - Market by Country | China | 11.2% |
| CAGR 2024-2032 - Market by Connection Type | On-Grid | 9.9% |
| CAGR 2024-2032 - Market by End Use | Residential | 10.1% |
| Market Share by Country 2023 | Italy | 2.5% |
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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