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String Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

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    Report

  • 145 Pages
  • April 2022
  • Region: Global
  • IMARC Group
  • ID: 5577948
The global string inverter market reached a value of US$ 3.3 billion in 2021. Looking forward, the market is projected to reach US$ 4.8 billion by 2027, exhibiting at a CAGR of 6.46% during 2022-2027. Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use sectors. These insights are included in the report as a major market contributor.



A string inverter is a standalone device used for converting the power obtained from solar panels to usable electricity for residential applications. Each panel is connected to a series, or rows, of string inverters that combine the obtained direct current (DC) and convert it to alternating current (AC). String inverters are also integrated with power optimizers and smart modules to mitigate the impact of shading and offer enhanced cost-effectiveness and operational efficiency. They can be deployed on-grid or off-grid and are also used for voltage tracking, grid communications, supplying power during shutdowns and troubleshooting. In comparison to the traditionally used central inverters, string inverters can be utilized in small utility installations with minimal power requirements.

String Inverter Market Trends


The increasing demand for renewable energy resources across the globe is one of the key factors driving the growth of the market. Moreover, the widespread adoption of solar power systems for residential, commercial and industrial applications is providing a thrust to the market growth. Industries are increasingly utilizing non-conventional sources of energy to reduce carbon footprint and minimize the costs of energy conversions for large-scale projects. String inverters require minimal monitoring and maintenance and offer enhanced reliability, scalability and flexibility of operations. Additionally, various technological advancements, such as the development of utility-scale solar photovoltaic installations that are used for generating electricity for distribution applications, are acting as other growth-inducing factors. These inverters ensure uninterrupted power supply for industrial operations and infrastructural development projects. Other factors, including the implementation of favorable government policies for sustainable development, along with increasing investments in the electrification of remote and rural areas, especially in the developing economies, are anticipated to drive the market toward growth.

Key Market Segmentation


This report provides an analysis of the key trends in each sub-segment of the global string inverter market, along with forecasts at the global, regional and country level from 2022-2027. The report has categorized the market based on connection type, phase, power rating and End-use.

Breakup by Connection Type:

  • On-Grid
  • Off-Grid

Breakup by Phase:

  • Single Phase
  • Three Phase

Breakup by Power Rating:

  • Up to 10kW
  • 11kW to 40kW
  • 41kW to 80kW
  • Above 80kW

Breakup by End-use:

  • Residential
  • Commercial and Industrial
  • Utilities

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape


The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Chint Power Systems, Delta Electronics (Thailand) PCL, Fronius International GmbH, Ginlong Technologies Co. Ltd., Huawei Technologies Co. Ltd., Schneider Electric SE, Siemens AG, SMA Solar Technology AG, SolarEdge Technologies Inc., SOLARMAX GmbH and Sungrow Power Supply Co. Ltd.

Key Questions Answered in This Report

  • How has the global string inverter market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global string inverter market?
  • What are the key regional markets?
  • What is the breakup of the market based on the connection type?
  • What is the breakup of the market based on the phase?
  • What is the breakup of the market based on the power rating?
  • What is the breakup of the market based on the End-use?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global string inverter market and who are the key players?
  • What is the degree of competition in the industry?
Frequently Asked Questions about the Global String Inverter Market

What is the estimated value of the Global String Inverter Market?

The Global String Inverter Market was estimated to be valued at $3.3 Billion in 2021.

What is the growth rate of the Global String Inverter Market?

The growth rate of the Global String Inverter Market is 6.4%, with an estimated value of $4.8 Billion by 2027.

What is the forecasted size of the Global String Inverter Market?

The Global String Inverter Market is estimated to be worth $4.8 Billion by 2027.

Who are the key companies in the Global String Inverter Market?

Key companies in the Global String Inverter Market include ABB Ltd., Chint Power Systems, Delta Electronics (Thailand) PCL, Fronius International GmbH, Ginlong Technologies Co. Ltd., Huawei Technologies Co. Ltd., Schneider Electric SE, Siemens AG and SolarEdge Technologies Inc..

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global String Inverter Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Connection Type
6.1 On-Grid
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Off-Grid
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Phase
7.1 Single Phase
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Three Phase
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Power Rating
8.1 Up to 10kW
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 11kW to 40kW
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 41kW to 80kW
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Above 80kW
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by End Use
9.1 Residential
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Commercial and Industrial
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Utilities
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 United States
10.1.1.1 Market Trends
10.1.1.2 Market Forecast
10.1.2 Canada
10.1.2.1 Market Trends
10.1.2.2 Market Forecast
10.2 Asia-Pacific
10.2.1 China
10.2.1.1 Market Trends
10.2.1.2 Market Forecast
10.2.2 Japan
10.2.2.1 Market Trends
10.2.2.2 Market Forecast
10.2.3 India
10.2.3.1 Market Trends
10.2.3.2 Market Forecast
10.2.4 South Korea
10.2.4.1 Market Trends
10.2.4.2 Market Forecast
10.2.5 Australia
10.2.5.1 Market Trends
10.2.5.2 Market Forecast
10.2.6 Indonesia
10.2.6.1 Market Trends
10.2.6.2 Market Forecast
10.2.7 Others
10.2.7.1 Market Trends
10.2.7.2 Market Forecast
10.3 Europe
10.3.1 Germany
10.3.1.1 Market Trends
10.3.1.2 Market Forecast
10.3.2 France
10.3.2.1 Market Trends
10.3.2.2 Market Forecast
10.3.3 United Kingdom
10.3.3.1 Market Trends
10.3.3.2 Market Forecast
10.3.4 Italy
10.3.4.1 Market Trends
10.3.4.2 Market Forecast
10.3.5 Spain
10.3.5.1 Market Trends
10.3.5.2 Market Forecast
10.3.6 Russia
10.3.6.1 Market Trends
10.3.6.2 Market Forecast
10.3.7 Others
10.3.7.1 Market Trends
10.3.7.2 Market Forecast
10.4 Latin America
10.4.1 Brazil
10.4.1.1 Market Trends
10.4.1.2 Market Forecast
10.4.2 Mexico
10.4.2.1 Market Trends
10.4.2.2 Market Forecast
10.4.3 Others
10.4.3.1 Market Trends
10.4.3.2 Market Forecast
10.5 Middle East and Africa
10.5.1 Market Trends
10.5.2 Market Breakup by Country
10.5.3 Market Forecast
11 SWOT Analysis
11.1 Overview
11.2 Strengths
11.3 Weaknesses
11.4 Opportunities
11.5 Threats
12 Value Chain Analysis
13 Porters Five Forces Analysis
13.1 Overview
13.2 Bargaining Power of Buyers
13.3 Bargaining Power of Suppliers
13.4 Degree of Competition
13.5 Threat of New Entrants
13.6 Threat of Substitutes
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
15.3.1 ABB Ltd.
15.3.1.1 Company Overview
15.3.1.2 Product Portfolio
15.3.1.3 Financials
15.3.1.4 SWOT Analysis
15.3.2 Chint Power Systems
15.3.2.1 Company Overview
15.3.2.2 Product Portfolio
15.3.3 Delta Electronics (Thailand) PCL
15.3.3.1 Company Overview
15.3.3.2 Product Portfolio
15.3.3.3 Financials
15.3.3.4 SWOT Analysis
15.3.4 Fronius International GmbH
15.3.4.1 Company Overview
15.3.4.2 Product Portfolio
15.3.5 Ginlong Technologies Co. Ltd.
15.3.5.1 Company Overview
15.3.5.2 Product Portfolio
15.3.5.3 Financials
15.3.6 Huawei Technologies Co. Ltd.
15.3.6.1 Company Overview
15.3.6.2 Product Portfolio
15.3.7 Schneider Electric SE
15.3.7.1 Company Overview
15.3.7.2 Product Portfolio
15.3.7.3 Financials
15.3.7.4 SWOT Analysis
15.3.8 Siemens AG
15.3.8.1 Company Overview
15.3.8.2 Product Portfolio
15.3.8.3 Financials
15.3.8.4 SWOT Analysis
15.3.9 SMA Solar Technology AG
15.3.9.1 Company Overview
15.3.9.2 Product Portfolio
15.3.9.3 Financials
15.3.9.4 SWOT Analysis
15.3.10 SolarEdge Technologies Inc.
15.3.10.1 Company Overview
15.3.10.2 Product Portfolio
15.3.10.3 Financials
15.3.11 SOLARMAX GmbH
15.3.11.1 Company Overview
15.3.11.2 Product Portfolio
15.3.12 Sungrow Power Supply Co. Ltd.
15.3.12.1 Company Overview
15.3.12.2 Product Portfolio
15.3.12.3 Financials
List of Figures
Figure 1: Global: String Inverter Market: Major Drivers and Challenges
Figure 2: Global: String Inverter Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: String Inverter Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: String Inverter Market: Breakup by Connection Type (in %), 2021
Figure 5: Global: String Inverter Market: Breakup by Phase (in %), 2021
Figure 6: Global: String Inverter Market: Breakup by Power Rating (in %), 2021
Figure 7: Global: String Inverter Market: Breakup by End Use (in %), 2021
Figure 8: Global: String Inverter Market: Breakup by Region (in %), 2021
Figure 9: Global: String Inverter (On-Grid) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: String Inverter (On-Grid) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: String Inverter (Off-Grid) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: String Inverter (Off-Grid) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: String Inverter (Single Phase) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: String Inverter (Single Phase) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: String Inverter (Three Phase) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: String Inverter (Three Phase) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: String Inverter (Up to 10kW) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: String Inverter (Up to 10kW) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: String Inverter (11kW to 40kW) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: String Inverter (11kW to 40kW) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: String Inverter (41kW to 80kW) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: String Inverter (41kW to 80kW) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: String Inverter (Above 80kW) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: Global: String Inverter (Above 80kW) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Global: String Inverter (Residential) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Global: String Inverter (Residential) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Global: String Inverter (Commercial and Industrial) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Global: String Inverter (Commercial and Industrial) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: Global: String Inverter (Utilities) Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: Global: String Inverter (Utilities) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: North America: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: North America: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: United States: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: United States: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: Canada: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: Canada: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Asia-Pacific: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Asia-Pacific: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: China: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: China: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Japan: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Japan: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: India: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: India: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: South Korea: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: South Korea: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: Australia: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: Australia: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: Indonesia: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: Indonesia: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Others: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Others: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Europe: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Europe: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Germany: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Germany: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: France: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: France: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: United Kingdom: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: United Kingdom: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: Italy: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: Italy: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: Spain: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: Spain: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Russia: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Russia: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: Others: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: Others: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 69: Latin America: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 70: Latin America: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 71: Brazil: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 72: Brazil: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 73: Mexico: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 74: Mexico: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Others: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 76: Others: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Middle East and Africa: String Inverter Market: Sales Value (in Million US$), 2016 & 2021
Figure 78: Middle East and Africa: String Inverter Market: Breakup by Country (in %), 2021
Figure 79: Middle East and Africa: String Inverter Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Global: String Inverter Industry: SWOT Analysis
Figure 81: Global: String Inverter Industry: Value Chain Analysis
Figure 82: Global: String Inverter Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: String Inverter Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: String Inverter Market Forecast: Breakup by Connection Type (in Million US$), 2022-2027
Table 3: Global: String Inverter Market Forecast: Breakup by Phase (in Million US$), 2022-2027
Table 4: Global: String Inverter Market Forecast: Breakup by Power Rating (in Million US$), 2022-2027
Table 5: Global: String Inverter Market Forecast: Breakup by End Use (in Million US$), 2022-2027
Table 6: Global: String Inverter Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 7: Global: String Inverter Market: Competitive Structure
Table 8: Global: String Inverter Market: Key Players

Companies Mentioned

  • ABB Ltd.
  • Chint Power Systems
  • Delta Electronics (Thailand) PCL
  • Fronius International GmbH
  • Ginlong Technologies Co. Ltd.
  • Huawei Technologies Co. Ltd.
  • Schneider Electric SE
  • Siemens AG
  • SMA Solar Technology AG
  • SolarEdge Technologies Inc.
  • SOLARMAX GmbH
  • Sungrow Power Supply Co. Ltd

Methodology

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