Global String Inverter Market is valued at approximately USD 10.75 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.6% over the forecast period 2022-2029. A string inverter is a crucial component of a solar power system that transforms the DC electricity coming from solar panels into the AC power required for the home’s electrical needs. The String Inverter market is expanding because of factors such as increasing development in the renewable energy sector and growing solar power-based industrial applications.
Additionally, apart from conversion, string inverters perform voltage tracking, grid-connected communication, and even shut down during emergency situations. Its prevalence has progressively increased during the last few decades. According to the Group Next Move Strategy Consulting, the market will reach over USD 2 trillion by 2030. Furthermore, in 2021, the global installed capacity of renewable power surpassed three terawatts, approximately 1.2 terawatts of which were derived from hydropower. According to Statista, in 2021, renewable energy production worldwide amounted to nearly 7.5 petawatt hours. Another important component driving space is increasing solar power-based industrial applications. As per Statista in 2024, solar PV demand is expected to total 125.2 gigawatts around the world. In addition, the global solar energy market is expected to reach 422 billion U.S. dollars in 2022. China and the United States were two of the largest solar markets in the world, driving a large portion of global solar demand. Also, increasing government initiatives in the electrification of rural and remote areas and rising solar installations would create a lucrative growth prospectus for the market over the forecast period However, the high heat loss of String Inverter stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global String Inverter Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific dominated the market in terms of revenue, owing to the presence of key players and a huge consumer base in the region. In addition, there is a rise in urbanization and industrialization in the region. According to Statista, In, 2022, the annual electricity generation from solar photovoltaics in the Asia Pacific region was around 726.1 terawatt hours. Electricity generation from solar photovoltaics saw an increase in 2022 compared to the previous year, wherein the value was around 581.3 terawatt hours. Furthermore, Europe is expected to grow with the highest CAGR during the forecast period, owing to factors such as the growing adoption of battery energy storage systems and rising product usage in different sectors including commercial, utility, and residential in the market space.
Major market player included in this report are:
Delta Electronics Public Co., Ltd
Growatt New Energy Technology Co., Ltd
Huawei Technologies Co., Ltd
SolarEdge Technologies Ltd
SMA Solar Technology AG
Recent Developments in the Market:
Ø In February 2023, SolarEdge Technologies, Inc announced the launch of its first Battery Virtual Power Plant supporting Great Britain’s National Grid ESO Demand Flexibility Service It is available to thousands of SolarEdge Home Battery owners across Great Britain with eligible smart meters, that are now able to earn financial incentives utilizing their stored battery energy during DFS peak demand events, which helps in stabilizing the grid.
Global String Inverter Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Connection Type, Phase, End-Use Industry
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Connection Type
By End Use Industry
Commercial & Industrial
Rest of the World