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String Inverter Market Size
- Report ID: GMI1130
- Published Date: May 2023
- Report Format: PDF
String Inverter Market Size
String Inverter Market size was valued at USD 18.3 billion in 2023 and is projected to grow at over 10.6% CAGR from 2024 to 2032. Growing adoption of renewable energy sources, particularly solar PV deployment, has significantly boosted the demand for solar components in the recent years. Increasing targets and initiatives by developing countries to reduce the dependence on fossil fuels and enhance the energy security is expected to encourage the need for solar energy systems. There is an increasing demand for string inverters owing to their high efficiency, which can maximize the amount of energy produced by a solar energy system. Moreover, the introduction of several incentives and regulatory measures to encourage the adoption of sustainable technologies will propel the market demand.
A string inverter is a type of solar inverter that is used in photovoltaic (PV) solar energy systems. The main function of a string inverter is to convert the direct current (DC) electricity generated by solar panels into alternating current (AC) electricity that can be used in homes or businesses or fed into the electrical grid. Manufacturers are continuously developing new technologies to improve the efficiency and reliability of string inverters. For instance, manufacturers across the globe are focusing on their R&D activities to develop string inverters with built-in monitoring and diagnostic tools, which can improve overall system performance and reduce maintenance costs. Furthermore, increasing demand for string inverters with integrated battery energy storage is set to positively influence the string inverter market growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| String Inverter Market Size in 2023: | USD 18.3 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 10.6% |
| 2032 Value Projection: | USD 47.4 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 400 |
| Tables, Charts & Figures: | 1,315 |
| Segments covered: | Phase, Connectivity, Nominal Output Power, Nominal Output Voltage, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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In the recent years solar PV industry has gained considerable momentum on account of supportive government policies, declining costs, and increasing consumer awareness regarding eco-friendly technologies. String inverter is the most common technology across the residential and commercial sector. However, increasing adoption of available counterparts including central inverter, micro inverter, and power optimizer may hamper the growth of string inverter in the coming years. On the contrary, the growing focus on self-electricity generation coupled with developments across distributed generation systems is anticipated to upscale the string inverter market value.
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String Inverter Market Scope
