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String PV Inverter Market Share

Report ID: GMI12824
Published Date: Dec 2024
Report Format: PDF

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String PV Inverter Market Share

Eminent players are prioritizing product innovation and technological advancements by investing in research and development (R&D) to develop next-generation string inverters with advanced features such as higher power density, improved monitoring capabilities, enhanced grid compatibility, and integration with energy storage solutions. Furthermore, key players are forging alliances with solar developers, EPC contractors, distributors, and other stakeholders to expand their market reach, access new customer segments, and penetrate emerging markets.

String PV Inverter Market Companies

Eminent players operating in the string PV inverter industry are:

Canadian Solar
Delta Electronics
GoodWe
Growatt New Energy
Huawei Technologies
Ingeteam Power Technology
SMA Solar Technology
Sungrow
Siemens
Solis Inverter
SolarEdge Technologies
Sineng Electric

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global market for string PV inverter was reached USD 19 billion in 2024 and is projected to grow at a 9.8% CAGR from 2025 to 2034, driven by increasing demand for renewable energy and supportive government policies.

The three-phase segment is expected to exceed USD 47.6 billion by 2034, as it caters to higher power output needs, making it ideal for commercial and industrial applications.

The standalone segment is anticipated to grow at a CAGR of over 7% through 2034, fueled by rising demand for off-grid energy solutions and reliable backup power systems.

The U.S. string PV inverter market is set to surpass USD 5.5 billion by 2034, supported by declining solar PV costs, federal incentives like the ITC, and growing concerns about energy resilience and sustainability.

Key players in the industry include Canadian Solar, Delta Electronics, GoodWe, Growatt New Energy, Huawei Technologies, Ingeteam Power Technology, SMA Solar Technology, Sungrow, Siemens, Solis Inverter, SolarEdge Technologies, and Sineng Electric.