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Utility Scale String Inverter Market Size

  • Report ID: GMI5753
  • Published Date: Dec 2024
  • Report Format: PDF

Utility Scale String Inverter Market Size

The global utility scale string inverter market size was valued at USD 3 billion in 2024 and is estimated to grow at a CAGR of 10.9% from 2025 to 2034. It is a type of solar inverter used in large-scale photovoltaic (PV) systems, typically designed for utility power plants or large commercial solar installations. It converts the direct current electricity generated by solar panels into alternating current electricity, which is compatible with the electric grid.

 

Rising supportive government policies, decreasing costs, and increasing consumer awareness of eco-friendly technologies will propel the product adoption. Growing trend of self-generated electricity and advancements in distributed generation systems will provide new business opportunities within the solar PV industry, driving the product penetration.
 

Growing investments in innovations by solar industry manufacturers to enhance the technology of utility-scale string inverters, focusing on improving efficiency and reliability will foster the business outlook. Furthermore, these efforts also include significant investments in research and development to create inverters equipped with built-in monitoring and diagnostic tools, which help optimize system performance and reduce maintenance costs. Increasing demand for inverters integrated with battery energy storage systems will further boost the product adoption of these inverters, driving positive growth in the market.

Authors: Ankit Gupta, Pooja Shukla

Frequently Asked Questions (FAQ) :

The global utility-scale string inverter industry was valued at USD 3 billion in 2024 and is estimated to grow at a 10.9% CAGR from 2025 to 2034, driven by the increasing adoption of large-scale photovoltaic systems.

The < 1500 V segment is anticipated to surpass USD 7.5 billion by 2034 due to their low maintenance and management requirements, making them highly appealing in the market.

The U.S. utility-scale string inverter market is expected to exceed USD 1.3 billion by 2034, driven by the country's strong commitment to renewable energy and supportive initiatives like the Investment Tax Credit (ITC).

Key players in the industry include Darfon Electronics, Delta Electronics, Eaton, Fronius International, GoodWe, Growatt, Hitachi Hi-Rel Power Electronics, Huawei Technologies, Panasonic Corporation, Schneider Electric, and Sofar Solar.

Utility Scale String Inverter Market Scope

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Premium Report Details

  • Base Year: 2024
  • Companies covered: 16
  • Tables & Figures: 20
  • Countries covered: 19
  • Pages: 105
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