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Utility Scale String Inverter Market Trends

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

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Utility Scale String Inverter Market Trends

Growing adoption of renewable energy, especially solar PV systems, will increase the demand for solar components, creating growth prospects for the product proliferation. Rising efforts by developing countries to reduce reliance on fossil fuels and improve energy security will further fuel the demand for solar energy solutions. Additionally, introduction of various incentives and regulations aimed at promoting the use of sustainable technologies will accelerate the market expansion.

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.