String Inverter Market worth over $17bn by 2028

String Inverter Market size is set to surpass USD 17 billion by 2028, as reported in the latest study by Global Market Insights Inc.
 

The market growth is driven by the increasing consumer inclination toward the adoption of energy-efficient products. Continuous enhancements across the establishment of energy policies and incentives leading to a decarbonized economy are projected to stimulate the industry demand. Moreover, growing investments in direct power supply coupled with rising electricity demand in developing nations including Brazil, Vietnam, and India, among others will boost the market expansion.

Consumers across the residential, commercial, and industrial sectors are increasingly adopting unconventional sources to mitigate carbon footprints and reduce the cost of energy conversion, which will positively influence the industry growth. These inverters require minimal maintenance & monitoring and provide improved operational scalability, reliability, and flexibility, thus significantly augmenting product penetration. Various technological advancements by leading manufacturers to reduce the cost of string inverters will accelerate the industry landscape.
 

Stringent government mandates along with growing concerns regarding power optimization and energy conservation will positively sway the standalone market scenario

The widespread acceptance of solar components across the residential and commercial sectors will encourage the deployment of standalone systems. The implementation of favorable government policies along with rising investments in the electrification of rural & remote areas will bolster the industry progression. Furthermore, the integration of string inverters with smart modules & power optimizers provides enhanced operational efficiency, cost-effectiveness, and reduces the impact of shading, which will further drive the product usage.
 

Browse key industry insights spread across 450 pages with 857 market data tables & 32 figures & charts from the report, “String Inverter Market Size, By Phase (Single Phase, Three Phase {Low Power (≤ 99 kW), High Power (> 99 kW)}), By Connectivity (Standalone, On-grid), By Nominal Output Power (< 3 kW, 3 - 33 kW, 33 - 110 kW, > 110 kW), By Nominal Output Voltage (≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V), By Application (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/string-inverter-market
 

 Low operating expenses along with an increase in the integration of renewable energy sources in large-scale projects will stimulate > 110 kW inverter segment expansion

Optimized inverter-to-array ratio, cost-effective granular monitoring, and reduced space & infrastructure requirements are slated to increase product penetration in large-scale projects. Increasing solar power projects across the globe including the U.S., China, and Spain will establish an affordable and sustainable energy source. In addition, growing government investments worldwide to supply uninterrupted electricity across rural & remote areas will further impel the string inverter market value.
 

Expiring stint of Feed-in-Tariffs (FiTs) and concerns regarding greenhouse gas emissions will spur the opportunities for string inverters across European nations

Large investments by public & private investors across countries including Germany, Spain, and the Netherlands will bolster the penetration of solar products. The increasing adoption of BESS across the region is predicted to create high growth opportunities for residential and commercial consumers, which will encourage the demand for hybrid inverters. Additionally, the passing of the Renewable Energy Sources Act (EEG), which previously offered the FiT scheme to influence renewable power generation, has considerably boosted the self-consumption regime in Germany. Some of the prominent reforms including incentives, subsidies, soft loans, and tax rebates are poised to propel product acceptance.
 

Key players operating in the market include Viessmann, Trane, Valliant Group, Bosch Thermotechnology, Glen Dimplex, Stiebel Eltron GmbH & Co., Daikin, Danfoss, MODINE Manufacturing Company, Carrier Corporation, NIBE Industrier AB, Green Planet Supply Technologies, Bryant Heating & Cooling Systems, Bard HVAC, Mitsubishi Electric Corporation, Earthlinked Technologies, OCHSNER Warmepumpen, WOLF GmbH, and Nortek Global HVAC.