The Global String Inverter Market 2020 is on track to achieve a high
growth rate, and its value can increase tremendously during the forecast period
(2016-2022), says Market Research Future (MRFR).
Global
String Inverter Market - Primary Drivers and Main Barriers
String inverter system enjoys massive attention and
popularity and forms a significant portion of the world’s inverter market.
Solar panels are formed into groups that are connected by strings, wherein each
panel string is connected to a single inverter. This inverter helps transform
the DC electricity generated by the panels into appliance-friendly AC
electricity. Thus, it can be assumed that the growth of the solar inverter
market can also benefit the string inverter market in the long run. Adapting to the recent novel COVID-19
pandemic, the impact of the COVID-19
on String Inverter Market is
included in the present report.
High competence,
user-friendliness, and consistency are some parameters that boost the demand
for string inverters and works in favor of the market. Some other factors that
stimulate product demand include compact size, lightweight, the capability to
enhance power compactness and easy to install among others. Low component
price, paired with extremely low continuing protection can also help the string
inverter market develop tremendously in the coming years. with the progression
of expertise, the value of three-phase inverters has come down significantly
over the years. Therefore, price competitiveness is expected to drive the
adoption of string inverter among residential and commercial users.
String
inverters, when used with power optimizers, can considerably elevate the output
power, facilitating high performance. Additionally, string inverters can be
monitored remotely, which also acts as an important parameter in the growth of
the string inverters market. These factors can encourage the growth of the
string inverter market during the appraisal timeframe.
Global
String Inverter Market Segmentation
The
market segmentation of string inverter mentioned in the MRFR report includes
by-product and phase.
The
product-wise market segments are on-grid and off-grid. The on-grid segment is
leading the string inverter market, with its widespread use in small-to-medium
scale industrial and commercial as well as large utility-scale solar
applications.
The
phases considered in the report are single and three. Across the globe,
numerous inverter manufacturers are striving to foster the installation of
three-phase string inverters, especially in large power plants, which is likely
to double the global shipments in the years ahead.
Regional Analysis
Asia Pacific (APAC), the
Americas, Europe, the Middle East, and Africa (MEA) are the top regions where
the global string inverter market is expected to grow during the review period.
APAC can claim the top
position in the global string inverter market in the given timeframe, owing to
the soaring demand for clean fuel electricity. Also, government initiatives
like Jawaharlal Nehru national solar mission in India to promote the adoption
of solar systems coupled with policies like feed-in tariffs can motivate market
growth in the region. Prominent vendors including Huawei are busy promoting the
use of three-phase string inverters to be used in utility installations.
The Americas is all set
to achieve the fastest CAGR in the global string inverter market, given the
surging demand for electricity as well as the region’s high irradiation levels,
which makes it perfect for PV installations. Numerous government policies are being implemented in the
region, in an effort to foster the use of solar energy, bring down the taxes as
well as incentives, which are bound to help the market achieve a better
position in the ensuing years.
Market Participants
Leading players in the
global market for string inverter include SolarMax, Schneider, Sungrow Power
Supply, KACO New Energy, KOSTAL Solar Electric, Advanced Energy Industries,
Ingeteam, Ginlong Technologies, Fronius International, Growatt New Energy Technology,
Huawei Technologies, to name a few.
About Market
Research Future:
At Market Research Future (MRFR),
we enable our customers to unravel the complexity of various industries through
our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw
Research Reports (3R), Continuous-Feed Research (CFR), and Market Research
& Consulting Services.
NOTE:
Our
team of researchers are studying Covid19 and its impact on various industry
verticals and wherever required we will be considering covid19 footprints for a
better analysis of markets and industries. Cordially get in touch for more
details.
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