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Global String Inverter Market Outlook– Global Industry Analysis
Report, Share, Size, Growth, Price Trends and Forecast 2016 – 2024
Global String Inverter Market participants include SolarMax, Huawei Technologies,
Sungrow Power Supply, Fronius International, KOSTAL Solar Electric, Growatt New
Energy Technology, Schneider, Ingeteam, Ginlong Technologies.
Ever-increasing need for continuous/incessant power supply arising due to rapid
urbanization is expected to promote string inverter market trends over the coming seven
years. Growing preference towards renewable energy consumption will further drive the
industry size over the next few years. According to Global Market Insights, Inc., “String
Inverter Industry revenue is projected to make significant gains of 15% over the period of
High preference for off grid power supply is forecast to play an important role in string
inverter market growth in the near future. Rising popularity of rooftop & ground mount
solar systems can propel the industry growth over the coming timeframe.
Moreover, novel technological changes, leading to reduction in component costs, will
strongly impact string inverter market share development. Price competitiveness will
boost its popularity across residential, utility, and commercial sectors. String Inverter
market share in the residential sector is expected to grow considerably over the coming
timeframe. Various kinds of subsidies plus schemes such as feed in tariffs are the key
Europe String Inverter Market size, by power rating, 2015 & 2024 (MW)
String inverters are installed via on-grid and standalone products. On-grid string
inverter market value is expected to surpass USD 5 billion by 2024. Its rampant use
across small & medium scale commercial spaces and its growing application in large
scale utility projects are the key driving factors. Enhanced use of decentralized
systems across the rural regions will favorably impact standalone string inverter
Below are the regional highlights influencing string inverter market over 20162024
Intense demand for cleaner fuel power supply is anticipated to drive India
string inverter market size over the coming years. Government of India has
launched programs such as Jawaharlal Nehru national solar mission to install
grid connected solar power to resolve the issues related to power supply
U.S. string inverter industry size estimated at USD 285 million in 2015, is
expected to experience a considerable growth over the coming timeframe.
Favorable government initiatives encouraging renewable energy use through
programs such as REPI (Renewable Energy Production Incentives) are
anticipated to drive the growth.
Growing disposition/inclination towards the use of sustainable energy is
anticipated to push U.K. string inverter market growth over the coming seven
Chile string inverter industry is projected to witness a noticeable growth over
the next few years, driven by rise in the number of solar power project
deployments. It is forecast that the country will generate a large portion of
electricity through renewable energy sources by 2050.
Rising demand for power supply is predicted to drive the growth of South
Africa string inverter market over the coming years.
Market players are making heavy investments in the R&D sector to produce new
product, which will help in promoting the business growth. Key industry participants
include SolarEdge Technologies Inc., Advanced Energy Industries Inc., Huawei
Technologies Co. Ltd., KACO New Energy, KOSTAL Solar Electric GmbH, Growatt
New Energy Technology Co. Ltd., Ginlong Technologies, ABB Group, Schneider
Electric SE, Samil Power, SMA Solar Technology, Sungrow Power Supply Co. Ltd.,
Delta Energy Systems, and Fronius International GmbH.
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