Report Ocean introduces a fresh report examining the String Inverter Market, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the String Inverter Market, which includes a full table of contents, over 200 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
Global String Inverter Market is valued at approximately USD 10.75 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 6.6% over the forecast period 2022-2029. A string inverter is a crucial component of a solar power system that transforms the DC electricity coming from solar panels into the AC power required for the home’s electrical needs. The String Inverter market is expanding because of factors such as increasing development in the renewable energy sector and growing solar power-based industrial applications.
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Additionally, apart from conversion, string inverters perform voltage tracking, grid-connected communication, and even shut down during emergency situations. Its prevalence has progressively increased during the last few decades. According to the Group Next Move Strategy Consulting, the market will reach over USD 2 trillion by 2030. Furthermore, in 2021, the global installed capacity of renewable power surpassed three terawatts, approximately 1.2 terawatts of which were derived from hydropower. According to Statista, in 2021, renewable energy production worldwide amounted to nearly 7.5 petawatt hours. Another important component driving space is increasing solar power-based industrial applications. As per Statista in 2024, solar PV demand is expected to total 125.2 gigawatts around the world. In addition, the global solar energy market is expected to reach 422 billion U.S. dollars in 2022. China and the United States were two of the largest solar markets in the world, driving a large portion of global solar demand. Also, increasing government initiatives in the electrification of rural and remote areas and rising solar installations would create a lucrative growth prospectus for the market over the forecast period However, the high heat loss of String Inverter stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global String Inverter Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific dominated the market in terms of revenue, owing to the presence of key players and a huge consumer base in the region. In addition, there is a rise in urbanization and industrialization in the region. According to Statista, In, 2022, the annual electricity generation from solar photovoltaics in the Asia Pacific region was around 726.1 terawatt hours. Electricity generation from solar photovoltaics saw an increase in 2022 compared to the previous year, wherein the value was around 581.3 terawatt hours. Furthermore, Europe is expected to grow with the highest CAGR during the forecast period, owing to factors such as the growing adoption of battery energy storage systems and rising product usage in different sectors including commercial, utility, and residential in the market space.
Major market players included in this report are:
FIMER S.p.A
Chint Group
Delta Electronics Public Co., Ltd
SolarMax GmbH
Growatt New Energy Technology Co., Ltd
Huawei Technologies Co., Ltd
SIEMENS AG
Ginlong Technologies
SolarEdge Technologies Ltd
SMA Solar Technology AG
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below.
By Connection Type
On-Grid
Off-Grid
By Phase
Single
Three
By End Use Industry
Residential
Commercial & Industrial
Utilities
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
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Comprehensive Market Insights: Delve into the depths of the String Inverter Market Report to gain an all-encompassing and meticulous analysis of the market landscape. Uncover details such as market size, share, trends, and growth catalysts, which provide invaluable perspectives on both the present market scenario and its promising future prospects.
Reliable Projections: Rely on the report’s dependable forecasts and projections, which are underpinned by rigorous research methodologies, insights into industry expenditures, and assessments of market expansion rates. These foresights empower businesses to make well-informed decisions and chart out effective strategies for the times ahead.
In-depth Competition Analysis: Equip yourself with an extensive evaluation of key market players, their array of products, and the strategies they employ. This comprehensive understanding arms businesses with the knowledge needed to not only comprehend their rivals but also to craft strategies that position them ahead in the dynamic market arena.
Clear Market Scope and Segmentation: Gain clarity on the broad expanse of the market through the report’s clear delineation of market scope. With detailed insights into diverse market segments and their growth potential, businesses can discern and capitalize on opportunities that align with their objectives.
Insightful Regional Examination: Assess the market’s performance across different regions, enabling enterprises to pinpoint lucrative markets and tailor their approaches accordingly. With region-specific insights, businesses can adapt strategies that resonate with the unique dynamics of each area.
Evaluation of Industry Technology: Grasp the pulse of technological progress within the String Inverter market. The report dissects cutting-edge advancements and trends, providing businesses with a window into emerging technologies that have the potential to reshape the industry.
Dynamics of Supply and Demand: Acquire a profound comprehension of supply-demand dynamics. This understanding empowers businesses to optimize production, distribution, and inventory management processes, resulting in enhanced operational efficiency.
Informed Investment Decision Making: Leverage the report’s critical information and data-driven insights to facilitate informed investment choices within the String Inverter market. Equipped with this knowledge, businesses can confidently allocate resources to avenues with the greatest potential for returns.
Unveiling Long-Term Growth Avenues: Through the scrutiny of trends and growth stimulants, the report illuminates the enduring opportunities the String Inverter market holds. By identifying these sustainable growth prospects, businesses are poised to set a course for lasting success.
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