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String Inverter Global Market Report 2023
Major players in the string inverter market are Chint Group Co Ltd., Delta, Sputnik Engineering, Growatt New Energy, Siemens, Ginlong Technologies Co, SMA Solar Technology, Fronius International, KACO New Energy GmbH, Samil Power Co Ltd.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "String Inverter Global Market Report 2023" - https://www.reportlinker.com/p06318493/?utm_source=GNW
, FIMER SpA, SolarMax, Hitachi Hi-Rel Power Electronics, TMEIC, and Sineng Electric Co.
The global string inverter market grew from $3.64 billion in 2022 to $3.91 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The string inverter market is expected to grow to $5.24 billion in 2027 at a CAGR of 7.6%.
The string inverter market consists of sales of straight string inverters and optimized string inverters.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The string inverter refer to a device that converts the energy generated by solar arrays (Direct Current) into useable power for a residence (Alternating Current).A solar array is a group of several solar panels that work together to generate power.
A string Inverter is a stand-alone box with inputs for connecting "strings" of solar panels into a single unit. Six to ten separate solar panels are usually linked together in a string-like sequence, with the end hooked into the central inverter.
Asia-Pacific was the largest region in the string inverter market in 2022. The regions covered in the string inverter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of connections in string inverters is on-grid and off-grid.On-grid string inverter connection refers to a solar power system connected to the utility’s power grid.
The extra energy generated is sent to the utility system, and the consumer gets a refund.Similarly, if the system generates insufficient power, the customer can consume electricity from the grid and pay for the units consumed.
The string inverters operate on different nominal output voltages including less than 230 volts, between 230 to 400, between 400 to 600, and above 600.The string inverter power ratings range from up to 10 kW, between 11 kW to 40 kW, 41 kW to 80 kW, and above 80kW.
These inverters are used by residential, commercial & industrial, and utility entities.
The increasing electricity demand is driving the string inverters market.Rapid growth in socio-economic factors such as population, urbanization, net capital income, and industrial activities in both developed and developing economies have contributed to a rapid surge in demand for electricity across the globe.
Increasing demand for electricity is expected to boost the utilization of string inverters, as they act as key components to convert electricity generated from solar panels to usable electricity.According to the International Energy Agency (IEA) Renewable Energy Market Update 2021, Solar renewable energy expansion to reach 162 GW in 2022 from 145 GW in 2021.
Therefore, the rise in electricity demand is expected to boost demand for string inverters during the forecast period.
Technological developments are a key trend gaining popularity in the string inverter market.Smart string inverters are one of the developments in the string inverter market.
Smart inverters use voltage and frequency sensors to identify grid anomalies and provide appropriate data to utility operators.Smart inverters are convenient for home rooftop solar owners since they function independently.
In March 2022, Huawei unveiled a smart string energy storage system with a Smart I-V Curve Diagnosis tool that conducts comprehensive, real-time, and remote detection of PV systems at the string level. It creates automatic detection reports of underperforming PV arrays, helping utility-scale PV facilities cut O&M expenses.
In March 2020, Fimer Spa, an Italy-based solar inverters manufacturer acquired AAB Ltd for an undisclosed amount.Through this acquisition, Firmer Spa aims to strengthen its product portfolio in solar inverters.
AAB Ltd is a Switzerland-based company operating in solar inverters.
The countries covered in the string inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The string inverter market research report is one of a series of new reports that provides string inverter market statistics, including string inverter industry global market size, regional shares, competitors with a string inverter market share, detailed string inverter market segments, market trends and opportunities, and any further data you may need to thrive in the string inverter industry. This string inverter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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