String Inverter Market Size was valued at USD 5 billion in 2023. The String Inverter market industry is projected to grow from USD 5.42 Billion in 2024 to USD 9.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.28% during the forecast period (2024 - 2032). Instant development in the renewable energy sector and the easy appliance of string inverters are the key market drivers and boost the market growth.
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
The market CAGR for String Inverter is due to the increasing demand for continuous and reliable power sources along with customization and easy installation. Each installation requires a means of converting direct current into alternating currents, such as solar inverter systems, which facilitate the introduction of the electricity produced into the electrical grid. String inverters are used in residential, commercial, and industrial sectors and in utilities. Increasing consumption of solar energy around the world is considered one of the main drivers of the market. The string inverter market is expected to be driven by lower costs that eliminate the monitoring capabilities of the system. Apart from the conversion, solar inverters perform voltage tracking, grid connecting communication, and shut down during emergency conditions. String inverters are most commonly used in residential and commercial applications and are nowadays increasingly used in small utility projects across the globe.
Additionally, reliability, affordability, and high efficiency will drive the market share of cable inventors during the forecast period. The increasing integration of renewables in large-scale projects is further accelerating the growth of the string inverter market. The solar inverter eliminates the high cost of utility bills and provides superior long-term efficiency. Several players in the power generation sector are looking for opportunities to reduce their carbon footprint by focusing on the use of renewable energy sources for power generation, thus driving the demand for string inverters in the market. Back to the COVID-19 outbreak impacted the string inverter market. The closure of new chain inverter facilities in the commercial and residential sectors and disruptions to supply chain and manufacturing activities due to active lockdown and social distancing has hampered the growth of this industry.
Solar power systems are currently manufactured in various forms, such as an off-grid solar power system, a battery-backed grid-tied solar power system, and a battery-free, off-grid solar power system without backup. By having such diverse types and uses, a significant increase in the solar inverter market is expected, increasing new opportunities in the future.
For instance, in June 2021, China announced its plans for a new policy program to augment the rooftop development in pilot provinces, including Hebei, Henan, and Shandong, which consist of over 20% rural residences. Various government initiatives, along with the expiring Feed-in-Tariffs (FiTs), will positively influence the acceptance of string inverters in the residential sector. An increasing shift toward the integration of renewable energy sources and meticulous energy efficiency concord will foster industry expansion. Thus, driving the String Inverter market revenue.
The String Inverter market segmentation, based on product, includes on-grid and off-grid. The on-grid segment dominated the market, as the usage of On-grid systems is mainly in small and medium solar panels, which are used in industrial and commercial sectors. In the utility sector, generally, large solar panels are used. Nonetheless, the scope in utility is lower than compared to commercial and industrial sectors. On-grid inverters produce a pure sine wave of AC electricity than off-grid string inverter, hence, promoting the use of on-grid string inverter that ensures the safety and efficiency of home appliances.
The String Inverter market segmentation, based on Phase, includes single and three Phases. The single-phase category dominates the market and is expected to witness a rise in CAGR during the forecast period. This is owing to their constructive operational feasibility, because of which they are gaining attention in residential and small commercial establishments. Other than this, the three-phase string inverters are expected to benefit from factors such as the absence of an inverter subpanel, low cost, and compact size over the forecast period.
Figure 1: String Inverter Market, by Phase, 2024 & 2032 (USD billion)
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
The String Inverter market segmentation, based on application, includes Industrial, commercial, residential, and utilities. The utilities category dominates the market and is expected to witness a rise in CAGR during the forecast period. This is attributed to the growing number of utilities in the industry. Solar energy serves both the construction and operation of large-scale photovoltaic power plants in the distributed solar market.
By Region, the study shows market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific String Inverter market area will dominate this market. The major contributors to string inverter market growth will be China, India, and ASEAN, amongst which China will ho approximately one-third of the total market share.
Further, the main countries studied in the market report are The U.S., Canada, German, the UK, Italy, France, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: String Inverter Market Share By Region 2022 (%)
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Europe String Inverter market accounts for the second-largest market share. Expiring FiTs coupled with the increasing adoption of battery energy storage systems over the Region is considerably driving the demand for string inverters. Further, the German String Inverter market held the largest market share, and the UK String Inverter market was the fastest-growing market in the European Region.
The North American String Inverter Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rise in demand for electricity and solar systems by the urban and rural populations in this Region. Moreover, the USA String Inverter market held the largest market share, and the Canada String Inverter market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the String Inverter market grow even more. Market participants are also undertaking a variety of strategic activities to enlarge their footprint, with important market developments including new product launching, contract-based agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the String Inverter industry must offer cost-effective products.
Manufacturing narrowly to minimize operational costs is one of the key business strategies used by manufacturers in the String Inverter industry to benefit clients and increase the market sector. In recent years, the String Inverter industry has offered some of the most significant advantages to people. Major players in the String Solar Inverter market, including SolarMax, Huawei Technologies, Sungrow Power Supply, Fronius International, KOSTAL Solar Electric, Growatt New Energy Technology, and others, are attempting to increase market demand by investing in research and development operations.
Fimer S.p.A. was founded in 1942. The Company's line of business includes manufacturing welding apparatus products. The company welders are universally recognized for their high quality, perfection of operation, adherence to continual progress, wide range, and functional line. In March 2020, Fimer Group acquired ABB's solar inverter business, making the Company the 4th largest solar inverter manufacturer across the globe. This acquisition strategy will help the Company to boost its presence globally.
Huawei Technologies Co Ltd (Huawei), a subsidiary of Huawei Investment & Holding Co Ltd, is a provider of information and communication technology (ICT) infrastructure and smart devices. The Company's product portfolio includes laptops, tablets, routers, wearables, headphones, enterprise wireless products, enterprise optical transmission and access products, networking products, and cloud and computing products. It also offers services and software for carrier networks and smart services for enterprises. Huawei serves education, finance, healthcare, internet services providers, manufacturing, oil and gas, public safety, retail, smart city, smart grid, and transportation industry. In March 2022, Huawei Technologies signed a strategic cooperation agreement with Meienergy Technology Co, Ltd to provide a smart PV and energy storage system for the 1 GW utility PV plant and 500 MWh energy storage system in Ghana, which was developed by Meienergy.
Among Sineng Electric’s PV string inverter portfolios for the South African market, it revealed this arrangement with Power n Sun, slated for September 2022. The series of three-phase string inverters targeting South Africa’s commercial and industrial sectors is newly debuted by Sineng. The ratings of the string inverters are 50 kW, 120 kW, 250 kW and 275 kW, respectively.
Additionally, First Solar partnered with Yaskawa Solectria Solar, one of just few US manufacturers of solar inverters, in September 2022. Both firms have moved to optimize the utilization of utility-scale string inverters such as Solectria XGI 1500-250 for expansion of First Solar thin-film cadmium telluride solar modules. This deal will contribute grounded DC input into a new version of XGI 1500-250 utility-scale string inverter.
Kehua Data Co., Ltd. announced that its SPI series 1500V/350kW string inverter has passed HVTR and LVRT tests at once and obtained certification report in July 2022.
Ginlong (Solis) Technologies Co.Ltd announced an investment fund worth CNY2.925 billion yuan in June 2022, which would be used to produce a large quantity of string inverters and distributed photovoltaic power station projects. The new project, with an annual production capacity of up to 950000 units of string inverters, totals $016 billion, according to the company release.
SMA Solar Technology AG launched a hybrid inverter for rooftop photovoltaic systems, both residential and commercial applications, in January 2022. This new device operates with high-voltage Li-on batteries and delivers efficiencies up to approximately 98%. With its built-in automatic backup power supply, optimal battery discharge is assured.
In June 2022-Ginlong Technologies introduced its residential storage hybrid inverter into the U.S. solar market. The introduction of this product will strengthen the product line of the company.
In February 2020-For, for single-phase residential customers, Growatt launched a new inverter, TL-XH.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 5 billion |
| Market Size 2024 | USD 5.42 billion |
| Market Size 2032 | USD 9.5 billion |
| Compound Annual Growth Rate (CAGR) | 7.28% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Growth Factors, Market Competitive Landscape, and Trends |
| Segments Covered | Type, Distribution Channel, and Region |
| Geographies Covered | North America, Asia Pacific, Europe, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â SolarMax, Huawei Technologies, Sungrow Power Supply, Fronius International, KOSTAL Solar Electric, Growatt New Energy Technology. |
| Key Market Opportunities | ·        Increasing consumption of solar energy across the globe |
| Key Market Dynamics | ·        Demand for power sources easy installations and customization |
String Inverter Market Highlights:
Frequently Asked Questions (FAQ) :
The String Inverter market size was valued at USD 5 Billion in 2023.
The market is projected to grow at a CAGR of 7.28% during the forecast period, 2024-2032.
Asia Pacific had the largest share of the market
The key players in the market are SolarMax, Huawei Technologies, Sungrow Power Supply, Fronius International, KOSTAL Solar Electric, and Growatt New Energy Technology.
The on-grid String Inverter category dominated the market in 2022.
Single-phase had the largest share in the market.
Utilities had the largest share of the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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