The global String Inverter Market size is expected to reach USD 14.50 Billion in 2028 and register a revenue CAGR of 5.7% over the forecast period, according to the latest report by Reports and Data. Increasing demand for renewable energy, rising awareness about the advantages of PV inverter installation such as higher deficiency, eco-friendly infrastructure, and cost-effectiveness are some of the major factors driving market revenue growth. Other factors include rising concerns regarding environmental impact and need to reduce air pollution, and volatility of fossil fuel prices. String Inverter, also known as solar inverter, is an electrical converter that switches Direct Current (DC) generated from photovoltaic (PV) solar panels into Alternating Current (AC).

PV inverters are widely used in utility, commercial, and residential sectors. Utility segment accounted for largest revenue share in the global market in 2020. This can be attributed to rising preference for solar renewable energy, and decreasing costs of solar power and equipment. Asia pacific registered robust revenue growth rate among the regional markets in 2020, which is expected to expand at a rapid CAGR over the forecast period. This can be attributed to increasing industrialization, increasing number of solar PV installations, and growing concerns regarding pollution in countries in the region.

Some major players in the market include SMA Solar Technology AG, SunPower, Delta Electronics, Inc., TMEIC Corporation, Siemens Energy, OMRON Corp., Emerson Electric Co., Kstar New Energy Co. Ltd., Power Electronics S.L., and Hitachi Hi-Rel Power Electronics Pvt. Ltd.

For a comprehensive value chain analysis, the report covers the downstream and upstream essentials of the String Inverter Market. It also pays special focus on the growth process, macro- and micro-economic factors, raw material sources analysis, and other technical data. The report further segments the market on the basis of types, applications, and regions and offers insights into the segments that have the highest penetration and profit margin, along with recent developments based on geographies.

Some Key Highlights from the Report:

• In December 2020, Usha Shriram, launched a range of super-efficient solar off grid combo systems. The system supplies seamless power for critical loads in areas where power grid is unavailable.
• Central PV inverters segment accounted for largest revenue share in the global market in 2020. This can be attributed to increasing demand for central PV inverters due to various advantages such as cost effectiveness, enhanced efficiency, and ease of installation.
• North America accounted for significantly large revenue share in the global market in 2020. Increasing demand for solar power energy in residential sectors, and rising adoption of PV inverters by commercial and industrial sectors are some major factors driving revenue growth of the market in this region.  

For the purpose of this report, Reports and Data has segmented the String Inverter market based on product, design, end-use, and region:

Product Outlook (Revenue, USD Billion; 2018-2028)

• String Inverters,
• Central Inverters
• Micro PV Inverters
• Hybrid Inverters

Design Outlook (Revenue, USD Billion; 2018-2028)

• Stand-Alone Inverters
• Grid-Tie Inverters
• Battery Backup Inverters

End-Use Outlook (Revenue, USD Billion; 2018-2028)

• Utility
• Commercial
• Residential

To know more about the report, visit @ https://www.reportsanddata.com/press-release/global-photovoltaic-pv-inverter-market

Benefits of Global String Inverter Market Report:

• Comprehensive analysis of the changing market dynamics
• A futuristic outlook on different factors influencing the market
• An 8-year forecast of the market growth and expected revenue growth
• Ease of understanding of the market, key segments, and their future growth
• In-depth analysis of the competitive landscape to give an advantageous edge for the companies
• Extensive insight into the market with in-depth analysis of the segmentation

Thank you for reading our report. For further queries or inquiries about customization, kindly connect with us to know more. Our team will ensure the report is tailored according to your needs.

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Power and Energy, and Chemicals. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

Contact Us:

John W.

Head of Business Development

Direct Line: +1-212-710-1370

E-mail: sales@reportsanddata.com

Reports and Data | Blog