The global string inverter market is expected to witness significant growth over the forecast period. String inverters are by far the most commonly deployed option globally and comprise the vast majority of the world’s inverter market. However, MLPE technologies are rapidly gaining popularity and market share as their costs have come down despite the global dominance of string inverters.
The solar panels are arranged into groups connected by “strings.” Each string of panels is connected to a single inverter, which transforms the DC electricity produced by the panels into appliance-friendly AC electricity.
In a string inverter system, there’s a lot of high-voltage electricity working its way across your roof that comes with potential hazardous to self and installers, including arc-faulting and fire. The increasing string inverter market growth during the forecast period is high due to high usage of the string inverter. String inverter technology has been used for decades. It is a tried-and-true technology, but not suitable for certain types of installations. A string of solar panels will only produce as much electricity as its least productive panel – if one or more of your solar panels is shaded during any part of the day, the power output from that entire string would be reduced to its level.
String inverter market on the basis of system type: On-Grid, Off-Grid.
The On-Grid segment led the overall string inverter market in 2015. The On-Grid Systems are applied mostly in small-to-medium scale commercial & industrial, and large utility-scale solar applications. This is driving the market share of three-phase string inverters, which are being commercialized at a high scale in Asia Pacific and Europe.
On the basis of Phase, the global market is classified into Single-Phase, Three-Phase. Based on end-users, the market is segmented into commercial & industrial, utilities.
The utility segment is expected to hold the largest share of the string inverter market during the forecast period. Utility-scale large projects are improving given regulations for renewable integration while accelerating the growth of the String Inverter Market for the utility segment.
On islands, string inverter is integrated with energy storage systems and expected to grab areas with high level of penetration of renewable energy. Inverter manufacturers have been strongly promoting the installation of three-phase string inverters in large power plants, due to which the global shipments are projected to double in the next 4 years.
String Inverter Market on the basis of Power Rating: Up to 10 kW, 11 kW-40 kW, 41Kw-80KW, Above 80 kW.
The 41 kW-80 kW segment holds the largest market share due to its compact size and lightweight, and these invertors offer more design flexibility, cater to all sizes of PV plants, and provide a higher level of protection and enhance durability in a harsh outdoor environment.
String Inverter Market on the basis of Geographical Region: Americas, Europe, Asia Pacific, and Middle East & Africa.
The Asia Pacific is estimated to hold the largest market share for string inverter until 2025. The Government targets, policy support, incentives such as feed-in traffics and tenders, and competitive bidding in the region will drive string inverters market during the forecast period.
The Key Market Players include KACO New Energy GmbH, Delta Energy Systems GmbH, ABB Limited, Fronius International GmbH, SMA Solar Technology AG, and Huawei Technologies Co. Ltd.
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