Market Research Future (MRFR) report on the global string inverter market (2023-2032) explores and analyses the effects of the COVID-19 outbreak on the global string inverter market, including future opportunities and threats, drivers, and risks.
The study involves an evaluation of the impact of COVID-19 on the global string inverter market and estimation of business growth based on various scenarios.
The string inverter is often referred to as the central inverter. With the aid of a string inverter, the solar panels are connected together into strings, and the DC power is connected to a large inverter in a central location. It converts the power for all modules at once. This has been a conventional approach.
String inverters need to run multiple strands of thick DC wires down from the solar panels through a conduit to a string inverter. Micro-inverters connected to a simple AC trunk table carry regular household voltage.
Key Players
· SolarMax
· Huawei Technologies
· Sungrow Power Supply
· Fronius International
· KOSTAL Solar Electric
· Growatt New Energy Technology
· Schneider
· Ingeteam
· Advanced Energy Industries
· KACO New Energy
· Fimer
Market Dynamics
Each installation requires a means of conversion from DC to AC, such as solar inverter systems, which promote generated electricity to be fed into the power grid. Increasing demand for continuous and reliable power sources and easy installation and customization are some of the factors driving the market of string inventors. String inverters are used in residential, industrial, commercial, and utilities. Increased solar energy usage worldwide is considered one of the key drivers on the market.
The market for string inverters is expected to be powered by reduced costs, eliminating system monitoring capabilities. In addition, reliability, accessibility, and high performance will raise the market share of global string inventors in the forecast period. Rising renewable integration in large-scale utility projects further accelerates the growth of the market for string inverters. On the other hand, heat loss due to the large size of the inverter serves as a significant constraint on the global market for string inverters.
Market Segmentation
The global string inverter market has been segmented into product, phase, and application.
By product, the global string inverter market has been segmented into on-grid and off-grid.
By phase, the global string inverter market has been segmented into single and three.
By application, the global string inverter market has been segmented into residential, commercial, utilities, and industrial.
Regional Analysis
Region-wise, the global Photovoltaic inverters market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific is projected to dominate the global market for string inverters during the forecast period due to a rise in demand for clean fuel electricity. In addition, government initiatives, such as the Jawaharlal Nehru National Solar Mission in India, to promote the adoption of solar systems and policies such as feed-in tariffs, have been described as a driving factor for market growth.
Asia Pacific dominates with the highest installed solar PV and string inverter capacity. In 2019, the region had almost 330 gigawatts (GW) of solar PV installed capacity, with China, Japan, and India as the key countries.
China is the largest country in the region, with approximately 205 GW of solar PV installations in 2019. The country is expected to double its installation capacity by 2025, increasing the demand for string inverters during the forecast period.
Tengger Desert Solar Park and Longyangxia Dam Solar Park of China, Kurnool Ultra Mega Solar Park, and Kamuthi Solar Power Station of India are the few main projects in the area that have installed string inverters.
According to the National Energy Administration (NEA), in 2019, China allocated three billion yuan of subsidiaries to solar projects. Almost 750 million yuan are projected to be allocated to rooftop solar power projects out of the total. Subsidiaries allocated is anticipated to install more solar PV installations, which are likely to raise string inverter installations in the coming years.
The Americas are expected to be the fastest-growing market due to rising demand for electricity combined with a high irradiation level in the area, making the region perfect for PV installations.
Related Reports
Pad Mounted Transformer Market
Low-Voltage Circuit Breakers Market
