Electrical And Electronics Manufacturing

String Inverter Market Outlook 2024-2033: Growth Potential, Drivers And Trends

February 1, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The string inverter market has witnessed robust growth in recent years, propelled by various factors such as solar PV market expansion, cost efficiencies, and heightened awareness of environmental benefits. As the world gravitates towards renewable energy solutions, string inverters emerge as pivotal components driving this transition.

Current Market Dynamics:

The string inverter market surged from $3.93 billion in 2023 to $4.19 billion in 2024, boasting a compound annual growth rate (CAGR) of 6.6%.
Noteworthy growth drivers in the historic period include advancements in solar PV technology, cost reductions, efficiency enhancements, and seamless grid integration.

Forecasted Growth Trajectory:

Forecasts predict continued vigor, with the market poised to reach $5.49 billion by 2028, exhibiting a CAGR of 7.0%.
Anticipated growth catalysts in the forecast period encompass renewable energy targets, expanded applications, sustainability initiatives, consumer education, and the advent of smart inverter technologies.

Residential Solar Installations Fuel Market Expansion:

The proliferation of residential solar installations serves as a primary driver for the string inverters market.
Residential solar installations entail the deployment of solar panels on residential properties to harness solar energy.
String inverters, integral to both on-grid and off-grid systems, facilitate performance monitoring and system health assessment, thereby fostering their adoption in the residential sector.
Notably, the UK witnessed a surge in residential solar capacity, with 73% of new installations emanating from small-scale residential setups, emphasizing the pivotal role of residential solar installations in driving the string inverters market.

Key Players Driving Innovation:

Major companies shaping the string inverter market landscape include Chint Group Corp., Delta Electronics Inc., SMA Technologies AG, SolarEdge Technologies Ltd., and others.
These industry leaders play a pivotal role in advancing technological innovations and expanding the market reach of string inverters globally.

Technological Advancements Redefine Market Dynamics:

Technological advancements constitute a prominent trend reshaping the string inverter market.
Smart string inverters, equipped with voltage and frequency sensors, emerge as a notable innovation, enabling grid anomaly detection and data provision to utility operators.
Notable examples include Huawei’s unveiling of a smart string energy storage system featuring a Smart I-V Curve Diagnosis tool, facilitating real-time detection of underperforming PV arrays, and aiding in cost-effective maintenance.

Fimer Spa’s Acquisition by Clementy Group:

In July 2023, CLEMENTY Group, a UK-based investment firm, announced its acquisition of Fimer Spa, an Italy-based company specializing in solar inverters and mobility systems.
The acquisition underscores the financial backing required for FIMER to sustain operations, meet obligations, and pursue growth opportunities in the dynamic string inverter market.

Market Segmentation and Regional Insights:

The string inverter market segmentation encompasses connection types (On-Grid, Off-Grid), nominal output voltage, power rating, and end-use industries (Residential, Commercial, Industrial, Utilities).
Asia-Pacific emerged as the largest region in the string inverter market share in 2023, reflecting the region’s prominence in driving market dynamics.

View More On The String Inverter Market Report 2024 – https://www.thebusinessresearchcompany.com/report/string-inverter-global-market-report

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The String Inverter Global Market Report 2024 provides comprehensive insights on the string inverter market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the string inverter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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