The string inverter market was valued at USD 2.44 Billion in 2015, and is expected to grow at a CAGR of 8.29% from 2016 to 2021. Decrease balance of system cost, remote systems monitoring capabilities, and easy installation & customization are the major factors driving the string inverter market.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the string inverter market. These players include KACO New Energy GmbH (Germany), Delta Energy Systems GmbH (Germany), ABB Limited (Switzerland), Chint Power Systems Co., Ltd. (China), Ningbo Ginlong Technologies (China), Samil Power Co., Ltd. (China), Fronius International GmbH (Austria), SMA Solar Technology AG (Germany), and Huawei Technologies Co. Ltd. (China), among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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Objectives of the Study
- To define, describe, and forecast the global string inverter market on the basis of phase, power rating, end-user, system type, and region
- To provide detailed information regarding the major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the string inverter market with respect to individual growth trends of manufacturers and service providers, their future expansions, and contribution to the market
- To forecast the growth of the string inverter market with respect to the main regions (Asia-Pacific, Europe, the Americas, and the Middle East & Africa)
- To strategically profile key market players and comprehensively analyze their market shares and core competencies
- To analyze market opportunities for stakeholders and provide details of competitive developments, such as contracts & agreements, mergers & acquisitions, expansions, and new product/technology launches, in the global string inverter market
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On-grid segment is expected to hold the largest share of the string inverter market, by system type, during the forecast period
The on-grid segment led the overall string inverter market in 2015. On-grid systems are applied mostly in small-to-medium scale commercial & industrial, and large utility-scale solar applications. This is driving the market of three-phase string inverters, which are being commercialized at a huge scale in Asia-Pacific and Europe.
Utilities are expected to hold the largest market share of the string inverter market, by end-users, during the forecast period
The utilities segment is expected to hold the largest share 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 in utility-based solar systems, integrated with energy storage systems, is expected to grab areas with high level of penetration of renewable energy.
Asia-Pacific is the largest market for string inverter
In this report, the string inverter market has been analyzed with respect to four regions, namely, the Americas, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is estimated to be the largest market for string inverter till 2021. Government targets, policy support (tax incentives and RPOs), incentives such as feed-in tariffs and tenders, and competitive bidding in the region will drive the Asia-Pacific sting inverter market from 2016 to 2021.