String Inverter Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
String Inverter Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s String Inverter Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 14, 2023 /EINPresswire.com/ -- The global string inverter market, distinguished by connection type, nominal output voltage, power rating, and end-use industry, experienced robust growth, escalating from $3.64 billion in 2022 to $3.91 billion in 2023, reflecting a commendable compound annual growth rate (CAGR) of 7.3%. The market is poised for further expansion, projecting a market size of $5.24 billion in 2027, with an expected CAGR of 7.6%.
Diverse Segmentation: Connecting Industries and Voltages
Segments:
•Connection Type: On-Grid, Off-Grid
•Nominal Output Voltage: ≤ 230 V, 230 - 400 V, 400 - 600 V, > 600 V
•Power Rating: Up to 10 kW, 11 kW – 40 kW, 41 kW – 80 kW, Above 80 kW
•End-Use Industry: Residential, Commercial and Industrial, Utilities
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Driving Forces: Meeting Rising Electricity Demand
The surging demand for electricity emerged as a pivotal driver for the string inverter market. Factors such as population growth, urbanization, increased net capital income, and industrial activities globally contributed to a heightened need for electricity. String inverters, as crucial components converting solar-generated electricity into usable power, play a vital role in meeting this demand. The International Energy Agency (IEA) predicts substantial growth in solar renewable energy, reaching 162 GW in 2022 from 145 GW in 2021, underscoring the importance of string inverters in the renewable energy landscape.
Market Players: Industry Leaders Shaping the Landscape
Prominent players in the string inverter market, including Chint Group Co Ltd., Delta, and SMA Solar Technology, play integral roles in the industry's trajectory. Notable among the trends is the focus on technological developments. The emergence of smart string inverters, equipped with features like voltage and frequency sensors for grid anomaly detection, signifies a leap forward in efficiency and autonomy. Huawei's smart string energy storage system, unveiled in March 2022, exemplifies this trend with its Smart I-V Curve Diagnosis tool for real-time, remote detection of PV system performance.
Geographical Insights: Asia-Pacific Leading the Charge
Regions:
•Asia-Pacific: Emerged as the largest region in the string inverter market in 2022.
•Asia-Pacific: Expected to be the fastest-growing region in the forecast period.
•Other Regions: Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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String Inverter Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The String Inverter Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on string inverter market size, string inverter market drivers and trends, string inverter market major players, competitors' revenues, market positioning, and string inverter market growth across geographies. The string inverter market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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