String Inverter Market worth USD 6.78 billion by 2028, registering a CAGR of 8.35% – Report by Market Research Future (MRFR)
New York, Oct. 26, 2021 (GLOBE NEWSWIRE) — String Inverter Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “String Inverter Market Research Report, by Product, phase, Application and Region – Forecast till 2028”, the market is projected to be worth USD 6.78 billion by 2028, registering a CAGR of 8.35% during the forecast period (2021 – 2028), The market was valued at USD 4.05 billion in 2021.
List of the companies profiled in the String Inverter Market research report are:
- SolarMax
- Huawei Technologies
- Sungrow Power Supply
- Fronius International
- KOSTAL Solar Electric
- Growatt New Energy Technology
- Schneider
- Ingeteam
- Ginlong Technologies
- Advanced Energy Industries
- KACO New Energy.
- Among others.
Recent Developments
One of the primary participants, Sungrow, has been working on a power project in Qatar called AL- Kharsaa, which will be equipped with a 1500 V string inverter. It will be the third-largest solar power installation in the world. Furthermore, the solar power industry has experienced rapid expansion in recent years as a result of Huawei’s creative solutions in string inverters.
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Market Research Future’s Review on String Inverter Market
Several Factors Contributing to Market Growth
Concerns about environmental harm have raised the demand for renewable energy sources. The renewable energy industry is expected to grow at a CAGR of 6.1 percent by 2025. This has raised the demand for easily installed and tailored panels, which will benefit the string inverter market. String inverters are also widely employed in residential, commercial, and industrial buildings. The worldwide construction industry is expected to develop at a rate of 4.2% between now and 2028.
The string inverter market has low operating expenses, which removes monitoring concerns within the system. Other market drivers will be the inverters’ dependability, affordability, and energy-efficient features. Furthermore, tight laws have been developed for practically all industries in order to reduce their carbon footprint. This will increase demand for solar panels, fueling the string inverter market’s growth.
Moreover, there has been an increase in the integration of renewable energy sources in large-scale projects, which will present enormous prospects for the string inverter industry. Solar inverters lower electricity conversion expenses while providing long-term services. Key firms in the power generating market have enormous opportunities to lower carbon footprints by utilizing non-conventional energy. This will boost string inverter market share even more.
String inverter manufacturers will have a lot of opportunities as the demand for solar power grows around the world.
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The Global Market to Rebound Post COVID-19 Pandemic
Solar Photovoltaic panels are utilized in both commercial and residential constructions. However, construction and reconstruction operations have come to a halt, which has slowed the expansion of the string inverter industry. Furthermore, the makers of the copper wire that is the major component of string inverters are spread globally. As a result, numerous regions have enforced national and international curfews. This has caused a disruption in the supply chain, affecting manufacturing, sales, and distribution. Furthermore, demand for string inverters has declined as a result of lower purchasing power and investment in the sector. The influence of COVID-19 is believed to have an immediate and long-term impact on the string inverter industry growth.
Market Segmentation
The worldwide string inverter market has been segmented into product, phase, and application.
By product, the worldwide string inverter market has been segmented into On-grid and Off-grid.
By phase, the worldwide string inverter market has been segmented into Single and Three.
By application, the worldwide string inverter market has been segmented into Residential, Commercial, Industrial, and Utilities.
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Regional Analysis
APAC to Lead the Global Market
According to regional growth, the Asia Pacific region is expected to have the biggest market for string inverters. China, India, and ASEAN will be the primary contributors to string inverter market growth, with China accounting for almost one-third of the total market share.
North America and Europe to Follow APAC
North America and Europe will also contribute the most to the growth of the string inverter market. Adherence to severe government laws on environmental damage control. The primary countries in this market will include the United States, the United Kingdom, Germany, France, Italy, and Spain. Latin America will also be a big growing market as a result of solar energy promotion, tax reductions, and financial incentives.
Segmentation of Market covered in the research:
String Inverter Market Information by Product (On-grid, Off-grid), by Phase (Single, Three), by Application (Residential, Commercial, Industrial, Utilities) and Region – Forecast till 2028
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