Decrease balance of system cost, remote systems monitoring capabilities, and easy installation & customization are the major factors driving the string inverter market.
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"String Inverter Market by Phase (Single and Three), System Type (On-Grid and Off-Grid), Power Rating (Up to 10kw, 11kw–40kw, 41kw–80kw, and Above 80kw), End-User (Residential, Commercial & Industrial, and Utilities), and Region - Global Forecast to 2021",
The string inverter market is expected to grow from an estimated USD 2.61 Billion in 2016 to USD 3.89 Billion by 2021, registering a CAGR of 8.29% from 2016 to 2021. The global market is witnessing significant growth due to decrease balance of system cost, remove systems monitoring capabilities, and easy installation & customization.
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.
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This is driving the market of three-phase string inverters, which are being commercialized at a huge scale in Asia-Pacific and Europe.
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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.
The report’s target audience includes:
- String inverter manufacturers, dealers, and suppliers
- String inverter equipment manufacturing companies
- Government and research organizations
- Environmental and industrial associations
- Banks, venture capitalists, financial institutions, and other investors
- Market research and consulting firms
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.
The ecosystem of the global string inverter market starts with suppliers of basic components such as magnets, transformers, circuitry, wiring, enclosure, packing, and miscellaneous parts. The manufactured parts are then assembled by the OEM (original equipment manufacturer) to form a string inverter, which is then tested.
This is followed by the distribution stage, following which the product is provided to the end-users. Distribution is the next stage of the supply chain.
The top players in the industry market their products through self-operated sales offices located near target markets, while regional players rely on distribution partnerships to access diverse markets. Some of the major players in the string inverter market are 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.
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