According to IMARC Group’s latest report, titled “String Inverter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.’ The global market reached a value of US$ 3.3 Billion in 2021. A string inverter is a device that is generally used to provide electricity in residential and commercial spaces. It is equipped with a series of solar panels, smart modules and power optimizers that help in converting the energy obtained from the sun into alternative current (AC). It is a cost-effective solution to mitigate the impact of load shading in small utility installations that requires minimal power usages.
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The global market is primarily driven by an enhanced focus on sustainable development. This is supported by the widespread adoption of string inverters in an attempt to minimize the impact of carbon footprint, which is creating a positive outlook for the market. Along with this, increasing investments by the governments of numerous countries in the electrification of remote and rural areas is providing a boost to the market growth further. Some of the other factors contributing to the market growth include rapid industrialization and extensive research and development (R&D) activities conducted by key players. Looking forward, IMARC Group expects the market to reach US$ 4.8 Billion by 2027, exhibiting at a CAGR of 6.46% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
- ABB Ltd.
- Chint Power Systems
- Delta Electronics (Thailand) PCL
- Fronius International GmbH
- Ginlong Technologies Co. Ltd.
- Huawei Technologies Co. Ltd.
- Schneider Electric SE
- Siemens AG
- SMA Solar Technology AG
- SolarEdge Technologies Inc.
- SOLARMAX GmbH
- Sungrow Power Supply Co. Ltd.
Key Market Segmentation:
Breakup by Connection Type:
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by Power Rating:
- Up to 10kW
- 11kW to 40kW
- 41kW to 80kW
- Above 80kW
Breakup by End Use:
- Commercial and Industrial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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