String Inverter Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The string inverter market is expected to grow significantly, with the current market size of $ 5.42 billion in 2024 and a projected $ 9.50 billion in 2032. This represents a CAGR of 7.28% during the forecast period. The main reason for this growth is the increasing use of alternative energy sources, especially solar energy. Known for their efficiency and cost-effectiveness, string inverters are increasingly being used in both residential and commercial solar power systems. Technological advancements such as the increased efficiency of inverters and their integration with smart grids are also expected to drive the market. The major players in the industry, such as SMA Solar Technology AG, Fronius International GmbH and Huawei Technologies Co., Ltd., are investing in R & D to develop new products. Strategic alliances and investments in production capacity are also reshaping the industry. As the world's focus on sustainable energy solutions intensifies, the string inverter market is well positioned to capitalize on these trends and achieve substantial growth in the coming years.

Regional Market Size

Regional Deep Dive

String inverters are experiencing a high growth rate across the globe, owing to the rising demand for alternative energy sources and technological advancements in the solar industry. In North America, string inverters are characterized by a strong push for the adoption of solar energy, backed by government initiatives and incentives. In Europe, string inverters are experiencing a surge in demand, owing to stringent government regulations and carbon reduction initiatives. Asia-Pacific is characterized by large-scale solar projects and government initiatives promoting clean energy. Middle East and Africa are slowly but surely adopting solar technology, while Latin America is utilizing its abundant sunlight to gain energy independence.

Europe

• The European Union's Green Deal aims to make Europe the first climate-neutral continent by 2050, driving investments in solar energy and consequently increasing the demand for string inverters.
• Germany's commitment to phasing out coal by 2038 has led to a surge in solar installations, with companies like SMA Solar Technology AG innovating to meet the growing market needs.

Asia Pacific

• China continues to dominate the string inverter market, with companies like Sungrow Power Supply Co., Ltd. leading in production capacity and technological advancements.
• India's National Solar Mission aims to achieve 100 GW of solar power by 2022, significantly increasing the demand for string inverters as part of its renewable energy strategy.

Latin America

• Brazil's National Electric Energy Agency (ANEEL) has implemented policies to encourage solar energy adoption, leading to increased installations of string inverters.
• Chile's solar energy sector is booming, with projects like the El Romero Solar Plant highlighting the growing reliance on string inverters for efficient energy conversion.

North America

• The U.S. government has introduced the Inflation Reduction Act, which includes significant tax incentives for solar energy projects, thereby boosting the demand for string inverters.
• Companies like Enphase Energy and SolarEdge Technologies are leading the market with innovative string inverter technologies that enhance efficiency and reliability.

Middle East And Africa

• The UAE's Mohammed bin Rashid Al Maktoum Solar Park is one of the largest renewable energy projects in the region, showcasing the potential for string inverters in large-scale solar applications.
• Regulatory frameworks in countries like South Africa are evolving to support renewable energy, which is expected to drive the adoption of string inverters in the region.

Did You Know?

“String inverters account for approximately 80% of the global inverter market share, primarily due to their cost-effectiveness and ease of installation.” — International Energy Agency (IEA)

Segmental Market Size

The String Inverter Market is a vital part of the solar energy sector, which is experiencing a steady growth, on account of the growing adoption of the renewable energy sources. The String Inverter Market is driven by the increasing demand for efficient energy conversion solutions and supportive government policies for the installation of solar energy. The String Inverter Market is also influenced by the technological advancements, such as inverter efficiency and integration with smart grid systems. The String Inverter Market is in a stage of maturity, with notable players, such as SMA Solar Technology and Fronius, gaining a foothold in Europe and North America. The String Inverter Market is characterized by the increasing number of residential and commercial rooftop systems, as well as utility-scale projects. The String Inverter Market is expected to grow, owing to the upcoming string inverter innovations, such as hybrid inverters and energy storage integration.

Future Outlook

Inverters on strings, from 2024 to 2032, are expected to grow from a value of 3.1 billion to 4.3 billion, with a CAGR of 7.3 percent. This growth is driven by the growing adoption of solar energy solutions, driven by rising energy needs, favourable government policies and a growing awareness of the environment. The residential and commercial sectors are switching to clean energy. String inverters are expected to become more and more common, and it is estimated that by 2032 they will have a market share of more than 60 percent, up from about 45 percent in 2024. And technological developments such as improved efficiency and grid integration capabilities will continue to drive the market. In addition, innovations in smart inverter technology, which allow for better monitoring and management of energy production, will also play a key role in determining the market. Also, the favourable government policies and subsidies for the use of solar energy will help the market to grow. Also, the integration of energy storage systems and the development of smart homes will increase the functionality and popularity of string inverters, ensuring their role as a key component in the solar energy system.