Global String Inverters Market 2017-2021

Overview of the global string inverters market

As per the Technavio’s market research report, the global string inverters market is expected to grow at a steady rate and post a CAGR of more than 8% during the forecast period. The increasing number of solar energy installations will drive the growth prospects for the global string inverters market from 2017 to 2021. Governments worldwide are taking initiatives in many industrialized or developed nations to integrate solar power into electrical grids and encourage the use of renewable resources over conventional energy sources. They are also formulating various policies to stimulate the development of innovative solar technologies. The market is experiencing growth from developing nations that are increasingly using solar energy to reduce their dependence on expensive imported fuels. Solar power is a more economical source of renewable energy in comparison with fossil fuels as the cost of fossil fuels is increasing with the depletion of natural resources. As a result, the solar and string inverters markets will witness significant growth during the forecast period.

APAC was the largest revenue contributor towards the global string inverters market during 2016 and the region will continue to dominate the market during the predicted period as well. This is mainly due to the growing demand for solar projects to produce clean energy and reduce the greenhouse gas (GHG) footprint in the region.

Competitive landscape and key vendors