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

The global string inverters market is highly diverse due to the presence of many international and domestic players and is highly competitive as the majority of players are competing to gain more market shares. Some of the key challenges that confront established vendors include intense competition, rapid advances in technology, frequent changes in policies imposed by governments worldwide, and environmental regulations. Also, to avoid from becoming a target for acquisition, these vendors are increasingly looking for strong partnerships with automotive, industrial, and commercial companies.

Key vendors in this market are -

• ABB
• Huawei Technologies
• Schneider Electric
• SMA Solar Technology
• SUNGROW

Other prominent vendors in the market include Delta Energy Systems, Fronius International, Growatt Shenzhen, KACO new energy, Ningbo Ginlong Technologies, Samil Power, SHANGHAI Chint Power Systems, SolarEdge Technologies, and Yaskawa - Solectria Solar.

Segmentation by end-user and analysis of the string inverters market

• Residential
• Commercial

The commercial segment was the end-user to the string inverters market during 2016 and is expected to continue its domination during the next four years as well. To reduce their consumption of electricity, the commercial sector buildings such as schools, hospitals, restaurants, and shopping centers are increasingly installing string inverters integrated with solar power equipment. Factors such as an increase in the standard of living and rapid urbanization will drive the growth of industries and commercial spaces, which, in turn, will fuel the demand for the installation of string inverters.

Segmentation by phase and analysis of the string inverters market

• Single-phase
• Three-phase

During 2016, the three-phase segment dominated the global string inverters market mainly due to the growing demand for string inverters in the commercial segment in developing countries such as China and India. Additionally, the growing demand for string inverters from offices and malls will also propel the growth of the three-phase segment until the end of 2021.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global string inverters market?
• What are the key market trends impacting the growth of the global string inverters market?
• What are the challenges to market growth?
• Who are the key vendors in the global string inverters market?
• What are the market opportunities and threats faced by the vendors in the global string inverters market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global string inverters market?

Technavio also offers customization on reports based on specific client requirement.