The string inverter market is anticipated to witness considerable growth during the forecast period, owing to factors such as rapid development in the renewable energy sector and easy installation of string inverters. However, high heat loss in the large-sized string inverter and the absence of panel-level monitoring are the key factors restraining the growth of the market in the upcoming years. On the contrary, an increase in government initiatives and investments in the electrification of rural and remote areas is anticipated to create opportunities for the key players in the string inverter market globally. The global string inverter market size was valued at $3.1 billion in 2019 and is projected to reach $4.6 billion by 2027, growing at a CAGR of 6.3% from 2020 to 2027.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/6891
A string inverter is a device used to convert the energy generated from the solar panel i.e. direct current (DC) to alternating current (AC) for residential and other AC applications. Solar inverters are connected to more than one solar panel to optimize the performance of the solar panels at an equal level. One string inverter can handle the energy from 5-10 solar panels. The advantages of using string inverters in the solar system are design flexibility, robustness, low cost, remote system monitoring capability, high efficiency, and others. String inverters are cheaper than micro-inverters and power optimizers; thereby, are considered a feasible and cost-effective solution for end users.
Significant development of the end-use industries such as oil & gas, telecom, mining, pharmaceutical, chemicals, and healthcare is fueling the demand for off–grid solar installations for their respective manufacturing and operations, which in turn drives the growth of the market during the forecast period. In addition, an increase in demand for string inverters from developing economies such as India, China, and Japan fuels the growth of the market, globally. However, high heat generation from large-size string inverters and the installation of solar panels in different directions are the key factors hampering the growth of the global market in the upcoming years.
𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/6891
Depending on the connection type, the on-grid segment held the highest market share of around 60.3% in 2019 and is expected to maintain its dominance during the forecast period. This is owing to a rise in investment in direct supply of electricity rather than storing it in batteries. In addition, the advantages of being used as on-grid string inverters include easy feeding of energy, easy installation, cost-efficiency, and managing high electricity demand, which fuels the growth of the market in the upcoming years.
On the basis of phase, the three-phase segment holds the largest market share of 76.4% and a growth rate of 6.4%, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the gaining importance of the power generation, distribution, and transmission sectors. In addition, the rise in trend from 1,000-volt solar arrays to 1,500-volt solar arrays resulted in an increase in the size of PV power plants in the large commercial and utility installations; thereby, fueling the growth of the three-phase string inverter market during the forecast period.
𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The String Inverter industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐒𝐭𝐫𝐢𝐧𝐠 𝐈𝐧𝐯𝐞𝐫𝐭𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,
Ginlong Technologies
FIMER S.p.A
SolarEdge Technologies Ltd.
Huawei Technologies Co., Ltd.
SMA Solar Technology AG
Delta Electronics (Thailand) Public Co., Ltd.
SIEMENS AG
Chint Group
Growatt New Energy Technology Co., Ltd.
SolarMax
On the basis of end use industry, the utility segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 6.6%. This is attributed to an increase in investment in utility-scale solar power plants, solar parks, and other solar structures. In addition, an increase in construction projects such as decentralized solar power plants, rural electrification projects, solar power plants on the water bodies and rooftops, commercial buildings, and others drive the growth of the market for the utilities segment across the globe.
On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2019, and anticipated to maintain this trend during the forecast period. This is attributed to large number of key players and availability of the manufacturing facilities in these countries. In addition, rise in urbanization and industrialization in the countries such as China, India, and others is increasing the demand for electricity, which further drives the growth of the string inverter market during the forecast period.
𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/6891
𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:
- In 2019, the on-grid segment accounted for the majority of the share of the global string inverter market and is expected to maintain its lead throughout the forecast period.
- In 2019, the three-phase segment accounted for around 76.4% of the share in the global string inverter market and is expected to maintain its dominance till the end of the forecast period.
- In 2019, the utilities segment is accounted for 40.4% market share and is anticipated to grow at a rate of 6.6% in terms of revenue, increasing its share in the global string inverter market.
- Utilities is the fastest-growing end-use industry segment in the Asia-Pacific string inverter market, which is expected to grow at a CAGR of 6.8% during 2020–2027.
- The Asia-Pacific region is expected to grow at the fastest rate, registering a CAGR of 6.5%, throughout the forecast period.
- In 2019, Asia-Pacific dominated the global string inverter market with more than 50.0% of the share, in terms of revenue.
𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
𝟏. 𝐋𝐢𝐠𝐡𝐭𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/03/20/2630472/0/en/Lighting-Transformer-Market-Is-Expected-to-Reach-2-1-Billion-by-2031-Allied-Market-Research.html
𝟐. 𝐂𝐚𝐬𝐭 𝐑𝐞𝐬𝐢𝐧 𝐃𝐫𝐲 𝐓𝐲𝐩𝐞 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/cast-resin-dry-type-transformer-market-to-reach-5-0-bn-globally-by-2030-at-5-3-cagr-allied-market-research-301458144.html
𝟑. 𝐒𝐨𝐥𝐢𝐝 𝐒𝐭𝐚𝐭𝐞 (𝐒𝐦𝐚𝐫𝐭) 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2021/06/03/2241513/0/en/Solid-State-Transformer-Market-to-Generate-468-0-Million-by-2028-Allied-Market-Research.html
𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
No comments:
Post a Comment