String Inverter Market Analysis by Industry Share, Revenue, Growth and Segmentation to 2022
A string inverter is a device applied in collaboration with solar arrays to transform the energy that is generated (Direct Current) to exploitable electricity for a residence (Alternating Current). They are associated to several solar panels with the aim of making the performance equal to the worst performing panel. String inverters have the advantage of being a short-term low cost solution owing to the lower equipment need as compared to micro inverters. One string inverter can monitor the energy generated from an array of 5 to 10 panels. Therefore, the user can save on the direct equipment cost by purchasing one string inverter instead of 5 to 10 micro inverters. Nonetheless, the long-term costs linked with string inverters far prevail over the advantages.
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Industry Highlights
A string inverter framework can only act as well as its lowest operating panel. So, if a panel is facing obstruction from shade or debris, every other panel linked to that inverter will operate at a reduced capacity. A string inverter is connected with a string of solar panels, which is called the solar array and each solar panel is connected in series to the string inverters. The inverter combines all the direct current received from each individual solar panel and, at once, converts it into alternating current. Moreover, easy replacement and more flexibility as well as availability are some of the factors which driving the market of string inverter.
The rising consumption of solar energy throughout the globe is considered as one of the key driving factors for the expansion of the market. The String Inverter Market is likely to be boosted by reduced cost coupled with eliminating systems monitoring abilities. Additionally, accessibility, increased efficiency, and reliability will boost global string inventor’s market share during the assessment period. Growing renewable incorporation in utility scale large projects is also boosting the development of string inverters market. On the other hand, heat loss owing to the large size of the inverter often acts as a key limiting factor for the growth of the worldwide string inverter market.
String Inverter Market Segmentation:
Global string inverter market is segmented based on product, region, phase, and application.
Based on product, the global string inverter market is segmented into on grid and off grid inverters.
Based on phase, the global string inverter market is segmented into three and single string inverters.
Based on application, the global string inverter market is segmented into residential, commercial, industrial, and utilities.
Regional Analysis
Asia-Pacific is expected to be the largest market for string inverters, with China and India being the biggest markets in the region. String inverter market is estimated to dominate the global market during the forecast period, owing to factors such as government targets, policy support, and tenders & competitive bidding in the region.
Additionally, government initiatives such as Jawaharlal Nehru National solar mission in India, to stimulate solar system adoption as well as norms such as feed-in tariffs can be considered as motivating forces behind the growth of the market. While, Americas are estimated to be the rapidest growing market owing to surging demand for power in association with the area’s increased irradiation levels, making the region idyllic for PV installations.
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