Stratview Research delivers key insights on the global String Inverter Market. According to Stratview Research, the market is segmented by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy-Duty Commercial Vehicle), by Monitoring Technique Type (Vibration Analysis, Thermography, Oil Analysis, and Others), by Product Type (Router-based System, Portable System, and Sensor-based System), by Deployment Type, and Rest of the World [Brazil, Argentina, and Others]).
The report also covers the Covid impact has on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.
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Market Insights
String Inverter Market is likely to witness a healthy CAGR of 4% during the forecast period.
Market Segments’ Analysis
By Power Class Type
Based on the power class type, the market is segmented as single phase and three phase. Single phase string inverters are projected to witness strong growth rate in the market owing to their effective operational feasibility, due to which they are gaining traction in residential and small commercial establishments. In addition, some positive regulatory prospects such as feed-in tariff schemes are expected to drive the product demand during the forecast period. On the other hand, three phase string inverters are expected to benefit from factors such as low cost, absence of inverter subpanel and compact size over the forecast period. Three phase string inverter type is further categorized as Low Power ≤99 kW and High Power >99 kW.
By Nominal Output Power Type
Based on the nominal output power type, the market is segmented as ≤500 W, 500-1500W, and >1500 W. The ≤500W nominal output power type segment is expected to lead the market during the forecast period. The growth of the segment is bolstered by its significant progress across small scale photovoltaic applications. Further, increasing focus of manufacturers towards enhancement of the efficiency level and operational flexibility is likely to boost the product demand during the forecast period.
By Nominal Output Voltage Type
Based on the nominal output voltage type, the market is segmented as ≤230 V, 230-400 V, and >400 V. The ≤230V nominal output voltage type segment is estimated to register significant growth during the forecast period. The growth can be attributed to the increasing demand from community-based off grid projects. On the other hand, the demand for >400V inverters is likely to be positively influenced by large-scale adoption across commercial establishments coupled with growing investments across utility-aided solar projects.
By Connectivity Type
Based on the connectivity type, the market is segmented as stand-alone and on-grid. The stand-alone string inverter market is expected to be driven by the surge in adoption of decentralized power generation systems majorly in rural locations coupled with growing installation of micro-grid systems. On the other hand, the on-grid string inverter market is expected to be influenced by regulatory measures toward the deployment of large utility scale systems and government focus to replace existing conventional power generating stations with high-capacity clean energy systems likely to fuel the product demand during the forecast period.
String Inverter Market Share: By Application Type
Based on the application type, the market is segmented as residential, commercial, industrial and utility. Residential string inverters are expected to witness the highest growth during the forecast period, owing to factors such as decreasing component prices and progress in distributed generation technology. The market growth of industrial string inverter to be propelled by ongoing measures to reduce carbon footprints paired with rising demand for clean and reliable power.
String Inverter Market Share: By Region
In terms of regions, North America is estimated to be the leading region in the market for string inverters during the forecast period. The region’s growth is driven by the growth in the U.S. market along with the federal norms to achieve clean economy structure by reducing the impact of harmful emission and increasing the focus towards energy conservation. On the other hand, the Asia-Pacific market is likely to be positively influenced over the forecast period with China and India being the growth engines offering promising growth opportunities. Europe is also expected to offer substantial growth opportunities during the forecast period.
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for the String Inverter Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did Covid19 impact the market?
- How long will it take to recover from the Covid impact?
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