Global String Inverter Market: Introduction
Ongoing advancements in the field of alternative power generation to fulfill increasing power requirements worldwide have led to significant advancements in technology, and the market has witnessed the arrival of new advanced products catering to the ever increasing power requirements. String inverter is a device associated with solar photovoltaic power generation equipment. A string inverter suffices conversion of electricity from Direct Current (DC) to Alternating Current (AC). String inverters are the key part of a solar panel system. One must decide the type of inverter to be used before installing a solar panel system, this decision is primarily dependent upon the type of application. Generally, there are three types of inverters used in a solar panel system for conversion of DC to AC; micro-inverters, string inverters and power optimizers.
String inverters are the common type of inverters deployed in solar panel systems across the globe. However, the decrease in cost of micro inverters could affect sales of string inverters. String inverters account for a significant share in the global inverters market and is expected to witness robust growth over the forecast period. String inverters act as a cost effective solution for conversion of DC to AC, particularly in domestic applications. However, string inverters possess some technological limitations, which are overcome by other existing products in the market.
Global String Inverter Market: Market Dynamics
Growth of string inverter market is driven directly in relation with the growth of solar panel systems installations worldwide. Steps taken by governments across the geographies to promote the use of alternative energy supplemented by attractive intensives and subsidies are expected to increase the number of installations of solar panels, which in turn will generate demand for string inverters. Low cost of products and installations, when compared to available alternatives and ease of installation are some of the major factors fueling the demand for string inverters, thus driving the growth of the string inverter market. Furthermore, string inverters when coupled with power optimizers can significantly improve the output power, thus enabling high performance. Moreover, string inverters possess the capability to be monitored remotely, which again act as a major parameter driving the adoption of string inverters.
Besides the advantages of cost effectiveness and ease of installation, string inverters exhibit some technological limitations, which in turn hamper the growth of the global string inverter market. String inverters cannot be used effectively where panels are installed facing different directions, as during the shading of solar panels, string inverter may reduce or even stop generating power. High loss of heat due to larger size is another challenge faced by the global string inverter market.
Global String Inverter Market: Segmentation
Global string inverter market can be segmented into following:
On the basis of phase type, the global string inverter market can be segmented into:
On the basis of type of system, the global string inverter market can be segmented into:
On the basis of application, the global string inverter market can be segmented into:
Global String Inverter Market: Region-wise outlook
Asia Pacific region is expected to experience high demand for string inverters over the forecast period. China, India and ASEAN are projected to be the major contributors to the growth of string inverters market in this region. China alone is expected to hold one third share of the total string inverters market in Asia Pacific.
North America and Europe are the mature markets for string inverters and are projected to witness healthy value growth over the forecast period. The U.S., U.K., Germany, France, Italy and Spain are estimated to be the key contributors for market growth. Followed by Asia Pacific, North America and Europe, Latin America is projected to be the next big market for string inverters in terms of value. Various government policies to promote use of solar energy, reduce taxes and incentives will drive the growth of market in these regions. Middle East and Africa are expected to hold minimal share in global string inverter market over the forecast period.
Global String Inverter Market: Market Participants
Examples of some of the market participants identified in the global string inverter market are:
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