String Inverter Market Growth Outlook withm
String Inverter Market Growth
Outlook with Industry Review & Forecasts 2022-2028
The string
inverter market is projected to showcase steady growth by
2028 on account of increasing product demand in key regions worldwide.
String inverters have been gaining massive popularity among
solar developers, particularly in the distributed solar space. These inverters
are also finding extensive usage in utility-scale solar systems owing to recent
scalable and flexible technological advancements, which has played a crucial
role in business growth in recent years.
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The string inverter market has been segregated on the basis of
phase, connectivity, nominal output voltage, nominal output power, application,
and region. Based on phase, the market has been segmented into three phase and
single phase. In 2021, the single phase segment was valued at about USD 2 billion
and is slated to observe strong growth through the assessment timeframe.
Under three phase, the string inverter market has been divided
into high power (> 99 kW) and low power (≤ 99 kW). The low power (≤ 99 kW)
segment is projected to exceed over USD 9 billion by 2028. The high power (>
99 kW) segment is set to witness notable development at a rate of more than
8.1% through 2028.
With regard to connectivity, the market has been bifurcated into
on grid and standalone. The string inverter industry share from the on grid
segment exceeded a valuation of USD 8 billion in 2021 and is calculated to
garner a sizable revenue by the end of the review timeline.
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With respect to nominal output power, the market has been
classified into 3 - 33 kW, < 3 kW, > 110 kW, and 33 - 110 kW. In 2021,
the < 3 kW segment was valued at around USD 7 billion and is poised to
attain a considerable share in the market over the study timespan. The 3 - 33
kW segment is anticipated to record annual shipment of over 33,000 MW by 2028.
The 33 - 110 kW segment is foreseen to expand at a CAGR of approximately 9.3%
through 2028.
In terms of nominal output voltage, the string inverter market
has been segmented into > 600 V, 230 - 400 V, ≤ 230 V, and 400 - 600 V. The
≤ 230 V segment is expected to reach nearly USD 3.2 billion in revenue by 2028.
The 230 - 400 V segment held a significant share in the market in 2021 and is
estimated to exceed a valuation of USD 8.5 billion by 2028. The 400 - 600 V
segment is speculated to register annual shipment of above 35,000 MW by the end
of the analysis time period.
From the application perspective, the string inverter market has
been divided into utility, residential, and commercial & industrial. The
commercial & industrial segment is projected to reach annual shipment of
about 74,000 MW by 2028.
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On the regional spectrum, the North America string inverter
industry was valued at over USD 1.5 billion in 2021 and is set to witness
substantial growth over 2022-2028. The Middle East & Africa region accounts
for a prominent share of the overall industry revenue and is calculated to
progress at a rate of almost 5.9% by 2028. Meanwhile, the Latin America string
inverter market exceeded USD 1 billion valuation in 2021 and is primed to amass
major gains through the forecast period.
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