The surging requirement for continuous electricity supply will stimulate string inverter market value over the coming timeframe. Favorable features such as light weight, compact size, ability to increase power density, and ease of installation will notably influence the demand for string inverter.
Government rules and regulation regarding usage of renewable energy resources, owing to the depleting fossil fuel storages will also drive the worldwide string inverter industry share over the next few years.
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Single and three phases are the two key types of the string inverter. Three-phase string inverter market share, which was worth over USD 1 billion in 2015, is anticipated to exhibit significant growth over the coming years. The growth can be attributed to its increasing demand across the commercial and utility sectors.
The commercial, residential, and utility are the prominent application areas of the string inverter market. The commercial application covered more than 70% of the overall market share in 2015 and is projected to exhibit noticeable growth rate, driven by the growing urbanization along with huge investment in infrastructure development. The utility and residential applications also make substantial contributions towards the string inverter industry share.
Based on the power rating, string inverter industry is primarily segmented into over 80KW, 41KW-80KW, 11KW-40KW, and 10KW. The string inverter of capacity 11KW to 40KW collected a revenue of over USD 700 million in 2015 and is anticipated to record a considerable growth rate, due to its surging demand from commercial complexes and small-scale industries.
On-grid and standalone are the two main products of the string inverter market size. Standalone product occupied more than 35% of global revenue share in 2015 and is expected to grow significantly over the coming period, mainly driven by the escalating installation of decentralized systems in the rural areas. On-grid string inverter market revenue will exceed USD 5 billion by 2024 with an annual growth rate of more than 20% over the coming seven years. The growth can be attributed to the strict norms regarding industrial emissions along with high demand for renewable energy.
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Based on the geographical outlook, China accounted for more than 40% of the worldwide string inverter industry share in 2015 and will exhibit lucrative growth over the coming years, driven by the large-scale installation of photovoltaic voltage projects. Furthermore, growing demand for clean electricity along with supportive government initiatives will stimulate India string inverter market size.
Chile is expected to install a solar power plant of capacity more than 800MW by 2024. This, in turn, will generate heavy revenue over the coming timeframe. Additionally, the country has set a goal of producing 70% of electricity through renewable energy resources by 2050, which will noticeably influence the industry growth.
UK string inverter market will surpass a revenue of USD 500 million by 2024, driven by the rising implementation of the rooftop solar system in residential as well as commercial sectors. U.S. is projected to boost North America string inverter industry size, owing to its supportive government policies along with high demand for renewable energy technologies.
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Commercial string inverter market is anticipated to expand over 5% by 2024. Positive consumer outlook favored by fiscal benefits associated with the deployment of solar components will raise the product demand. In addition, optimistic regulatory approaches across emerging countries focusing on decentralized systems with rapid enhancement of distributed generation technologies will favor the global industry outlook.
The market players will invest heavily in R&D activities to enhance product features, which will help them in retaining their industry positions. The key players in the string inverter market are Advanced Energy Industries, Huawei Technologies, KOSTAL Solar Electric, Growatt New Energy Technology Co., Ltd., SolarMax, SMA Solar Technology, ABB, Samil Power, KACO New Energy, Schneider Electric, Ginlong Technologies, Delta Energy System, Sungrow Power Supply, and Fronius International GmbH.