String Inverter Market

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String Inverter Market Trends, Statistics
Growth Forecast 2022- 2028
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Industry Overview

• 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.
• 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 (gt 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 (gt 99 kW) segment is set to
  witness notable development at a rate of more
  than 8.1 through 2028.

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• 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.
• With respect to nominal output power, the market
  has been classified into 3 - 33 kW, lt 3 kW, gt 110
  kW, and 33 - 110 kW. In 2021, the lt 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 gt 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.

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String Inverter Market

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