On Grid String Inverter Market Projected to Reach $3.7 Billion, Globally, By 2031 at 6.9% CAGR: Allied Market Research

Increase in demand for renewable energy with rise in price of fossil fuels, growing popularity of distributed energy systems, and ease of installation drive the growth of the global on grid string inverter market.

PORTLAND, Ore., March 29, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "On Grid String Inverter Market By Phase (Single Phase, and Three Phase), and End-Use Industry (Industrial, Commercial, Residential, and Utilities): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global on grid string inverter industry generated $1.9 billion in 2021, and is estimated to reach $3.7 billion by 2031, witnessing a CAGR of 6.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Drivers, Restraints, and Opportunities

Increase in demand for renewable energy with rise in price of fossil fuels, growing popularity of distributed energy systems, and ease of installation drive the growth of the global on grid string inverter market. Additionally, government services and investments to use solar energy to electrify rural and remote areas and increase in use of string inverters for utility-scale solar plants are expected to create lucrative opportunities in the on grid string inverter industry. The growth of the on-grid string inverter market is, however, constrained by competition from other renewable energy sources.

Report Coverage and Details:

COVID-19 Scenario:

• The COVID-19 pandemic had a mixed impact on the global on grid string inverter growth, as the pandemic brought both opportunities and challenges. The increased demand for solar panel installations opened up new opportunities for growth and expansion in the industry, while supply chain disruptions caused delays and other problems for some manufacturers.
• However, the rise in demand for on grid string inverters and the expansion of the renewable energy industry has helped the market recover in the post-pandemic.

The Three-phase segment to maintain its leadership status throughout the forecast period

By phase, the three phase segment held the major share in 2021, garnering around three-fifths of the global on grid string inverter market revenue and is projected to retain its dominance by 2031. The same segment would also cite the fastest CAGR of 6.97% during the forecast period. Technological advancements, rising utility and commercial solar power system demand, rising demand for renewable energy sources, government plans and initiatives, and emerging markets drive the growth of segment. The three-phase on-grid string inverter market has a lot more potential to grow due to the rising energy demand in emerging markets, particularly in Asia and Africa.

The Utilities segment to rule the roost

By end-use industry, the utilities segment contributed to the highest share in 2021, accounting for nearly one-third of the global on grid string inverter market revenue and is estimated to retain its dominance by 2031. The same segment would also showcase the fastest CAGR of 7.36% throughout the forecast period. The growth is attributed to the increased investment in solar parks, utility-scale solar power plants, and other solar generation facilities. Also, the market for on-grid string inverters will grow in the coming years due to an increase in construction projects like decentralized solar power plants, rural electrification initiatives, solar power plants on water bodies and rooftops, commercial buildings, and others. In addition, rising investments being made for development of new technologies that will provide cost-effective power generation is driving the growth of the segment.

Asia-Pacific garnered the major share in 2021

By region, Asia-Pacific garnered the highest share in 2021, holding more than half of the global on grid string inverter market revenue in 2021, and is projected to retain its dominance by 2031. The same region would also portray the fastest CAGR of 7.21% during the forecast period. The rapid expansion of the solar energy industries in the developing economies of China, Japan, India, and Australia are primarily responsible for the growth of the Asia-Pacific region, owing to the large number of key players and availability of the manufacturing facilities in these countries. The rise in urbanization and industrialization in nations like China, India, and others is also boosting the demand for electricity, which have propelled the on-grid string inverter market growth.

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Leading Market Players

• KACO new energy
• Ginlong Technologies
• Delta Electronics, Inc.
• ABB
• Schneider Electric
• Chint Group
• Huawei Technologies Co., Ltd.
• Sungrow Power Supply Co., Ltd.
• Fronius International GmbH
• SMA Solar Technology ag
• SolarEdge Technologies

The report analyzes these key players in the global on grid string inverter market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Key Benefits For Stakeholders:

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the on grid string inverter market analysis from 2021 to 2031 to identify the prevailing on grid string inverter market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the on grid string inverter market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global on grid string inverter market trends, key players, market segments, application areas, and market growth strategies.

On Grid String Inverter Market Key Segments:

By Phase:

• Single Phase
• Three Phase

By End-Use Industry:

• Industrial
• Commercial
• Residential
• Utilities

By Region:

• North America (U.S., Canada, and Mexico)
• Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
• LAMEA (Latin America, Middle East and Africa)

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