PORTLAND, Ore., Sept. 3, 2020
- Rapid growth in the renewable energy sector and easy installation of the inverters drive the global string inverter market
PORTLAND, Ore., Sept. 3, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "String Inverter Market by Connection Type (On-Grid and Off-Grid), Phase (Single Phase and Three Phase), and End-Use Industry (Residential, Commercial & Industrial, and Utilities): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global string inverter market garnered $3.1 billion in 2019, and is estimated to reach $4.6 billion by 2027, registering a CAGR of 6.3% from 2020 to 2027.
Drivers, restraints, and opportunities-
Fast growth in the renewable energy sector and easy installation of the inverters drive the growth of the global string inverter market. However, high amount of heat loss and deficiency of panel level monitoring hinder the market growth. On the other hand, government initiatives & investment on electrification of remote and rural area using solar energy would offer a number of opportunities in the coming years.
Download Sample PDF (220 Pages with More Insight): https://www.alliedmarketresearch.com/request-sample/6891
The on-grid segment to maintain its lead status-
Based on connection type, the on-grid segment accounted for around three-fifths of the global string inverter market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. Moreover, the same segment is estimated to portray the highest CAGR of 6.4% from 2020 to 2027. This is due to rise in investment for direct supply of electricity rather than storing it in batteries.
The three phase segment to maintain its leadership position-
Based on phase, the three phase segment contributed to the highest market share with more than three-fourths of the global string inverter market in 2019, and is estimated to maintain its leadership position during the forecast period. Moreover, the same segment is estimated to generate the fastest CAGR of 6.4% from 2020 to 2027. This is attributed to the increase in importance and rise in demand from power generation, distribution and transmission sector.
Get detailed COVID-19 impact analysis on the String Inverter Market: https://www.alliedmarketresearch.com/request-for-customization/6891?reqfor=covid
Asia-Pacific is anticipated to dominate the market, North America to grow at a significant pace by 2027-
Based on region, Asia-Pacific accounted for the highest share based on revenue, holding for more than half of the global string inverter market in 2019, and is projected to maintain its dominant position throughout the forecast period. Moreover, the same region is estimated to generate the fastest CAGR of 6.5% from 2020 to 2027. This is attributed to large number of key players and availability of the manufacturing facilities in this region. Furthermore, North America region is anticipated to manifest the CAGR of 6.1% from 2020 to 2027.
Leading market players
Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/string-inverter-market/purchase-options
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Similar Reports We Have:
Fire Suppression Equipment Market: Fire suppression equipment market was valued at $24.9 billion in 2019 and is anticipated to generate $32.9 billion by 2027. The market is projected to experience growth at a CAGR of 4.7% from 2020 to 2027.
Steam Turbine Market: The global steam turbine market was valued at $24.1 billion in 2019 and is projected to reach $30.2 billion by 2027, growing at a CAGR of 2.8% from 2020 to 2027.
Low Voltage Circuit Breaker Market: The global low voltage circuit breaker market size was valued at $3.4 billion in 2019, and is projected to reach $4.4 billion by 2027, growing at a CAGR of 4.9% from 2020 to 2027.
Diesel Generator Market: The global diesel generator market size was valued at $20.8 billion in 2019, and is expected to reach $37.1 billion by 2027, registering a CAGR of 9.8% from 2020 to 2027.
Circuit Breakers Market: The global circuit breakers market size was valued at $9.8 billion in 2018, and is projected to reach $14.8 billion by 2026, growing at a CAGR of 5.30% from 2019 to 2026.
Pre-Book Now with 12% Discount:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060