String Inverter Market to Reach $4.6 Bn, Globally, by 2027 at 6.3% CAGR: Allied Market Research

String Inverter Market to Reach $4.6 Bn, Globally, by 2027 at 6.3% CAGR: Allied Market Research

PR Newswire

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.

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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.

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COVID-19 Scenario-

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.

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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.

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