Solar Power and String Inverters A Symbiotic Market Analysis
Surge in MLPE Technologies to Drive Global String Inverter Market
String
inverters are an array of solar panels attached to a device for storing and
capturing energy. Ease of maintaining the setup in extreme temperatures can
drive its demand. The report on the global string
inverter market by Market Research Future (MRFR) covers trends in
manufacturing and opportunities for the industry for the forecast period (2023-2032).
The effects of the COVID-19 pandemic on the market value are discussed in high
detail.
Market Scope
The
global string inverter market size is projected to reach USD 6.7 billion by
2028. It is estimated to exhibit 8.3% CAGR over the forecast period.
Renewable Energy Schemes to Influence Market Demand
Launch
of new renewable energy schemes owing to concerns of environmental emissions
can drive demand for string inverters. The inverters are connected to grids
used in storage of alternative energy and construction of solar farms, wind
farms, and hydroelectric dams. Expansion of construction sector, schemes for
sustainable development, and development of custom photovoltaic panels can bode
well for the market. String inverters can eliminate monitoring issues and
induce market demand owing to its benefits in lowering carbon footprints.
Supportive Government Plans to Curtail Energy Emissions to Drive
Market Growth
Rollout
of renewable energy schemes by governments and integration of schemes in
large-scale projects can drive the string inverter market growth. Inverters can
lower cost of energy conversion and dipping prices of photovoltaic panels can
support market growth. Targets decided by developed countries to lower
greenhouse gas (GHG) emissions to tackle climate change can drive demand for
string inverters. This has led to a pledge by various states in the U.S. to
commit to the change and invest in renewable energy schemes.
Huge Heat Loss Levels to Restrain Market Growth
Huge
heat loss levels owing to large sizes of string inverters can impede market
growth. Moreover, its utilization in solar panels and reduction in
microinverter size can limit the string inverter market growth. Technological
limitations can also hamper the market.
COVID-19 Impact Analysis
The
string inverter market growth can be stunted by the COVID-19 pandemic owing to
halt in investments in renewable energy projects and low purchasing power of
industries. Low procurement of copper wires owing to lockdowns initiated by
governments to curb infection rates will also affect market value. Postponement
of installation and maintenance of string inverters in residential and
commercial zones can affect market valuation.
Segmentation Analysis
On-grid System to be Highly Lucrative
The
on-grid system segment is set to be lucrative for the string inverter market
owing to its use in small and medium solar panels. Use of three-phase string
inverters in North America and Europe can drive segment growth.
41KW to 80KW to Garner Significant Market Revenue
The
41KW to 80KW segment is likely to trigger huge market demand owing to light and
compact size of inverters within the power rating range. Advantages of these
inverters in extending its protection in harsh environments and ability to be
integrated seamlessly in all PV plants can drive segment growth.
Utility to be Biggest Market End-user
The
utility sector is expected to induce massive demand for string inverters owing
to its utilization in transfer of power from solar parks to main grids.
Implementation of photovoltaic panels in solar parks to capture energy and
capture energy for future use can bode well for the market. String inverters
with a capacity greater than 80KW are used in regions with extreme climatic
conditions.
Regional Analysis
APAC to Lead in Global Market Demand
Asia-Pacific (APAC) is set to dominate the global Photovoltaic
inverter market demand owing to investments in renewable power projects and
new government schemes for incentivizing business and home owners. This is
exemplified by development of solar parks in China and allocation of resources
for rooftop solar projects.
Competitive Analysis
·
SolarMax
·
Huawei Technologies
·
Sungrow Power Supply
·
Fronius International
·
KOSTAL Solar Electric
·
Growatt New Energy Technology
·
Schneider
·
Ingeteam
·
Advanced Energy Industries
·
KACO New Energy
·
Fimer
Industry Update
Huawei
and Sineng have won a string inverter worth 5.5 GW at a recent auction by
Chinese state-owned company, China Energy Investment Corporation (CHN Energy)
in 2021.
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