String Inverter Market

String Inverter Market Sizes by Type (On-grid and Off-grid), By Phase (Single Phase and Three Phase), By Application (Residential, Commercial & Industrial and Utilities), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14040
  • Published Date: Jan, 2024
  • Pages: 238
  • Category: Energy & Power
  • Format: PDF
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The global string inverter market was valued at USD 3.84 billion in 2023 and is anticipated to grow at a CAGR of 5.34% from 2024 to 2033. Most of the world's inverter market consists of string inverters, a popular deployment choice. However, MLPE technologies are steadily gaining recognition and market share due to reduced costs despite the global dominance of string inverters. The solar panels are organized into groups called "strings," each connected to an individual inverter that converts DC electricity from the panels into AC electricity suitable for appliances. In a system using string inverters, high-voltage electricity travels across the rooftop, posing potential hazards such as fire or arc-faulting risks during installation and when operationalized by users.

Market Introduction:

A string inverter within solar power systems converts the direct current (DC) electricity generated by solar panels into an alternating current (AC), which can be used for powering buildings, commercial premises and electrical grids. The name "string inverter" refers to its ability to regulate how electric currents flow through a series-connected set of solar panels. This type of device is an essential component that makes DC-to-AC conversion more easily. It ensures compatibility with common building electrical infrastructure while boosting production efficiency levels across larger-scale platforms such as energy grids. As previously stated, string inverters have been available for many years. Consequently, electricians are well-versed in this technology, and most of these inverters can be relied upon. In terms of cost-effectiveness, string inverters offer more affordability than micro-inverters as only one is needed per installation, whereas multiple micro-inverters would be required for each panel. String inverters are manufactured with varying designs and construction methods, yet they often contain similar components and follow comparable principles. The electronic elements found within these devices function collaboratively to achieve a seamless and effective conversion procedure. Capacitors aid in streamlining the electrical waveform, while transformers regulate voltage levels. Semiconductors (such as insulated gate bipolar transistors or metal-oxide-semiconductor field-effect transistors) are essential in converting DC into AC power output.

String Inverter Market Size

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Recent Development
  • In November 2021: Sungrow Power has announced that it has reached a distribution deal with Hudaco Energy, a South African energy cleaning company, to offer its energy storage devices to the Southern African market for use in residential, commercial, and industrial settings. This arrangement will help the area's sustainable development and long-term electricity backup.
  • In January 2022: For rooftop photovoltaic installations, both residential and commercial, SMA Solar Technology AG has introduced a new hybrid inverter. The new inverter works with high-voltage Li-on batteries and has an efficiency of about 98%. The automatic backup power supply that is included in it guarantees optimal battery consumption.

Market Dynamics:


Increasing Awareness About Sustainability - The escalating focus on environmental sustainability and climate change is a key market driver as individuals become more conscious. The aftermath caused by carbon emissions and the exhaustion of traditional energy resources has led to an agreement around transitioning towards cleaner alternatives that are environmentally sustainable. Among them, solar power represents a leading option in curbing greenhouse gas emissions, whilst string inverters have emerged as critical components in capitalizing on this resource for extensive applications. As business enterprises prioritize sustainable development and corporate social responsibility (CSR), using solar power systems with string inverters becomes more prevalent. Such renewable energy solutions aid in reducing environmental impact and displaying a dedication to sustainability within company operations. Both economic and ecological factors drive growth in demand for string inverters, particularly within the commercial and industrial sectors. This is the primary factor for the market growth and development.


High Costs – Although diminishing, the initial expense of string inverters remains a considerable obstacle in the market. Despite significant cuts to solar panels' costs, inverters - such as string ones--continue to constitute a large proportion of system outlay. With affordability being top-of-mind for purchasers, particularly in residential markets, purchasing high-quality string inverters can be off-putting due to their lofty overheads. Manufacturers and policymakers must collaborate on cost-saving initiatives to make installing solar systems of these types more possible. String inverters pose challenges due to installation and maintenance considerations. Although they are relatively easier than other alternatives, correct wiring and string configuration are indispensable for optimal performance. Furthermore, the cost of ownership increases because of the upkeep requirements that include periodic maintenance and probable component replacements. These issues could be resolved by streamlining installation processes and enhancing the longevity of components.


Technological Advancements - Technological advancements in design and functionality drive the market growth of string inverters. Manufacturers are constantly improving these devices' performance, reliability, and features through innovation. They have also created smart or intelligent inverters with advanced monitoring and communication capabilities. With the integration of technology into their products, users can remotely monitor solar power system's performances to identify issues while optimizing energy production via a mobile application interface provided by manufacturers, along with smart/grid-ready connectivity options which position string-inverters as essential components for emergent smart grids' needs alongside advancing an Intelligent Energy Management System (IEMS). This seamless incorporation improves user experience operational efficiency within dynamic automated network environments like IEMs.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region emerged as the most prominent global string inverter market, with a 42.0% market revenue share in 2023. Using string inverters is widespread across solar parks, residential areas, charging stations, and other applications. Developing economies in Asia-Pacific are driving the growth of this market due to a surge in demand for solar energy sectors from key players, along with readily available manufacturing infrastructure within these countries. Urbanization and industrialization trends seen especially in China, India, and other countries, have resulted in additionally increased electricity demands, which contribute towards further expansion during the forecast period where increasing populations necessitate continuous and stable power supply, leading to heightened interest within APAC markets expected to consume additional resources over time; furthermore, investments specifically targeted at commercial/industrial facilities as well utility-scale renewable energy projects fuel its future success rate globally according IRENA research noting that several nations stand among world’s top ten producers installed capacity sourced through photovoltaic systems (solar cells). The regional market players also engage in various market strategies such as product innovation, product differentiation, mergers, acquisitions, partnerships, and strategic alliances to maintain their competitive edge.

Asia Pacific Region String Inverter Market Share in 2023 - 42.0%

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  • In September 2022: Power n Sun and Sineng Electric have partnered with Sineng Electric's line of string PV inverters in the South African market. With an eye toward the commercial and industrial sector of the South African market, Sineng introduced a new generation of three-phase string inverters. The capabilities of the string inverters are 50kW, 120kW, 250kW, and 275kW, in that order.
Type Segment Analysis

The type segment includes on-grid and off-grid. The on-grid segment dominated, with a market share of around 63% in 2023. One reason for this shift is the increasing prevalence of on-grid solar power supply, which sends electricity directly from panels to the utility grid instead of storing it in batteries. On-grid string inverters are engineered specifically to channel Solar-generated energy into existing electrical grids. This benefit offers significant savings and enables users to participate in net metering or feed-in tariff programs. There has been growth investment towards these systems, thanks largely to their potential advantages: eliminating costly battery storage requirements simplifies installation procedures across residential, commercial and industrial projects while affording additional benefits through revenue generation when surplus energy gets sold back onto public networks – reinforcing uptake amongst end-users overall.

Phase Segment Analysis

The phase segment is bifurcated into single phase and three phase. The Vehicle-to-vehicle (V2V) segment dominated, with a market share of around 58% in 2023. The segment dominance can be attributed to transitioning from 1-kilovolt to 1.5-kilovolt ones, primarily spurred by a desire to expand the size and capacity of PV power plants - especially for big commercial and utility ventures. Several factors are prompting the market's drive towards larger-scale installations; increased cost-effectiveness and efficiency regarding solar energy have generated greater interest in these kinds of setups to maximize potential output while meeting rising demands for electricity needs. This aspect is particularly evident among large commercial projects where high-power output is critical to satisfy energy requirements/necessities.

Application Segment Analysis

The application segment is bifurcated into residential, commercial & industrial and utilities. The utilities segment dominated, with a market share of around 52% in 2023. Power generation companies and electricity providers are realizing the advantages of solar energy as a dependable, sustainable power source. As a result, they are pouring significant investments into developing extensive utility-scale solar projects to broaden their energy portfolios while addressing escalated demands for electricity. Furthermore, utilities have become increasingly focused on minimizing carbon emissions by adopting cleaner renewable sources such as solar power, which aligns with sustainability goals and makes it an appealing choice. Services capitalize from scalability functionality in most massive-scale sun-powered ventures, allowing efficiency in generating or giving out large amounts of electric supply needed by the residential sector and business establishments. It satisfies increasing demand well across multiple sectors, including commercial and industrial ones.

Some of the Key Market Players:
  • KACO New Energy GmbH
  • Delta Energy Systems GmbH
  • ABB Ltd.
  • Sungrow Power Supply Co Ltd.
  • Huawei Technologies Co. Ltd.
  • Chint Power Systems Co. Ltd.
  • Ningbo Ginlong Technologies Co Ltd
  • Fronius International GmbH
  • SMA Solar Technology AG
  • Eaton Corporation Plc.

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 3.84 Billion
Market size value in 2033 USD 6.46 Billion
CAGR (2024 to 2033) 5.34%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Type, Application, Phase

Frequesntly Asked Questions

As per The Brainy Insights, the size of the string inverter market was valued at 3.84 billion in 2023 to USD 6.46 billion by 2033.

The global string inverter market is growing at a CAGR of 5.34% during the forecast period 2024-2033.

Asia Pacific region became the largest market for string inverter.

The technological advancements are influencing the market's growth.

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This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global string inverter market based on below-mentioned segments:

Global String Inverter Market by Type:

  • On-grid
  • Off-grid

Global String Inverter Market by Phase:

  • Single Phase
  • Three Phase

Global String Inverter Market by Application:

  • Residential
  • Commercial & Industrial
  • Utilities

Global String Inverter Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa


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